OCR Text |
Show amount of the net income in excess of the allowable-credits against net t income (personal exemption, cred- its for dependents, interst on obligations obli-gations of the United States and its instrumentalities and earned income in-come 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 al-lowable credits (personal exemption exemp-tion and credit for dependents) against net income in the compulation compula-tion of the surtax net income. INCOME TAX RETURN MUST BE FILED WHO MUST FILE A RETURN? Every single person having a gross income of $750 or more; very married mar-ried person, not living with husband hus-band or wife, and having a gross in come of $750 or more; and married persons living with husband or wife, who have an aggregate 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, busi-ness, and with the collector of internal in-ternal revenue. HOW DOES ONE MAKE OUT HIS INCOME TAX RETURN? By following the detailed instructions given on the income, tax blanks,, Form 1040 and Form 1040A (op. tional simplified form). WHAT IS THE TAX RATE? A normal tax of 4 per cent on the |