The Independent-News, Volume 87, Number 31, Walkerton, St. Joseph County, 1 August 1963 — Page 4

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- THE INDEPENDENT NEWS — Aug. 1. 19C.3

I loe. of the tax bemg missed t ti. m'-m tl t stalled t! < t. < ipt • I la- ' ’e ma iked wr s ’yDWith ihe - •• । km n> v being figured fm th. -ing year, iiK'ea s ■r. ’at-.- T *’ budgets ai- ’: ' ct t .'• due to the fa-’ that ■ • ■’ - trying to find out I .v mm a money they will r»< < iv< from the state. They hav< to b.- p ihh'h.d before An tu t l’i and if they cannot come up with a figure, the bu ig is will he set and borrowing will lure to follow if these budgets with state

Highlight 01 The 4-H'ers Year

The highlight of the 4-H'ers year is the annual county fair. Several of these fans are now underway with the balance of them in the coming tew weeks. This is a type of climax to the work on projects of the many various divisions of l-H dub work which has proven to he a real satisfactory project ov r the years. 4-H is probably the most respected activity for the children of the United States. Not only is it the teaching of doing many various things through the work in the projects, but it has with it as well the meetings and other activities where good fellowship and fun are enjoyed by all the members. The merits gained in 4-H work will go through life with the ones who participate in this work. During th? fair, many of the 4-H'ers will be crowned champions m V eir vai us division. Local jiid, ing has been done- in . ■ . ies 1 elect

Summary Os The 1963 Indiana Adjusted Gross Income Tax

The following interpretations will be adhered to and applied until changed or rescinded by the department of Revenue or until replaced by an official regulation or nullified by court decision or official opinion of the Attorney General. The Adjusted Gross Income P'ax Act of 1963. enacted by the 93rd General Assembly, imposes a tax on the adjusted gross income of individuals, trusts, estates and corporations. In many respects the law is closely related to the Internal Revenue Code of 1954, as amended and in effect on January 1. 1963. Many of the fedeial definitions are adopted, as are all of the pertinent federal regulation^ until such time as tbe Indiana Department of State Revenue , ’omulgati s its own regulations. iMinihi \i.s Adjusted gro<-s in< -i w i.- gross income less allow.ibs rbdu tion which include certain costs of earning the income How, v , n arriving at adjusted gross income for state tax purposes, the taxpayer must add to his federal adjusted gross income any amount he deducted for state and local taxe« paid including property taxes Joint Return Taxpayers who are married couples and who file a joint federal tax return must also file a joint state return l*er«-<nml I-Adaption Where a joint return is filed, ••ach spouse will be entitled to a personal exemption of SI MO or loss if his o^ofi'c p 5 t! " M non but in no case vdl th exemption be 1< ■ 1! I’l s-,,0 ' each spouse A XSM exemption ” r H<>wcd for 11 dept no nt F ther -■ nouse who is blind and >r over old h entitled to

' o n e but 1i <■ t.i ■ bort p riod ot ti ie. : this money al. .» v lv 'd .1 . It the sales tax is n< d । *nt 'tally ac< pled a" it is. a p.< ial ses ion may be n<» b 1 to pro< uiv another Lx dan t would < omp “nsab for tin . po p. wd tax At any rate, st hoots are now f.-clm- the pm< h. If actLn is not t .k* n m the near futma . Indiana s< hook will be in serious finam ial trouble. Local rale- will have to compensate for the lack of state aid and oven the state could be put in a -fate of financial dilemma.

plays and local township champions. The crowning of the various champions at the fair supplies to these peopl ■ a thrill that may never be topped in their lives. But not only the winners are the only ones that profit, each entrant in the work has th? satisfaction of a job well done. Many of the highlights of the fair are still to come in St. Joseph county. The fair continues through this Saturday night with the activities of the fiveday affair ending at that time. A visit to the fair is always an enjoyable trip for everyone with the many diversities it offers. And. a visit to the fair also pays respect to the many 4-H’ers who have worked so hard anxiously awaiting the fair time each year. A compl “to schedule of events yet to be held at this year's fair is listed in another location in this edk tion.

> an additional SSOO exemption for i blindness ami or additional SSOO ■ for being over 65 years of age. I An individual taxpayer filing a i separate return is entitled to a ’ personal exemption of SI,OOO for himself, plus SSOO for each of his dependents (not including his ’ spouse). Filing Date If the taxpayer files on a calendar year basis, his tax return will be due on Aprtt 15. Declaration If the taxpayer is required under the Internal Revenue Code to file a declaration of estimated tax and pay such tax in installments, he will be required to do the same for the state lax. Withholding The statute requires employers of one or mor? employees to " ithhold the tax from the wages they pay to their employees with the exception of domestic or aglicultural workers, and casual laborers not employed in th? course of the employers business as defined by the Internal Revenue Code. The Indiana Department of Revenue has prepared and has distributed to employers, new withholding tables showing the rates at which the tax is to be withheld All exemptions are listed for the various pay periods with the exception of zero exemptions in which case a full 2D will b- withhheld from the gross pay of such an employee. Emplover- who have not yet received tables should notify the department and a copy will be sent at once The department will accent the same withholding inforn ttion a given foi federal purpo—x and f-.r V.e pic ent will not i exemption forms for employee to fill cit Who Mu-t File Persons, as defined m the Act,

