Show YOUR INCOME TAX no 2 tho the exemptions under the revenue act of 1924 are 1000 for ingle single per sons eons and shoo for or narried viar led ried living together and arld haada hadn of famiie far alliek I 1 in addition a shoo credit is i allowed for f or each person dependent ampon and receiving hie big chief support from the taxpayer if such person 14 1 4 under aa 1 years of age or in ab of elf golf sup pork per because mcl incite atoo y oc ot physically defective the urinal ax rate under tho the rev denue act of 1024 1014 11 2 yer ner tent on the first 1000 of bet et income in excess of the personal exemption exemptions credit for dependent depeu dens et etc 4 per cent nt on the dexl and 4 per cent on the bal ante I 1 meer the preceding at act the normal 1 tax rate wai was 4 per wat cent on the first 1000 of act met income above the exemption and credits cr edite and 8 per cent on the r remaining ma ining net in ume tho the revenue act A i 1 orin contain taws a special provision for reduced which did not appear ao 10 uk previous IT all net income up to is 15 ebasio tied earned au 11 on thie amount the taxpayer payer itil n anti led to a credit of 25 per cent of the amount ol 01 th the UA far for example tt A taxpayer midgle and without dependents depend enta may have re calved ia in 2024 a idary of art ani I 1 from a real estates transaction a profit of 30 00 his total net inet income wa was i 1 lithot t tho the benefit of tie t 23 25 per cent reduction hie his tax boull be 80 90 hi his actual tax is CO 60 from his net income of SNO he lie is 1 allowed a it personal po exemption of 1000 the lav tax of 2 per cent on the first Is i 80 30 on one fourth of which or 20 may natly be deducted for the purpose of computing thu credit in no case ie in tho onel net in come considered to be in excess of A taxpayer may iw ha k re celvid 4 tor for faa it v aey year 1 19 9 4 from rom of u 20 aliat liat 1 cente ecat reut esta att be paled to half amount |