OCR Text |
Show INCOME TAX IN A NUTSHELL WHO? Single persons who had net income of $1,000 or more for the year 1920; married couples who had net income of $2,000. WHEN? March 15, 1921, 1b the final fi-nal date for filing returns and making mak-ing first payments. WHERE? Collector of Internal Revenue Re-venue for district in which the' person resides. HOW? Full directions on Form 10-40 10-40 A and Form 1040; also the law and regulations. WHAT? Four per cent normal tax on taxable income up to $4,000 In ercess of exemption. Eight per ct. normal tax on balance of taxable income. Surtax from 1 per cent to i5 per cent on net incomes over $5,000. |