The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-01-02
HELPFUL DATA
ON INCOME TAX
Returns Must be Made
Not Later Than
March Is
RATE TO BE PAID

WASHINGTON the open
ing of the new year comes the first
date for the filing of income tax re-
turns.
Heavy penalties are imposed for
those who fail to file their returns
between January l and March 15.
The full tax may be paid in full at
the time of filing the return, or 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
period for which the income tax is
assessed is the calendar year of
1919.
The ordinary taxpayer will not be
obliged to pay quite as much as last
year altho the rate still is far greater
than pre-war rates.
The exemption of $1,000 for single
persons and $4,000 for married per-
sons and heads of families remain
the same as for 1918. The normal
rate for 1918 is per cent on the
first $4,000 of net income above the
SAOIlpIlOuO anu o pCl SChI Ou IhC q
naming net income. Last year the
normal rate was 6 and II pr cnt,
respectively.
Surtax Remains Same
Surtax ratios are the same as last
year. They started with 16 per cent
on the amount of net income be-
tween $4,000 and $4,000 and in
creased by steps Of l per cent for
each $4,000 Of net income up to and
including 4S per cent on net income
in excess of $4,000 and not over
100000. The surtax On $150,00O
is So per cent; on net incomes over
$250,000 and not over 100000 it
is Sc per cent; on net incomes over
100000 and not over 100000 it
is 60 per cent; on net incomes over
100000 and not over 100000 it
is 63 per cent; on net incomes over
100000 and not over 100000 it
is "a per cent, and on net incomes
over 81, 100000 it is 65 per cent
Besides the exemption of $1,000
for single persons and $4,000 for
married, there is an additional ex-
emption of 5000 for each dependent
under eighteen years of age.
Every person whose income
equaled or exceeded $1,000 for single
persons or $4,000 for those who are
married must file return, regard
less of whether the income is large
enough to require the payment of
the tax.
Forms for making returns will
be available at offices of collectors
of internal revenue and deputy col
lectors, post offices and banks. What
is known as form 1040A is for use
of those with incomes of $4,000 or
less, while form 1040 is for those
with larger incomes.
Returns Available Soon
Taxpayers must report under
gross income salaries, including
bonuses, interest received on notes
and from bank deposits, dividends
or stocks; profits from the sale of
property, profits from stock market
transactions, income from f1duciaries
partnership profits and royalties
from mines, oil wells, patents, copy
rights and franchises.
Items which are not taxable and
need not be included in the return
are property received by gift or in
heritance, proceeds of life incurance
policies, returns of premiums on life
insurance, endowment or annuity
contracts, amounts received thru ac-
cident or health insurance or under
workmen's compensation acts, inter
est on obligations of any state or any
city, town, county or village, interest
on liberty bonds to the par value of
$4,000. Interest on securities issued
under the federal farm loan act, and
amounts received during the war by
persons in the active military or
naval forces up to $500 in addition
to personal exemption.