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Show 4 JameS Preston Congress ' has passed the new "simplified" income tax law, and come next November about fifty million U. S. txpayers will be astir over its provisions. By December 1, employees must file with employers a new certificate certifi-cate to show the number of dependents de-pendents they support. Upon this will be based the amount of tax withheld from paychecks, beginning begin-ning January 1. Almost the entire amount of tax on wage incomes of less than $5,000 will be withheld by employers. employ-ers. The major "simplification" feature lies in the provision that an employee earning less than $5,000 may choose to have the Collector of Internal Revenue compute his tax and bill him for any difference between the withholdings with-holdings and actual taxes. The Treasury says the total tax collections for 1945 under the new law will be about the same as in 1944. Payroll employers will have the big chore of setting up new withholding with-holding systems and of carrying the big burden of tax collections for government. Considering that most of 50 million taxpayers fall within the withholding categories, a busy time is forecast for thousands thous-ands of offices in business and industry. |