Newspaper Page Text
Income Tax
In A
WHO? Single persons who had net
income of $1,000 or more rr
gross income of $5,000 or more,
and married couples who had net
income of $2,500 or moreorgross
income of $5,000 or more must
file returns.
WHEN? The filing period is from
January 1 to March 15, 1925.
WHERE? Collector of internal rev¬
enue for the district in which
the person lives or has his prin¬
cipal place of business.
HOW? Instructions on Form 1040A
and Form 1040; also the law and
regulations.
WHAT? Two per cent normal t; \
on the first $4,000 of net income
in excess of the personal exemp¬
tions and credits. Four per cent
normal .tax on the next $4,000.
Six per cent normal tax on the
balance of net incor Surtax
on net income in cess of
$ 10 , 000 .
Your income tax for the year 1924
is less, in proportion to your income,
than was the tax for 1923. A rate re¬
duction, however, is not the only ben¬
efit afforded by the revenue act of
1924. Increase in the exemption for
married persons, a 25 per cent re¬
duction on “earned income," and oili¬
er changes in revenue legislation are
of immediate interest to every tax-
1 aver.
The revenue act of 1924 requires
that returns be filed by every single
person whose net income for 1924
was $1,000 or more, or whose gross
income was $5,000 or more, and by
every married couple whose aggre¬
gate net income was $2,500 or more,
( r whose aggregate gross income was
$5,000 or more. Last year returns
were required of couples whose ag¬
gregate net income was $2,000 or
more. Husband and wife, living to¬
gether, may inc'ude the income of
each in a single joint return, or each
may file a separate return showing
the income of each. Net income is
gross income less certain specified
i eductions for business expenses,
losses, bad debts, contributions, etc.
The period for filing returns is
from January 1 to March 15, 1925.
The return, accompanied by at least
one-fourth of the amount of tax due,
must be filed with the collector of
internal revenue for the district in
which the taxpayer has his legal resi¬
dence or has his principal place of
business.
Tile exemptions under the revenue
act of 1924 are $1,000 for single
persons and $2,500 for married per¬
sons living together, and heads of
families. In addition a $400 credic
s allowed for each person depen¬
dent upon and receiving his chief
support from the taxpayer, if such
person is under 18 years of age or
ncapable of self-support because
mentally or physically defective.
The normal tax rate under the rev¬
enue act of 1924 is 2 per cent on the
first $4,000 of net income in excess
of the personal exemptions, credit
for dependents, etc., 4 per cent on
the next $4,000, and 6 per cent on
the balance. Under the preceding act
the normal tax rate was 4 per cent on
the first $4,000 of net income above
the exemptions and credits, and 8
per cent on the remaining net in¬
come.
The revenue act of 1924 contains
a special provision for reduced taxes
which did not appear in previous laws.
All net income up to $5,000 is con¬
sidered “earned income, tf On This
amount the taxpayer is entitled to a
credit of 25 per cent of the amount
cf the tax.
For example, a taxpayer, single and
without dependents, may have re
ceived in 1924 a salary of $2,000 and
>m a real estate transaction a prof¬
it Of $3,000. His total net income was
i$5o00. Without the benefit of the 25
per cent reduction his tax would be
$80. His actual tax is $60. From
his net income of $5,000 he is allow¬
ed a personal exemption of $1,000,
the tax of 2 per cent on the first
$4,000 in $80, one-fourth of which,
or $20, may be deducted.
„ For the purpose of „ computing this ...
credit, the earned , net , .
in no case is in
considered to be excess of -
come in
$10,000. ... ... A . taxpayer , have re
may
ceived , for , the .. 1924 , ... net i •
year a income
from salary $29,000, ... but , . the ,, 2a ... per
cent credit be applied - t . only ,
ran <
one-half of this amount. ,
If you are single and suppirt in
your home one or more persons close.
ly related to you and over whom you
exercise family i ontrol, vou are the
head of a fam and entitled under
the revenue act of 1924 to the same
personal exemption allowed a mar
person, $2,500. In addition, a
taxpayer is entitled to a credit of
$400 for each person dependent upon
him for chief support, if such per¬
son is either under 18 years of age or
incapable of ' self-support because
THE LEADER-TRIBUNE, FORT VALLEY, GA., THURSDAY, JANUARY 15, 1925.
OFFICIAL Fort of Valley the ORGAN THE KIWAINIS KALL and Get bull Value
Kiwanis Club Published Weekly Thursday by the Kiwanis Club of Fort Valley, Ga. for Your Money
on
Vol. 1 THURSDAY, JANUARY IS, 1925. Number 20.
