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Show WEEKLY ARTICLE' WILL EXPLAIN INCOME TAX LAW To supply taxpayers with information in-formation concerning the income tax and their obligation - to file income tax returns, a series of articles prepared by the Bureau of Internal Revenue, will appear in the Herald weekly. The revenue act of 1941 requires income tax returns be filed by single persons or married persons not living with husband or wife, having a gross income of $750 or over, and by married persons living liv-ing together having a combined gross income of $1,500 or more. These changes and many others will be explained in the weekly articles in the Herald, the first one of which appears today. WHO MUST FILE A RETURN ? Every single person having a gross income off $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 ag-gregate 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 month following the close of the fiscal year. WHERE AND WITH WHOM MUST INCOME TAX RETURNS BE FILED? In the internal revenue rev-enue 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 instruc-tions given on the income tax blanks, Form 1040 and Form 1040 A (optional simplified form). WHAT IS THE TAX RATE? A normal tax of 4 percent on the amount of the net income in excess of the allowable credits against net income (personal exemption, ex-emption, credits for dependents, interest on obligations of the United States and its instrumentalities instru-mentalities and earned income credit) in the computation of the normal tax net income; and a graduated surtax on the amount of net income in excess of the allowable credits (personal exemption exemp-tion and credit for dependents) against net income in the computation compu-tation of the surtax net income. |