| Show Pay As You Go Tax Plan Set-up Explained in Detail Business Men and Farmers Should Have Some Program Established to Meet Next Year's Taxes This new method of collecting tax cannot be taken by any person as even the merest hint that his or her continued of war savings is not as essential today as it was a week or a month D. Howe deputy state war savings declared To fully understand the pay-go Moffat pointed out that it does not mean any person will be paying greater or less taxes than he did for his earned income of is simply and easier method of collecting taxes by collecting them at the Some Fix Programs persons have some program established now to set so much aside each month to meet their next years tax all that is being done is to pay this to the government instead of placing it in a savings he because that is the every person should not only continue with his or her present bond purchase whatever kind it but make every effort to increase those our soldiers are giving their you lend your This is not asking too in it Is asking but a small part of each person's total contribution to the war to Bonds for In a of how pay-go Utah savings staff officials explained that forgiveness up to 75 per cent of 1942 tax liability does not mean that taxpayers pay any less faxes than he would And neither is the 20 per cent tax on wages and salaries as severe as some alarmists The fax is not based on gross but on earnings after these deductions have been for single persons on each year's earnings for married and for each the 20 per cent deduc tion includes victory which is now 5 per cent on yearly incomes in excess of It is not the purpose of pay-go to collect currently more than the year's tax Lists Examples These examples of the new tax were cited by war savings officials married without who is making a will have a weekly pay deduction of of which 78 cents will be a new victory tax in lieu of the old and the remainder will be credited against taxes on his 1943 married r who make a before personal exemptions now owes the government taxes on last year's amounting approximately to He paid one-half of it on or before He on July begin paying taxes on this year's income through the withholding and the two quarterly tax payments he has already made on last year s income will be credited against this year's taxes This together with the withholding by the end of the pay all taxes he owes on this year's but he will still owe an one-fourth on last year's or which he will pay in 1944 and This is what this sums up to Incomes that remain alive will continue to pay as much in taxes as without cessation or postponement But if a man's income should suddenly cease or forgiveness may reach a maximum of 75 per cent of a year's earnings In the tax amounts to an The case for would mean an increase of payable half in 1944 and half in But whether or not the pay-go increases one's in any event it is considered most likely that further taxes will certainly be stepped Herewith is the data on how much the government will withhold from your regular Single Person No Dependents Weekly Amount to Withholding Annual Annual wage to be withheld as a per cent total to he total to weekly of wages withheld be paid S 2250 2 10 45 00 16 8 85 00 17 5 Married Person No Dependents 17 50 1 1 10 40 22 50 16 38 27 50 40 45 00 4 20 75 00 10 20 1220 14 9 21 Married Person One Dependent 17 50 U 22 50 2750 50 35 00 1 00 45 00 55 00 7 00 10 8 75 00 52 85 00 1100 12 9 21 I 95 00 Married Person Two Dependents 17 50 U 10 40 8 27 50 33 19 35 00 70 45 00 1 80 93 60 90 05 55 00 I 65 00 77 75 00 7 80 85 00 9 80 i 60 If the amount withheld during the year is more than your total income and victory tax for the the government will refund the If the amount withheld is less than your total income and victory tax for the year you will pay the difference to the I I |
