Show Victory Tax Explained at A Glance Editor's This Is an article explaining federal Income tax returns which be filed this year on or before March Imposed by the revenue act of the victory tax is a temporary income and is additional to the regular federal income tax which must be paid to the bureau of internal revenue this will find no to it in the income tax returns for the year Payment on account of victory tax will be made by or from wage payments made after December Amounts of the payments are required to be deducted by the employer and remitted quarterly to the collector of internal When the taxpayer makes his income and victory tax return for the year 1943 in he will show In his return the a-mount that has been withheld by his employer and claim credit for this amount in his The amount withheld by the employer is 5 ner rent nf each payment in excess of the is an exemption from tax on the first of tax net for the or the proportionate amount corresponding to the payroll for an paid the amount withheld on account of victory tax is 5 per cent of the amount of the wage payment in excess of The amount withheld is computed upon the total remuneration of the for the pe-roid fin excess of the withholding including tion in form other than if board and lodging are part of the the cash value of the board and lodging must be included in computing the amount to be Employers are required to furnish a of victory tax These statements are not furnished with each wage but are made for the calendar or for the period of employment during the calender If an is employed until the end of the the statement must be furnished by January If the employment ceases during the then the must be furnished within 30 days from the time of the last payment in wages The should be carefully preserved by the for they will be evidence in substantiation of an claim for victory tax |