Jackson County journal., 1919-02-28
THIS TELLS HOW TO
FIGURE INCOME TAX
Squarely Up to Every Individual
to Get Busy by March 10
or Suffer Penalty.

the last minute rush. Any person can
figure out his liability today as we'll as
he can next week, and If there is any
point on which he needs advice he can
now get in touch with a Revenue man..
This word of advice lis being given
out by Internal Revenue men. Re-
turns and payments are being col"
lected in No. Carolina by the following
Collectors of Internal Revenue:
Josiah w. Bailey.
Austin D. Watts.
Every aid of their Offices and field
forces is being given freely to the
public.
But the Income Tax men will not
pull your door-bell or your coat-tails.
according to the Collectors announce
ment. 1t is squarely up to every indi-
vidual to figure out his own case and
to get busy If he comes within the
scope Of the new Revenue law.
Did You Earn This Much?
Every unmarried person who receiv-
ed income averaging 1925 a week
during 1918 and every married couple
who jointly received income averaging
$3.50 week should secure at once
from the nearest Deputy Collector or
the nearest bank blank Form 1910 A.
That form contains the information he
will need to enable him to figure his
correct net income and any tax that ne
owes the Government
rTbo 10 rAruiroo fbot Avorv 11p,y,o p.
ried person who had a net income of
$1,000 or over and every married per-
son whose net income was $1,000 or
over Uncluding the income Of husband
or wife, and the earnings of minor
children, If any must make a return
on or before March 10Th. And this re-
Quirement does not hinge Oh whether
the person owes tax.
Taxable Income.
An Individual must include under
gross income all gains, profits and in
come derived from salaries, wages, OF
compensation for personal service o.
whatever kind and in whatever form
paid, or from professions, vocations
business, sales or dealings in propert!
| of all kinds, interest, rent, dividends
or profits derived from any sourc,
whatever. Very few items of income
| are exempt.
| Deductions include ordinary and nee
eSSary business expenses, interest pal,
or accrued on Indebtedness, taxes o
all kinds except Federal income an
excess profits taxes and assessment
for local benefits, losses actually sus
tanned, debts ascertained to be worth
less, and depreciation on buildings, ma
chinery, fixtures, ETC., used in business
| A further deduction Is allowed for col
tributions to corporations operated 70
religious, charitable, scientific or edit
cational purposes or for the preventio
Of cruelty to children or animals to a
amount not exceeding Is per cent c
the taxpayers net income as compute
without the benefit of the contribute
deduction.
The taxpayer is not allowed to d,
duct any personal, living or family e,
pense, any amount spent for improvin
property, or any expense of restorfn
property or making good its exhau
tion for which an allowance is elaine
under depreciation.
Figuring the Tax.
Before figuring the normal tax tn
dividends are deducted as credits fro
} net income, together with the person;
exemption. AS in previous years, div
deads Of domestic corporations are e.
empt from normal tax when receive
by the stockholder.
The normal tax rates for either
and residents are as follows: On tt
first $4,000 Of net income in excess
the credits the rate is per cent; {
any further taxable income the rate
. II per cent.
The surtax rates apply to net 1
come of each individual in excess
$1,000. The personal exemption al
the dividends are not deductible befo
computing surtax. In the case of r
, turns by husband and wife, the n
} income of each is considered separat
;, ly In computing any surtax that ms
be due. Form 1910 should be used f
: making returns of net income excee
ing $4,000, and the instructions on tn
form will show how to figure the su
tax.
Business House Returns.
Employers and others who pa
: wages, salaries, rents, interest or sill
liar determinable gains in an amou
of $1,000 or over during 1918 to al
person must file an information retu
O with the Government. Blanks may
secured from the Collector.
Every partnership must file retu
showing its income and deductions al