The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1922-01-19
INCOME TAX rms
Statement Prom Il. W MeCuen. COT
lcctor for District Of rmoui

come for the calendar yoar 1927 OF
$4,000 and less will be available We'd
nesday, January Is, AZ the Office ~
Collector Of Internal Revenuo Bur
/. lington, Vermont.
A copy will be mailed 70 tax payers
who last year filed a return, bat fall
ure TO receive the form does not re-
lieve a tax payer Of his obligation to
file n return on time-or on before
March IS, 1922 The form has been
reduced from six to four pages, two Of
which are devoted - instructions
which should be carefully read hy the
taxpayer before filling IN the blanks.
A study of these instructions will
greatly lessen difficulties heretofore
encountered in correctly making out
the returns,
1 On page /, under the head Of In
come" are sprces FOR reporting the
following items: salaries, wages,
commissions etc; income from part
ncrships fduciaries etc; rents and
royalties; profit Cor lossl from busi-
ness or profession; profit tor loss)
from sale Of real estate; profit tor
lossl from ale 81 stocks bonds etc,
and othcr income Beneath arc spaces
for entering deducticas. such as inter-
ost and ieycs ufi during the year:
losses bg FIRE torn hipwreck or
oftor casualty or by theft contribu-
bad dcht, cto
IN PAGE 2 arc spaces FOR entering
lam tiona q he various items; !
fl total amount Of income from bust
or profession with description
Grocery retail clothing" drug
sre" laundry" doctor" lawyer"
'former') from rents and royalties
salc Of property, etc
Returns are required or every single
person and every married person not
living with husband or wife whose net
income for 1927 was $1,000 or more,
aad Of every n rried person living
with husband or wife whose net in-
come was $1,000 or more. If the COM
bned net income Of husband wife and
dependent minor children oqualled on
exceeded $4,000 or If tho combined
gro income Of husband, wife and de-
pendent minor children equoled or
exceeded $1,000, all such income must
be anorted on a Joint return or in sep
arats returns Of husband and wife II
single and the net income including
that Of dependent minors, If any,
eaualled or exceeded 81 600 or II the
gross income cqualled or exceeded
S. 900, q return must be filed A
minor. however having a net income
Of 81. 900 or 50 900, according 20 mar
ital status or o gross income Of $4,000.
must file q return The requirement
to file n return Of gross income, re-
eardless 81 the amount u net income,
upon which the tax Is assessed Is 2
new provision
met income" s. gross income less
certain deductions which arc explain
ed on the form.
Under each Of the above conditions.
a return must be filed even though 10
tax r. due. The exemptions are $1,000
for single persons and married pereors
not living with husband Or wife S25g@
for married persons living with bus
band or wife whose net income far
1921 was $4,000 OF less and $1,000 for
such persons whose net income was
more than s. 600 The exemptions for
Ga person under eighteen
years CT age or meUtally Or physically
defective" has been increased from
5000 TO $500
A head q a family-a person who
actually supports in one household ore
Or more persons closely related 20 him
tor herr By blood. marriage Or sdop-
ton. Is granted the same exemptions
allowed married person.
The normal tax rates are unchang
n. ( per cent on the first 5000 u
net income above the exemptions ard
J per cent on the remaining net in-
,oue. The tax this year a. last, may
,e paid in fun al the time a. filing The
-eturn, or in four equal installments,
lue or or before March Is, June y.
IS, and December Is.
Heavy penalties are provided b. the
iew revenue act FOR failure TO file a
.eturn and pay the tar on time.
Announcement viii be made through
he press Of the date Of release %
forms 1910 for fling individual re-
urn Of income Of more than 5000