Newspaper Page Text
Cumming, Georgia.
■INCOME TAX FACTS No. 7-
Not All Income is Taxable
(This i* one tif a teriei of articles on federal income lax
filinu There articles are hared on information provided hl/
the American /intitule of Accountants, and the Georgia
Society of Certified Public Accountants in cooperation with
the Internal llevcnue Service.)
Taxpayers make more mistakes in listitiK their income than any other
typo of error, according to a survey made hy the Internal Revenue
Service. It is important to know what to include and what NOT to in
clude. Look at tins list and see if you can tell which should be listed
on a tax return:
Dividends from an insurance
policy
Social Security Benefits
Gifts
Payments received under Work
men's Compensation laws
The answer is that NONK of the
above should be listed as taxable
income. There are other forms of
exempt income, too. which you will
find listed in the official instruc
tion book. Some of them are:
Inheritances and bequests (the
estate may • lie .taxed but no'
the recipient)
Railroad Retirement Act benefits
Certain health and accident bene
fits
Damages awarded by a court or
paid out of court for personal
Injuries
Government payments and bene
fits to veterans and their fami
lies, except nondisability retire
ment pay and interest on
terminal leave bonds.
How Prizes Arc Tuxeil
If you won a prize, watch this
fine distinction: the prize is taxable
if you were required to exert even
the slightest effort to earn it; on
the other hand, if it was made in
recognition of scientific, literary or
other achievement you would haye
performed anyway, the prize is con
sidered a gift and you arc not taxed
on it.
• Most scholarships and fellowships
are exempt unless they are paid
as compensation for services, such
as teaching and research. Another
point to remember in connection
with scholarships: in figuring sup
port for a dependent you do not
have to count scholarships received
by a student.
f Some income, such as limited
amounts of "sick pay” and the first
15# of certain dividends, must be
explained in the tax return, but are
not taxed.
.. CORN’S TV & APPIIANCE
COMPANY OP CUMMING WILL
MOP UP ON ANY TV TROUBLE.
WE SPECIALIZE IN SLICK,
OUICK SERVICE, PRICED TO
<;IVE YOUR BUDGET A PLEAS
ANT SURPRISE. CALL 2433.
Efu^iEl
lame oq RfaSSal J BUbflS
433 CUMMING, GA /JHHNBP
General Gas Corp.
INVENTORY CLEARANCE SALE
25% Off On All
Gas Ranges, Water Heaters, Brooders, Fur
naces, Heaters, and ALL Sizes LP Gas Tanks,
Get the best for less from General Gas dur
ing this BIG SALE.
IT WILL PAY YOU TO GET OUR PRICES
BEFORE YOU BUY
Remember 25 per cent off on ALL GAS EQUIPMENT
AND GAS TANKS
General Gas Corp.
Gainesville, Ga.
If you have an annuity from life
insurance, pension plan or other
source, the portion which you may
receive tax free depends on your
life expectancy and the amount you
paid for the annuity. The Internal
Revenue Service will furnish actu
arial tables upon request to help
you figure this out.
Anyone who owns stock needs to
know about (he dividend exclusion
uiul credit. This applies only to
dividends from corporations which
are subject to United States cor
poration income tax and does not
include dividends from savings and
loan associations, credit unions or
foreign corporations.
Your first SSO of qualified divi
dends is tax free. Husband and wife
are each entitled to exclude the
lirsl SSO for dividends on stocks
that each owns.
If you received dividends beyond
this amount, you are entitled to a
"dividends received credit". This
credit is 4% of the remaining divi
dends, but it cannot be more than
4% of your taxable income, or more
than the .amount of tax otherwise
due. The credit is not just a deduc
tion from your taxable income
it is actually subtracted from your
tax.
For example, if you received $550
in dividends, you can exclude SSO
from your taxable income, and sub
tract 4% of SSOO or S2O from
the tax you would otherwise pay.
The last page of the tax form pro
vides a schedule for figuring the
amount of your credit.
The instruction book which comes
with your tax forms gives further
information. Help is also available
by telephone or at offices of the
Internal Revenue Service. The Rev
enue Service urges you to consult
a properly qualified advisor if you
decide to seek outside help.
Next Article: Start Now to Plan
Next Year’s Tax.
The Forsyth County News
MINOR NURSING HOME
The Home Away From Home For
Convalescents, Infirmary Patients
and Elderly Men and Women.
24-HOUR NURSING CARE
New Modern, Efficient Building
PHONE I.Enox 4-3565
MRS. GLEN MINOR
Clarks Bridge Road
Gainesville, Ga.
FOR SALE -Good used Crossties,
suitable for fence or Chickenhouse
construction —N. C. Low, Phone
No. 2, Tlaking Rock, Georgia
FOR SALE -House with 2 acres of
land, living and dining room and
kitchen combined, two large clos
ets, two large Bedrooms, large day
light basement, two miles off No.
