Carrol Daily Times Herald from Carroll, Iowa on March 4, 1976 · Page 5
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Carrol Daily Times Herald from Carroll, Iowa · Page 5

Carroll, Iowa
Issue Date:
Thursday, March 4, 1976
Page 5
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Savings Deposits Break All Records; Encouraging, Say Economists ... ByJohnCunniff ' m «,, n .i«i ..»u_. .i.:i. . ^ ^ 7 -^ ByJohnCunniff (AP Business Analyst) NEW YORK (AP)-He and she are called the American consumer, an economic species said to have an avaricious appetite for goods and services, for satisfying wants quickly, for accumulating possessions. The consumer lives in the acquisitive society, a society in which the most observable status symbols are often the Astrology ARIES (March 21-April 19) Someone might spring a request on you today that you could comply with before realizing what it may cost you. TAURUS (April 20-May 20) Others today may not be as enterprising as you are. Don't let them dilute your ambitious urges. GEMINI (May 21-June 20) You may have a few extra tasks dumped into your lap that you didn't plan on today. You'll manage! CANCER (June 21-July 22) Don't depart too far today from successful methods for routine chores. Trying new twists could tie things in knots. LEO (July 23-Aug. 22) In competitive situations today you could feel slightly uncertain. Put on a bold front. It will confuse the opposition. VIRGO (Aug. 23-Sept. 22) Your mental faculties should be rather sharp today, especially when it comes to management of situations or people attending your work. LIBRA (Sept. 23-Oct. 23) You may be better today at helping others advance their interests than you will be at gaining advantages for yourself. Cover your own bases, however. SCORPIO (Oct. 24-Nov,22) To get the fullest benefits from associates today, it may be wise to let them assume the more assertive roles. SAGITTARIUS (Nov. 23-Dec. 21) If you have to work with unfamiliar tools or materials today, get someone who knows what he's doing to help. " •.'CAP'RICORN (Dec. 22-Jan. ' 19) A situation may arise today where there is a calculated financial risk. Discount the advice of an unsuccessful friend. AQUARIUS (Jan. 20-Feb. 19) It is not so important today how events begin, but how they end. Victory comes through strong second efforts. PISCES (Feb. 20-March 20) Surface appearances could be unreliable today. By asking pertinent questions you can get to the bottom of things. YOUR BIRTHDAY March 5,1976 Contacts you'll develop this questions and answers People may have some income and still be eligible for supplemental security income payments, according to Laurence Clark, social security branch manager in Carroll. The supplemental security income program makes monthly payments to people with little or no income and limited resources who are 65 or over or blind or disabled. "Eligible people with no other income at all can get a Federal supplemental security income payment of as much as $157.70 a month for one person and $236.00 for a couple," Clark said. "But people with some other income may also be eligible for payments — even though the payment amount may be reduced. "Most people, including those in financial need, have some income, 1 ' he noted. "That's why the word "supplemental* appears in the name of the supplemental security income program. The payments generally are added to other income." The Federal payments may be reduced because of income such as social security checks, company pensions, veterans compensation, or workmen's compensation. "But the first $20 a month of such income doesn't count against the supplemental security income payment," Clark said. "Also, the first $65 a month in earnings from a job or self employment doesn't count," he said. "Supplemental MM material riches thai one can display, such as the size of the car in the driveway. Lest there develop any tendency for consumers to forget their role, the producers constantly barrage them with stimuli. The good life, success, recognition are associated with acquiring goods. While the species is indeed regaining its famous appetite in recent weeks, it might more accurately be called the coming year may from time to time pass on confidential information you'll find quite useful. Strive to win the trust of new friends. Zion Ladies Aid Meeting In Manning Tlmei Herald Newt Service MANNING - The Zion Ladies Aid held their regular meeting on FebrlOth with 25 members and 7 associate members present. The Rev. Heinicke presented the topic, "Pass the Word On." A reading on Phillipine Missions and the Christian Growth topic, "Develop your Spiritual Eyes and Muscles" was given by Susan Schilling. President Colene Lohrman presented a gift to Arlene Wegner in honor of the Wegner's 25th wedding anniversary. Hostesses were Susan Schilling and Elda Ehrichs. Dorothy Musfeldt decorated the Birthday and Anniversary table. Mrs. Jim Lisk, Greenfield, spent Thursday in the Louis Popp home. Weekend visitors of Mr. and Mrs. John Morey were Mrs. Morey's parents, Mr. and Mrs. Russel Flynn, Shenandoah. Circles Have Meetings In Manning Tlmei Herald Newi Service MANNING — The Methodist Elizabeth Circle met on Feb. 19 with Margo Morgan, Four members and four guests were present. Thank-you notes were read from Mrs. Jones and from "The Inspirations." The lesson was given by Karen Hansen. .Presbyterian Ruth Circle met on Feb. 20 with" 17 members. The meeting opened with a Bicentennial thought and prayer. Edna Vollstedt had devotions. The lesson was prepared by Pat Brook and read by Bonita Hagedorn. Lunch was served by Amanda Steen and Minnie Jenson. * ^ Presbyterian,Esther Circle met for their regular meeting with Malinda Erps with 10 members present. Elaine Struve was the co-hostess. Freda Hinz gave a reading on Ben Franklin. Verna Karsten gave the lesson. 