BBCTEEHSBEr
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SEED PRODUCTS
Fort Valley ms Bottling Go. r FORT VALLEY, GA.
i I>. C. STROTHEH A* K. M. WIIITING, KIWANIANS
i
W. G. ltRlSKNDlNK, KIWAMAN
i M There’s Music in the Air
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Spray Material, Peas & Peaches GREEN-M11.1 .ER COM PANT r
ULKNMOHli GRHKN. KIWANIAN
Fort Valley, Georgia
EVANS CLARK CO. Inc. ty With facing Fort the Valley greatest and and Peach most Coun¬ im¬ Georgia Agricultural Works
portant constructive problems QUALITY SERVICE
Dealers in Peas, Potatoes, Hay, and their history, in the re-organization
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political unitj and with a broader vi¬ "We’ve Got It
A. J. Evans E. G. Clark sion and unprecedented opportuni¬ F. O. MILLER, Kiwanian
ties, every Kiwanian naturally must
Kiwanian Kiwanian take the business of the Club with in¬
tense seriousness and apply himself For
GALLAHER HALE GRSCERY CO. constantly to the progressive j SPRAY MATERIALS
program
to which we are pledged in our mot¬ SPRAY MACHINES
Distributors Purina Feeds to— H PARACIDE ft
< ( Feed from the Checkerboard Ba£ I * Call on
WHOLESALE GROCERS We Build 99 SOUTHERN BROKERAGE COMPANY
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R. D. HALE, KIWANIAN Kiwanian
Attend meetings every week. That i
means especially this week—tomor¬
F. O. MILLER, FORI CHILDREN’S Pres. T. VALLEY Manufacturers F. FLOURNOY, KIWANIANS A. J. KNITTING UNDERWEAR EVANS, Supt. of Treas. MILLS & Gen’l Mgr. ourselves o’clock. row—FRIDAY, the community measure We to institutions shall the that task promptly derive we of 1925 and contribute benefits at affairs progress. twelve from of in C e THE HALL KIWANIAN TIRE MAN l
‘
mentally or physically defective. Such
dependent need not be a member of
the taxpayer’s household For ex¬
ample, an unmarried son who sup¬
ports in his home an aged mother is
entitled to an exemption of $2,500
plus the $400 credit for a dependent,
a total of $2,900. If from choice the
mother lived in another city, the son,
although her chief support, would be
entitled only to the $1,000 exemption,
plus the $400 credit. The mother not
living with him, he is not considered
the head of a family.
An exemption as the head of a
family can be claimed ty only one
number cf a household,
The $400 credit does not apply to
the wife or husband of a taxpayer
though one may be totally dependent
upon the other.
The revenue act of 1924 provides
that the status of a taxpayer relative
the amount of his personal exernp
tions shall be determined by ap
portionment in accordance with the
number of months the taxpayer was
single, married, or the head of a
family. Under the preceding act the
amount of the exemption to which the
taxpayer was entitled was determined
by his status as a single person, a
married person, or the head of a fam¬
ily on the last day of the taxable
year, December 31, if the return was
made on the calendar year basis, as
most are.
For example 1 a taxpayer 1 married on
September ; 30, 1924 r r would he en
titled to exemption .. of . $1,375. For
an *
the , first , nine . months , , he is . classified , ,
single . , entitling him . to
as a man an
exemption .. of . $750—three-fourths .... .. . ., of .
' v
the $1,000 exemption allowed single .
’ a
and for the last 3 months he .
person is
entitled .... , to , of - .... $625—
an exemption
one . fourth of t he $2,500 exemption
allowed a married p/erson.
Ff on June 30, a taxpayer ceased
being the head of a family—the sup
port in one household of a relative or
relatives being discontinued—he is
a! i owed an exemption of $1,750
one-half of the exemption of $1,000
granted a single person plus one-half
the exemption of $2,500 granted
the head of a family. With regard to
Formula of Success for
al, Community or state is
ten by international authority
Georgia must establish a definite
objective and plan one by one the
steps necessary to accomplish that
jective if she is to take her rightful
place in the industrial life of the
tion, according to Dr. Harrington
Emerson, member of the Fedral
mission on Waste and
tion and an international
on efficiency.
“States are composed of human be
ings,” he said in an interview.
state derives its wealth, health
success from these human beings.
state is dependent on its
not the citizens on the state. It will
be just as successful as citizens
successful and no more. Let us
ine into the things that make for
successful person and we will find
that the same principles are
cable to the state.
“Before any man can go forward
in the business of living he must first
establish or set up a definite objec¬
tive. This is obvious. How can a per¬
son arrive at a point unless he knows
where he is going? A ship headed fo
no particular port is extremely for
tunate if it reaches any. So it is with
a state or a community.