19 on 141, or call 7872 Ruel
Coker, Route 5.
OPPORTUNITY FOR A LADY
Now is Spring cleaning time.
Now is Moth proofing time.
Now is Profit Making time.
Now is the time for you to be
come a Fuller Brush Neighborhood
Dealer and earn $2.00 or mere per
hour in your spare time. Build
your own permanent, profitable
business with famous Fuller House
hold products and cosmetics. Con
tact Mrs. Ruby Pritchett, 526 E.
Spring Street, Gainesville, Georgia.
Z. W. FOWLER
Well Drilling
Canton, Ga.
For Information - Call
Cumming, Ga.
Day 6355 - Night 7033
Terms if Desired
F'Oli SALE IN ROSWELL
Souse and lot with terrace apart
ment on highway in North Roswell.
Two' bedroom, bath, gas floor fur
nace, hardwood floors, modem.
Bargain at SII,OOO. —Phone Roswell
6642.
ipSiM'i
Largn Sii*|
[IOO TABLETS °_ n^9B^j
CUMMING DRUG STORE
Cununing, Georgia
SCREENING WORK DONE *
If you want it screened, just give
me a ring. I have the equipment
to do the job and know how. Phone
2463, GRADY PRUITT, Rt. 4.
WANTED
One line mechanic, preferrably
experienced in Chrysler Corporat
ion Cars.
One finished body and fender
and paint mechanic for body shop.
Two Used Car Salesmen and one
New Car Salesman.
These jobs all are permanent.
Ideal working conditions. Our ex
panded operations in our new build
ing necessitate additional manpow
er. Sober, honest, conscientious
workers are the only ones in whom
we are interested.
Call collect or see in person—
Walter Kelly, Jr. All inquiries con
fidential!
KELLY MOTOR COMPANY
Plymouth —Dodge —Chrysler
Imperial
Ph. 7-2443 —Marietta, Ga.
FOR RENT—Nice Modern Beauty
Shop-13ee Roy P. Otwell.
WATER FOR IRRIGATION
The supply of water is the first
and most important factor to con
sider in planning for irrigation,
according to Willis Huston, Agri
cultural Extension Service irrigat
ion specialist. It takes 27,154 gal
lons to apply one inch of water
uniformly over one acre.
Today more than 93 percent of
Georgia’s farms are using electric
power, say Agricultural Extension
Service economists at the Univer
sity of Georgia.
HOUSE Sc LOT FOR SALE
Town convenience, country lot,
drilled well, 4- room house with
bath unfinished on paved Sharon
Road. Will be sold at 2 o'clock on
May 18, at highest bid.
R. D. Dinsmore, Route 5.
Remember Mother
ON MOTHER’S DAY SUNDAY, MAY 12TH.
Ware’s Department Store offers you a large variety of Mother’s Day
Gifts. Listed below are a few of the many items at prices you can af
ford to pay.
LADIES DRESSES
A large assortment -9-15 12 to
20 or 14 1-2 to 24 1-2 From
sß.9B to $17.98
SHORTIE PAJAMAS &
GOWNS
In Baby Check and Drip Dry
Cotton’s
$2.49 to $3.98
LADIES SLIPS
Nylon in white, blue, pink & Red
$3.98 to $5.95
LADIES SWIM SUITS
By Sea Nymph and Sprite, many
styles to choose from.
$9.98 to $19.95
Ware’s Dept. Store
Cummings Leading Department Store
Cumming, Ga.
Most advice to the contrary, the man who
puts off doing things very often finds that he
does not have to do them.
imioim:! dadT
Newest gift for your Graduate!
new
Bulova
ELECTRIC RAZOR
Regardless of how your
graduate shaves... here's the
NEWEST WAY TO BETTER SHAVING
Closer, smoother shaving than ever... with the
lightest shaving touch of all time...
jffoVetolwcfi
• Only electric razor with 6 cutting blades.
• New Trimming Clipper—trims mustaches, sideburns, stray hairs—
the final touch for impeccable grooming.
• Built with the precision of a 23-jewel Bulova watch
• Handsome, satin-lined travel case
• Luxury styling. Ivory or Charcoal Grey with Golden Decor fM.TS
Easy Credit Term*
dimming Jewelers
CUMMING, GEORGIA
Thursday, May 9, 1957.
LADIES HATS
From $2.98 to $9.98
PURSES
Many styles to choose from
sl.9B to $4.98
LADIES HOSE
Self-seam, Dark seam or seam
less-8 1-2 to 11.
89c to $1.65
LADIES BLOUSES
Size 32 to 44 large assortment
to choose from—
s2.9B to $5.98
LADIES SHOES
Sandals, Flats and Balarina, as
sorted size and color.
$2.98 to $8.95