Kankakee Valley Post, Volume 12, Number 9, DeMotte, Jasper County, 8 January 1942 — Here’s Guide for Tax-Payers [ARTICLE]

Here’s Guide for Tax-Payers

Prepared by Treasury Dept., Wash., D. L,

WHO MUST FILE A RETURN? Every single person having a gross income of $750 or more; every married person, not living with husband or wife, and having a gross income of $750 or more; and married persons living with husband or wife, who have an aggregate gross income of $1,500 or more. WHEN MUST RETURNS BE FILED? For the calendar year 1941, on or before March 16, 1942. For the fiscal year, on or before the 15th day of the third moftth following the close of the fiscal year. WHERE AND WITH WHOM MUST INCOME TAX RETURNS BE FILED? In the internal revenue district in which the person lives or has his chief place of business, and with the collector of internal revenue.

HOW DOES ONE MAKE OUT HIS INCOME TAX RETURN? By following the detailed instructions given on the income tax blanks. Form 1040 and Form 1040A (optional simplified form). WHAT IS THE TAX RATE? A normal 4 percent on the amount of the net income in excess of the allowable credits against net income (personal exemptions, credits for dependents, interest on obligations of the United States and its instrumentalities and earned income credit) in the computation of the normal tax net income; and a graduated surtax on the amount of net income in ex eess' of the allowable credits (personal exemption and credit for dependents) against net income in the computation of the surtax net income.