Show 4 INCOME TAX FACTS PACTS i iI I t- t NO KO 5 In the returns of ot married persons many errors have hove been discovered be- be because because be because cause of ot the tho failure to account for tor forthe the aggregate ato net Income of ot nd Ire and dependent minor children For example John Smith an nn artisan had a 0 a net Income tor for 1922 1923 ot of 2101 2100 Ills wife wito earned 1400 II as at a 0 a stenographer stenographer and two to tons Sons 15 and 1 17 11 years old earned Larned each as me The exemption Is 2500 2100 2500 the family Income being less than plus pius J a 1400 credit for tor or each dependent son soua a 0 total of ot Deducted from the combined d family income this leaves a a taxable net income of 1640 which however ever may bo fur tur- further fur further ther reduced by deductions of ot pay pay- payments payments ments of ot interest contributions ba debts etc to be bo fully tully explained later Separate returns may be made by husband and wife alfo lIt or they thoy may make a 0 combined return In the event sep separate arate arata returns are arc made either cither bus hus- hus husband band or wife alto may claim the exemption exemption tion Hon allowed allotted all 01 married persons or they may divide it between bet them in proportion as as- a they choose Tho The on one contributing the tho chief support may claim the tho HOO tor for each dependent The Tue credit for tor dependents Is ed allol only when such person is un under un- un UDder under der 18 years of ot ago age or Incapable ot of support support self because mentally me tally or phys phys phys- physically defective In the above ox ample ox-ample X- X ample amplo the sons eons are aro dependents bo- bo because be because cause both are under 18 sears lears ears of ot age They ho bate havo 0 not been emancipated and their parents have not abandoned theIr right to the sons son's earnings which therefore must be included in inthe inthe the tho parent s return |