Show 4 I i INCOME TAX FACTS PACTS I I 4 A NO 2 While the exemptions exemption for tor persons are ar 2500 2 00 for tor persons hoso net Income for 1922 1 22 wa was or lei lell and 2000 for persons persona whose net In- In Income In- In Income come como was WILlI more than there v IS 5 ln In the tho Income tax law a a quail qualifying clause In Justice to tho the er whose net nt Income Just exceeds 6 5 f The law provides pro that the tho reduction ot of the amount of the exemption from fron 2600 00 to 2000 shall hall not operate 1 In 1 Increase o the tho th tax which would be b pay pay- payable payable pay able abl If It tho the exemption were w r 2500 bl b more mor than the amount of ot not net Income In excess of ot 1000 For example Mr and Mrs John Jones had I Inet a a net nt In- In Income Income come for or 1922 of Without the benefit of the th abot abo above aboe e provision their tax noudi be 40 10 less 2000 equaling 2010 at 4 per percent percent cent cent Their actual tax I Is 40 5 less l s 2500 equaling 2110 at 4 per cent plus plu 10 the th amount by the net Income exceeds exceed For the tho th year 1922 there Is I no n change chanco In the normal tax lax which Is I 4 per per Jer cent on the th first 4 4 of ot net ne Income In excess of o the th exemptions and 8 1 per pr c cent nt on the tb remaining net ne Income The Th surtax rats rates which ap- ap apply apply apply ply only to Income In excess of are lowered For the oar 1922 If 22 the th surtax rates rate range from 1 per cent on or n the th amount of net nt Income between and 10 to 60 50 0 per pr cent centon centon ceni on the tb amount by which the net In- In InI I come exceeds Por the th tax tax- taxable taxable tax able abl ear 1921 1121 the th surtax rates rate ranged from 1 per cent c nt on the th amount of o net nei Income between and to 66 65 f per cent on the th amount by which the tho tb net Income exceeded 1000 The tax mI may bs be b paid In full at the th time tim ot of filing the tho th return or In quarterly quarterly terly friy Installments due on or before March 11 16 June Jun If 16 September 16 15 1 and n December 15 li 1923 |