Jasper County Democrat, Volume 22, Number 97, Rensselaer, Jasper County, 3 March 1920 — INCOME TAX IN NUTSHELL [ARTICLE]

INCOME TAX IN NUTSHELL

WHO —Single persons who had net income of SI,OOO or more for the year 1919. Married couples who had net income of $2,000 or more. WHEN—March 15, 1920, Is final date for filing returns and making first payments. WHERE —Collector of Internal Revenue for District in which the - person resides. HOW —Full directions on Form 1040 A and Form 1040; 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 normal tax on balance of taxable Income. Surtax, from one per cent to sixtyfive per cent on net Incomes over $5,000.