“Once the objective is set up, all
necdssary records bearing on the ob¬
jective must be tabulated. By this I
mean a complete analysis. Records
must be accurate, facts not guess¬
work, truthful not fanciful. They
must be adequate, complete. They
must be adaptable, simple and imme¬
diately available. Once the analysis
is complete one can proceed to plan,
schedule his plans and set about put
the $400 credit for a dependent, the
taxpayer's status is determined as
of the last day of the taxable year.
If, during the year, his support of
,«uch dependent ceased, he is not en
titled to this credit.
(Continued next week.)
ting them into effect,
“Let us consider a community in
the light of these simple principles
and we will get the picture. We will
that the town of Homeburg
i has decided to expand, that it is to
the town’s interest to have an influx
of new people; that is would be de
J sirable to bring some factories and
other industries into the town. They
set up an objective something like
thi:
“ ‘To increase the population of
Homeburg 10 per cent within one
year from date.’
The next step as has been shown
* s f° make an analysis of the town,
j equipment, wit h reference keeping to men, material in mind and the
ever
objective set up.
“What is the area of your town?
What is property worth—actually
worth? How much of it is idle? What
i; the soil best suited for? How do you
know? Have you had the soil anal¬
yzed recently? How much farm land
is there? What is being grown? How
about livestock? Chickens? Butter
j and Do y <)U im P ort P roduce or
export it? Any timber land? How
much? What kind? What used for?
“How much freight do you ship a
year? What classification? Raw mate¬
rial or finished product?
“How about transportation ? Are
you on the main line?
“Minerals? What have you? What
can they be used for? Being develop¬
ed?
“Sanitation? Pure water? Plenty of
it? Has it been analyzed? When?
Death rate? Any contagious diseases
prevalent? Mosquitoes? Sewerage?
“Climate? Altitude? Damp? How
much rain? Healthful? Flooded
lands?
“Electricity? Single plant or con¬
nected to adequate system? Munici¬
pal or private ownership? Adequate
street lighting? Ample power for in
coming industry?
‘Roads and streets?
“Taxation? Any exemption for in¬
coming industry? Bonded indebted
ness?
“Homes? Well kept? Owned or
rented by tenants?
“Schools? Attendance? Sufficient
teachers? Well paid? Competent?
“Churches? Libraries?
“Labor? White or black? Skilled
or unskilled?
Population? White or black? Per¬
centage of illiterates? Schools for
illiterates?
“Fire protection? Insurance rate
low?
“Laws? Fair to all? Do they penal
ize the investor?
“People? Sociable? Will they wel¬
come newcomers? Provincial? Fuii
minded? Intolerant? What pursuits
followed? Manufacturers? Transport¬
ers? Storers? Traders? Professionals?
Domestic service and manual work
er.s? Ethical workers?
“Banks? Bank clearings? People
investing locally or sending money
away?
Stores? Adequate?
<< Amusements? Theater? Outdoor
sports? Sunday amusement?
Newspaper?
“Those and hundreds of other
fuestions should be asked in making
the analysis of the town. When ‘he
facts are secured—actual, honest
facts—the needs of the community
1 ecome apparent and the defects can
be remeJ'i d.
“The next step then is to make
plans to accomplish the desired ob
.icctive. It is easy now for you know
from your analysis just where you
stand. Plans should be made to begirt
the correction of the town evils. U
remedy its defects. The analysis has
1 hown the true conditions; honest
remedial action will work the improv¬
ident.
“Has Homeburg all the facilitiesfor
taking care of a cotton mill? Then
plans should he made to" interest the
mill under less fa¬ |
cotton operating
vorable auspices.
“Does the analysis show that Home-;
burg has valuable mineral deposits
awaiting capital for development? j
Then plans should be made to seek j
ut the capitalist interested in min- 1
(
era] development.
“And so on and on. These are
merely suggestions,
“But the records, plans and sched¬
ules will be worth little if they re¬
main as records, plans and shedules.
They must be used; put into effect.
And fifty one per cent of the task
has been accomplished when you
know what you want and see clearly
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BY GRINDING YOUR EAR
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AND VELVET BEANS.
OUR PRICES ARE RIGHT
THE VALLEY MILLING COMPANY
FORT VALLEY, GA.
UWiMW 'W
J 1 '
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—one by one—the steps necessary
to get what you want.
“flomeburg or Georgia, or any in¬
dividual person must deal in funda¬
mentals in order to succeed. Underly¬
ing all civilization are certain funda¬
mental laws that if followed make
for happiness and success.”
-The Week.