987-65-4320 security income payments are reduced by 50 cents for each $1 earned over $65 for the month." The basic Federal payment amounts have been increased by about 12 per cent to keep up with the cost of living since the supplemental security income program started in 1974. Some people who were ineligible for payments then may be eligible now. In addition, people disabled since childhood may be eligible for supplemental security income payments when they reach 18 regardless of their families' incomes. The payments can be especially important to young people who are severely retarded or have other handicaps that keep them from becoming self-supporting. "Eligible disabled people can get supplemental security income payments at any age," he said. "The eligibility of children under 18 can be affected by their parents' income and resources, but severely disabled people who remain unmarried are considered independent of their families starting at 18, or at 21 if they're in school. "Starting then, they may be eligible for supplemental security income.payments if they have little or no income of their own, "he said. People can get information about applying for supplemental security income payments by calling or writing the Carroll social security office. American saver;, for that has really been the focus of the species' interest. "Savings deposits at the nation's savings and loan associations broke all records on the books in January 1976," the United States League of Savings Associations reported this week. "Savings banks attracted record net deposit inflows in January," said the National Association of Mutual Savings Banks, the other major factor in what is called the thrift industry. Savings as a per cent of disposable income continued very high during recession of 1974 and 1975, a not unusual occurrence. Contrary to what some believe, people tend to save'during recessions, spend during periods of greater confidence. While the long-term savings rate is around 6.5 per cent, the IfMmfflflHmtlMIIMMfffrMflMIIIIMIIMlllMIM Tlm«i Harold, Carroll, la. f Thursday, March 4, 1976 3 1974 rate rose to 7.5 per cent and rose to 8.3 per cent last year, reaching the almost unprecedented level of 9.9 per cent in the second quarter. But now, while the economy recovers, the savings rate remains high, perhaps even slightly higher in the first quarter of the year than in the final three months of 1975. The first month of any year is likely to be a poor one for savings, since a good many Christmas.bills, for one thing, must be paid off. Not so this year. Savings and loan associations took in $5.3 billion, the greatest one-month inflow in its history. While a high savings rate suggests that consumers still haven't regained their confidence or faith in the future of the recovery, most economists view the situation as encouraging. The thrift industry, for example, is the main supplier of funds to the housing market. A strong housing market means more vigorous sales for furniture and appliance manufacturers and dozens of other industries. In fact, it is almost axiomatic that no recovery is solidly based unless the huge construction industry participates. The presence of all those lendable funds, says the economists, now almost assures that participation. The worst area of the housing industry has been in multifamily units. Because of high interest rates and limitations on the amounts of rent people are able to afford, such units are said to be unprofitable. QUESTION — I found some bills and other .papers relating to an addition I built on my house six years ago. Must I still keep these records for tax purposes? ANSWER - You should keep these and any other records of home improvements as long as they are material in determining your tax basis (generally the initial cost of the home plus the cost of improvements) of the original or replacement property. You will need to be able to determine your tax basis in your house to determine whether you have a gain or loss if you dispose of it by sale, exchange, gift, condemnation or involuntary conversion, to determine the amount of a casualty loss, or to determine the amount of depreciation which may be claimed if the property is converted to business or rental use. QUESTION -1 own a small amount of common stock and the company has just sent me a dividend check. There are many types of dividends with different tax requirements. How should I report mine? ANSWER — Most dividends are ordinary dividends, paid to stockholders from the corporation's earning and profits. Unless the corporation says otherwise, you may assume that any dividends, whether from common or preferred stock, are ordinary dividends. The money you receive is considered ordinary income, but the first $100 in ordinary dividends is excludable from taxable income. A husband and wife, filing either jointly or separately, may each exclude up to $100 of ordinary dividends he or she received from qualifying corporations. Dividends and other distributions of (400 or less can be reported on Form 1040 or Form 1040A. If your dividends exceed $400, you should list them on Schedule B of Form 1040. For your records, you should prepare a list showing the sources and amounts of the dividends you received during the year, and place a copy of it with a copy of the income tax return. Waters 50** Specials COATS Leatherlike Fabric Sizes 8 to 18 Blue—Chamois—Navy Reg.'Wr *50 Polyester & Cotton Zepel® Water Repellent Sizes 8 to 18 Navy—Celery—Lt. Blue Reg. *70°° NOW PANT SUITS STAGE "7 i division of Venice Mmtr'm, Inc. What a wonderful way to brighten your wardrobe. Soft pastel colors in three-piece pantsuits. Easy to care for in machine-washable polyester. Checked jackets, ribbed long sleeve shells and pull-on elastic waist solid color pants. Sizes 8 to 18 Reg. $ 55°° SALE PRICE $ 24 90 AAAAAAAAAAAAAAAAAAA^ WATERS FASHION STORE 50th 1926-1976 501 N. Adams St. Downtown Carroll

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