OCR Text |
Show INCOME TAX IX A NUTSHELL WHO? Single persons who had a net income'of $1,000 or more for the year 1920; married couples who had net income of $2,000. WHEN? March 15, 1921, is the final date for filing returns and making mak-ing first payments. WHERE? Collector of Internal Revenue for district in which the person resides HOW? Full directions on Form 1040A and Form 1040; also the law and regulations. WHAT? Four per cent normal tax on taxable income up to $4,000 in excess of exemption. Eight per cent normal tax on balance of taxable taxa-ble income. Surtax from 1 per cent to 6 5 per cent on net incomes over $5,000. When Due This year, as last, the tax is payable in full at the time of filing the return, re-turn, on or before March 15, 1921, or in four installments, the first of which is due on or before March 16, the second on or before June 15, the third on or before September 15, and the fourth on or before December Decem-ber 15. The return must be filed with the collector of Internal revenue for the district in which the taxpayer Uvea. Heavy penalties are provided for failure or willful refusal to make a return and pay the tax when due. |