OCR Text |
Show 3ME ME 111E TAX PACTSIN FACTS rACfS PACTS FACTSIN IN A NUTSHELL 10 o 0 MUST FILE A REI'URNI REIURNI RETURNI RETURN ' ? REI'URNIsingle RETURNIsingle single person having ha\1ng ha 1ng \ a groES gross groESe grosse grossie e of $750 750 $ or more every everyed everyed everyed ed person not living llung hung with withd withd withmd d or wite wife and having aincome aIncome a aincome income of o ( t.750 t750 X750 < . 750 or more and andled andred andled led red persons living with husor husOr hus husor or wife lIfe ! who have an aggregro.S aggregross aggre aggregro&s gro&s gros gro.S gross ! . & income of $1 1 $1500 1500 $ 500 orN or orHEN HEN N MUST RETURNS RETURI.S RETURIS ' . BE BE3D ? For the calendar year yearon yearoem yearon on oem or before March 16 1942 1942the 1942the 1942the the fiscal year on or before before15th before15th before15th 15th day of the third month monthwing monthwing monthwing wing the close of the hscal tlScal fiscal 'HERE HERE WHOMST WHOMT ' AND WITH WHOM ST T INCOME TAX REI'URNS REIURNS RETURNS ' FILED RETURNSPILED REI'URNSFILED RETURNSFILED ? In the Internal revenue rtct det revenuertct revenuedet inwhich in which the person rcrson rerson liveshis liveshis lives livesas as his chief place of businesswith business busines businesswith . , > with th the roJlect collector < > r of internal internalue Internal"we Internalwe Internal"weOW " OW 1 ' ue ueOW DOES ONE OI.E OIE ' . MAKE OUTn.COME OUT OUTIINCOME OUTI \ > . INCOME n.COME nCOME TAX RETURNS ? follo following mg the detailed 1nstrucgiven Lzistrucgiven Instruc 1nstruc Lzistruc Instrucs s taxAs taxiks elven given on the Income taxi ] 1010Atlonal 1040AItional ks Form 1040 1010 and Form 1040AI 1040AI | tional siD-pUned siD pUned sltrplified slmplified - lorm norm l ) ) KAT T IS T THE TAX RATE RATEwrnul ? orrnal coral tax of 4 per cent on the theount theount theount ount of the net income in ex exof exof exs of the allov allowable . able credits against againstmcome againstincome exemptionaits exemptiondits _ income ( personal exemption dits tor for dependents Interest on on19atlons onrgations onigations 19atlons rgations of the United states Statesi statesit StatesIts it Its . , > Instrumentalities and earn computan in earnin om ome ome credit ) > in the computa 1 n ! \ 01 of the normal tax net income incomeount Incomea thelount theount ountof a graduated duated gr of surtax x on the ount excessthe excessthe of netd netdIncome net Incomex Incomein Income in excess excess the " allowable " "e e " credits ( ( personal emption mption depenMS depennts depenits tersonalemptlonand personalemption personalmption \ ( and credit for depen nts its ) ) against net Income In the themputatton thernputatlon thennputation inle rnputatlon nnputation ot 01 of the surtax net in- in In in-uie in uie - . le rne ! i , |