The Emmett index. [volume] (Emmett, Idaho) 1893-1925, 1920-01-08
INCOME TAX DATE HERE
AGAIN
Millionaire and Wage Garner
Must Loosen Up to Uncle
Sans Tax Men.

comes the date of the filing of the
income tax returns. Heavy penalties
are imposed for those who fail to file
their returns between January and
March Is. The tax may be paid in
full at the time of filing the return OF
if it is desired to make the payments
in four installments, the first must
be paid by March Is, the second by
June Is, the third by September Is,
and the fourth by December Is.
The ordinary taxpayers will not be
obliged to pay quite as much as last
year although the rate still is far
greater than pre-war rates.
The exemptions of $1,000 for single
persons and $4,000 for married persons
and heads of families remain the same
as for 1918. The normal rate for
1913 is per cent of the first $4,000
Of net income above the exemptions
and 8 per cent of the remaining net
income. Last year the normal rate
was 6h per cent, respectively.
Surtax ratios are the same as last
year. They started with 16 per cent
on the amount of net income between
$4,000 and $4,000, and increased by
steps of per cent for each $50, 900 Of
net Aicome to and including 48 per
cent on net incomes in excess of $685.
900 and not over 100000. The surtax
on net incomes over $1,000, ,080 and not
over S150,00O is 81 per cenf; on net
incomes over s150,0OO and not over
100000 it is Sc per cent. On net in
comes over 100000 and not over
100000 it is 60 per cent ON net in
comes over $4,000 and not over $500,
900 it is SO per cent; on net incomes
over S500,000 and not over 81 900 900
it is 64 per cent. And on net iseomes
over $1,000, 900 it is IS per cext
Besides the exemptioa Of $500 for |
single persons and $4,000 for married, |
there is an additional exemption of
5000 for each dependent under 1s
years old.
Every person whose income equaled
or exceeded $1,000 for single persons
Dr. $1,000 for those who are married
must file a return regardless of
whether the income is large enough
% require the payment of the tax.
Forms for making returns will be
.vailable at offices of collectors of
Internal revenue and deputy collectors,
'ost offices and banks What is
,nown as form 1040-A is for use of
hose with incomes of $4,000 or less
While form 1040 is for those with
arger incomes.
Taxpayers must report under gross
ncomes salaries, including bonuses,
interest received on notes and from
ank deposits, dividends or stocks; !
rofits from the sale of property, i
rofits from stock market transac- {
ions, income from fiduciaries, part {
er ship profits and royalties from
lines, oil wells, patents, copyrights $
nd franchises. S
Items which are not taxable and P
eed not be included in the return are
roperty received by gift or inherit n
nee, proceeds of life insurance poll p
es, returns of premiums on life in G
france, endowment or annuity con- :.
acts, amounts received through ac- f,
dent or health insurance or under c;
orkmen's compensation acts, interest l
| obligations of any State of any =
ty, town county or village; interest cs
Liberty bonds to the par value of 81
900; interest on securities issued
der the federal farm loan act and - -
Mounts received during the war by Of
rsons in the active military or naval si
rces up to $500 in addition to per tr
nal exemption.
Deduction from gross income in de-
mining net income include all busi- ii,
's expenses IN the conduct Of q bust wi
IS, trade or profession, reasonable err
owance is made for depreciation of a a.
'iness property. Contributions or 70, 20
is to charitable, religious or educa- in
nal societies may be deducted to an ba,
cunt not exceeding Is per cent of IN
taxpayers income. S9'
| y