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Show Senior citizens Teax Certain taxpayers 65 years ol ago ami older can lake advantage ol a new, more liberal. ta credit to reduce taxes on their 1976 tax the returns, Internal Revenue Sen ice said This new tax break, retroactive to Janurv 1, 1976, is a credit ba. ed on all types of income For many tax- the new credit reduce taxes by a larger amount than a previous retirement income credit, because the old one was - payers. Thermostats drop credit miy be possible figured only on retirement income such as pensions and annuities The new credit, however also applies to earned income such as salaries and other pay, the IRS said In addition to being at least or older to be eligible for the credit, individuals must be U.S. citizens or residents, and have income Also, there are special rules for persons receiving public retirement income even though they are 65 under 65. Single persons and married persons filing joint returns (and only one spouse is 65 or older), are entitled to a credit of 15 percent of up to to $2,500, to a maximum of $375, the IRS said. The credit is 15 percent of up to $3,750to a a maximum of $563-f- or husband and wife who each meet the age requirement and file a joint return The amount on which the credit is figured is reduced by Social Security and Railroad Retirement benefits dollar C for dollar Thus, a couple $2,500 in Social receiving Security benefits can only figure their credit on 15 percent of $1,250 ($3,750 minus $2,500). Another limitation on the credit is the ceiling for total income--$7,50- 0 for single persons, and $10,000 for a couple, the IRS pointed out. When income is above the ceiling, the amount on which the credit is figured is reduced by $1.00 for every $2 00 above the limit ? w 3 For example if a couple had income totalling $11,000, their maximum credit would be 15 percent of $3,250. First, the $10,000 income ceiling would be subtracted $11,000 income giving $1,000. from the received, taxpayers can find information on figuring the credit or having the IRS figure it for them in the instruction furnished in the tax packages mailed to them. Additional information appears in Publication 524 HILL AFB - Temperatures are dropping at most places on Hill AFB this week, as thermostats are lowered to with President comply Carters energy conservation policy. Office thermostats are being set on 65 degrees, previously they were 67 degrees. Warehouses and aircraft repair hangars have their thermostats regulated to 55 degrees. The hospital will maintain 68 degrees in most areas the wards. including room tem Operating peratures are set degrees Different to 72 temperatures have been set in specialized Equipment Laboratory, for example, maintains a required 68 degree temperature year-roun- d crew from the Civil Division is making the temperature adjustments. Meanwhile, Maj Gen. Edmund A Rafalko, Ogden A Engineering Air Logistics Year 1977 The general noted that was no growth in energy consumption at Hill AFB in Fiscal Year 1976 compared with Fiscal Year 1975 In fact, there was a .883 percent drop there facilities. The Precision Measurement goals of his own for Fiscal Center commander, has set some energy The goal for Fiscal Year will continue to be no 1977 growth General said Monitored natural Rafalko will be use of gas, electricity, heating oil, vehicle gasoline and diesel fuel. |