Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1921-01-19
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HOW MUCH DID YOU !,
MAKE IN 1920? 4
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"A MAKE IN 1920? !.
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Income Tax In Nutshell.
who? Single persons who had net
ine,me Of $1,000 or more for the
year 1920; married couples who had
netfncomefof $4,000
When? March 10, 1921, Is the frol
dats for filing returns and makin,,
frs payments.
Where? Collector Of internal rev.
enue for district in which the person
resides.
How? Full directions on Fora
10A0A and Form 104O; also the law
and regulations.
What? Four per cent normal tax
on taxable income up to $4,000 in
excess Of exemption. Eight per cent
nor41al tax on balance Of taxable in
come. Surtax from per cent to 65
per cent on net incomes over $4,000,
Again, What Did You Make in 1920?
Work has been begun on the COL
lection or the income tax for the year
1920. Uncle Sam, through the bu-
reau Of internal revenue, is address
ing to every person in the United
States the question, what was your
net income for 92O?" The answer
permits of no gucsswork. Every sim
gle person whose net income for 1920
was $1,000 or more, and every mar
ried person whose net income was
$4,000 or more. is required to file
return, under oath, with the col
lector of internal revenue for the dis
trict In which he lives on or before
March IS, 1921.
The penalty for failure Is a fine Of
not more than $1,000 and an addi-
tional assessment Of rs per cent of
the amount Of tax due. For wilful
refusal to make a return the penalty
is fine of not more than $4,000 or
not exceeding one years imprison-
ment, or both together, with costs Of
prosecution. A similar penalty Is
provided for making a false or fraud
ulent return, together with an addi-
tional assessment OF so per cent Of
the amount Of tax evaded.
Women Must Pay Tax.
The income tax applies to women
as we'll as men. Husband and wife
must consider the income Of both
plus that of minor dependent chill
dren, and If the total equals or ex-
ceeds $4,000 return must be filed,
A ninor who has net income in his
ow1 right Of $1,000 or more must
hle separate return. To be allowed
thd$2,000 exemption a married per-
SOM snst be living with husband or
wifSfon the last day Of the taxable
year-Dec, 81, 1920. Divorces, per-
sons separated by mutual agreement,
widows anu widowers, unless they
are the sole support of others living
in the same household, in which case
they are allowed the $4,000 exemp-
tion granted the head of family,
are entitled only to $1,000 exemp-
tion
The Tax Rates for 1920.
The normal tax rate for 1920 Is
the same as for 1913 per cent on
the first $4,000 Of net income above
the exemption, and eight per cent on
the remaining net income. This ap-
plies to every citizen and resident Of
the United States. In addition to the
normal tax a surtax is imposed upon
net income in excess Of $4,000.
Instructions on Form.
Full instructions for making out
returns are contained on the forms,
copies Of which may be obtained
from collectors of internal revenue.
Persons whose net income for 1920
was $1,000 or less should use Form
l040A. Those with incomes in ex-
cess Of $4,000 should use Form
1910.
Revenue officers will visit every
county in the United States to assist
taxpayers in making out their re-
turns. The date Of their arrival and
the location Of their Offices will be
announced by the press or may be
ascertained upon inquiry at the Of
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