SOM ; - '' A ' w' r -< * "Ej ' y'ujE . 3 J ,1^- „ FOK THE J-T-rt TrTTTTffiu |W- 1 .■ L HgfgEgTl «*Mef ,’V’ . 1 /' MOVIES j- w* W comics T. nSil ~ ~--T-wyaWF lets J-- have a . fef T W " BlKe race/ ""5* JRif / i—nXL. ——. ■ c'MON FELLAS- ' LET'S GO v 'fishing/ /? »

who are subject to tax under the adjusted gross income tax act. will not be subject to tax under the gross income tax act after July 1. 1963. CORPORATIONS Adjusted gross income for corporations is taxabl. • income as defined in Se< tion 63 of the lnternal Revenue Code, meaning giw s receipts less all ordinary an ; m v ^ary b:i me- s ex; >-n *s. Hou.a r. corpoiation mu ' ini hide any amount, ledm a 1 in their federal tax return for state and local taxes and for i hu» itubl j contributions. \\ hen To File Corporate returns, like thn.se of individuals, are due on the 15th day of the fourth month following the close of the taxable year. Computing Tax I nlike individuals, corporations will continue to bo subject to tax under the Gross Income Tax Act at a one-third increase in rate, since the 1963 General Assembly increased the gross income tax rates from \ per cent to « 2 per cent, and from per cent to 2 per cent by amendment to the Gross Income Tax Act. However, in computing its adjusted gross income tax liability. a corporation is required to compute its liability under the Gross Income Tax Act. and under the Adjusted Gross Incom? Tax Act and to pay the larger of the two amounts. Exempt Corporations Certain corporations are not subject to tile adjusted gross mcome tax. These inch: ' ■ charitable corporations exempt from federal income taxes, hanks and trust companies, national banking associations, mutual savings banks, private bank, and certain insurance companies. Partner-whip Election Corporations with ton or fewer shareholders which have elected under section 1372 ibi tl) of the Internal Revenue Cade (Subchapter S) to be taxed as a partnership (provided that all of the shareholders are residents of the Slate of Indiana I will not be subject to tax. but the shareholders will be taxed as individual under the AdjU'de I Gros I-i ; TltX Act on then m t't'm r. e shait? of the corporation s income. HuWevcr, the election mu t bmade with the F< 'er d Internal It venue Seivu- I - • it >sn ba< < vpted by the Indiana Department of Revenue.

ALIXM ATUiN OF INCOME If a corporation or non-resident individual lias income from sources both within and without the State of Indiana, and the m< on < from the sout <, s within the talc cannot be separated from that derived from sources without the state, the taxpayer must aih»cat« it . income by means ot a tmnladui formula. The h o turn to b applied to toe taxpayers adju.'ted ? ; income m m mi to celc’-mme what r .rt ot ti; : income i.? taxable b? tin- State id Indiana is determined by taking t.'a average of the three following fr.u lions: 1. Total value of taxpayc! real and tangible personal property owned or rented and used in this state during the taxable year. Total value ot all of taxpayers real and tangible personal property owned or rented and used. 2. Compensation paid by the taxpayer in this state durng the taxable year. Total compensation paid by the taxpayer during the taxable year. 3. Total sales of the taxpayer in this state during the taxableyear. Total sales of the taxpayei everywhere during the taxable year. If this allocation formula does not fairly represent the amount of tho taxpayer s income derived from sources within the state, the taxpayer may petition for, or the Indiana Department of Revenue may require, that some other formula or method of allocation be used.

freu. IMPORTANT BATU ANB (VtNTB TROM [nvaded France, August 2, 1814. Calvin Coolidge me. ceeded Harding as president, August 2, 1823, Hindenburg died Hitw assumed office, August 2, 1934. * ««®d» Mtww B| “ h ’ a «< b “ MM. The UJ. kl a t w Goas, Guard was originated, August 4 17M its c n ,.,. ">« teed. were ..thorlrej, Au,u.l 4 17M Th, eervlee he ( » ~ the Baltimore ami Ohio, 4 itS d"™ u. Blgoed ■ bill granting Puerto Rico the right to elect its own governor, August 5, IM7. so Gertrude Ederle swam the English channel An» n .« a -w. JMrnfc Sort w« lor the Aral time, a, Hiro’ahima, I LW A «««< T. Th. The hath ( , , ' P °‘ S established. August 7, IMS. August $, 19^

P A RTN ERSHIpS 8111 * 18 Partnerships, in the judgement of the Department, are not subject to tax under the Adjusted Gross Income Tax Act. They will, however, file an information return as they do under the Internal Revenue Code, and the partners will be taxable as individuals under tl. Adjusted G- - . In- < omo T x A > on then h. tribu'iv. !• ~ jni rip income. Mist I LI XNEOI * The \<|jush I Gros I w TaX Act will be administered by the Indiana D pnrtment of R enue and many of the admin t native p ocedurrs in the Gross Income Tax Act respecting assessment and collet tion have been incorporated in tlic Adjusted Gross Income Tax Act. James C. Courtney. Commissioner Indiana Department of Revenue i A FiAE_Gil<T FOK i y - A m hscrjphon 7 <<huis newspaper