OCR Text |
Show INCOME TAX PACTS NO. 2 In the making of his income tax re turn for the year a taxpayer, if single is allowed an exemption of Sl.tKid. A marriid person, or head of a family, whose net income for the year lJiJU was ? .1,1 MM or less is allow cd an exemption of $l!..10O. The exemption ex-emption allowed a married person 01 head of a family whose net income was in 1 v. 1 s of $.1, 1:011 is $",0011. A head of a family is a peison who act ually Mippoit; one or more person, living in his or her household who arc closely related to him or her by blood, marriage or adopt ion. , An additional credit of $ Ino is allowed al-lowed for each person (other than husband or wife) dependent upon the taxpayer for chief support, if such person is under IS years of age or incapable in-capable of self support because mentally men-tally or physically defective. A single man whose net income for l'.'J was $U,000 and who supports in his home and aged mother would pay no lax. but would nevei t heless be refpiired I file a re! urn. The fact that 11 person's income may be nonl a table by reason of the exemptions does not nullify the requirement to file a retuin if his in. I come was within the prescribed fi jgurea- $1,(101) if single and $L',(III0 if 1 married. The normal tax is ! per cent on the fii -il. $1,000 of net income in excess of the cxeni pi. ions, anil H per cent on the remaining net income. The tax may be paid ill full at the lime of filing (be rid urn, or in four installments due oil or before March 1.1, .lune 1.1, Septeni her II and December 1.1. |