The Courier News from Blytheville, Arkansas on January 9, 1953 · Page 5
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The Courier News from Blytheville, Arkansas · Page 5

Blytheville, Arkansas
Issue Date:
Friday, January 9, 1953
Page 5
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FRIDAY, JANUARY 9, 105S Your Income Tax Primer — BLYTHEVIU.E (ARK.) COURIER NEWS You Are Ready to Fill Out Your Tax Return KDITOR'S NOTE: Here's Hie 12th of 14 artlcels In NKA'a Kth a"v-jl Income Tax Primer, pre- pa'ed by a top-notch Washington tax authority and designed for us- ivllh the official lax rule pamphlet. B ' RICHARD A. MIJIXKNS NEA Income Tax Expert If you have followed the previous articles, you now know what to report HS income on your tax return end what deductions you can claim If you so choose. You lire all ready lo fill out the tax return. , A simple chart printed with Ar^Icle 2 told the best form to use "I your Income Is under $5000. Check over your answers on the chart to make .sure they are correct. If your deductions are close to 10 per cent of your income, it is best to compute your tax on bolh Short Form 1040 and Long Form 1040 with Itemized deductions and then us- whichever giver, the smaller tax. Rememlter, If your income is over «5000, you must use l.mig Form 1010 Those of you using Form 1040A (printed on, yellow paper) will not have to compute your tax. Just fill It In showing your name and address and exemptions and income The Director of Internal Revenue will use the lax table printed on the back of Form 1040 to compute your tax and send you a refund or a bill depending on whether too much tax or too little tax was withheld from your pay. The tax table, automatically gives you n $600 credit for each exemption and a deduction of about 10 per cent of your. Income for such »~. tw*jv ui JUKI uiLome ior sucn Itema ai contributions, medical ex- penses and the like. Before attaching your Form W-2 to the return, add up the amounts shown as deducted for Social Security Tux (F.I.C.A. employe lax). No one person !E supposed to pay more than {54 for such tax In 1052. If you worked (or more than one employer, It is quite likely that you have had more than $54 deducted for P.I.C.A. tax. In such case, follow the instructions on the reverse of Form 1040A nnd you will be given credit for any excess. Those of you using the Short Form 1040 should fill in pages 1 and 2 showing all your exemptions and all your Income. You then tear off pages 3 anrt 4, and find your tax from the Tax Table on page 4. Just follow the simple instructions at the top of the Table and be sure to select the exemption column lhat corresponds to the number of exemptions you claim on page 1. Then enter the tax in Item 5,-on page 1. The last few steps necessary to complete your Short Form 10.40 will be described In tomorrow's article. Those of you who Ifcmlie deduc- ilons or who have Incomes In excess of $5000 must use the la* computation schedule on page 3 of the return to compute your lax. The first step in using the tax computation schedule Is to enter on Line 1 your adjusted gross income sS shown In Item 4, page 1. What you enter in Line 2 Is Important. You have > choice of showing either your itemized deductions or one of tht amounti-shown In (a) or (b) of the Instructions with Line 2 Use whichever give* you the larger deduction. You can now change your method of computation from Itemized deductions to standard deductions and vice versa any time before the statute of limitations expires; which Is normai.jv tlue» ••—-s from the time your return Is due. For example, s. .5. your Itemized deductions are $611 while your ttaudard deduction (10 per cent of income) is $530. You should llemlye and claim the $611 deductions, suppose also that a year or two later you or a revenue agent discovers that an additional $1000 should have been reporlcd as Income in 1952. • This would Increase your standard 1 deduction by S100 (10 per cent of $1000) making it $690. Since the standard deduction would then be larger than your Itemized deductions, you could change to the larg- er one In making your new computation. * Fill out the remainder of the tax computation schedule of page 3 following the Instructions opposite each line and you will end up on Line 13 with your 1852 income tax. You have probably paid all or most of the tax through wllhholdings or payments on estimated tax. Tomorrow's article will show you how lo figure 'whether you owe more or have a refund comlnj. ' Q. Which gives the smaller (ax, Form IOWA or Short Form' 1040? A. Neither, the tax Is t-he same. Q. My wife and I both work. Can we file separate returns using the tai table for one return and llemli- ln f alt our deductions on the other? A: No. If either husband or wife itemizes deductions, the other must also. HOLLAND NEWS By Mrs. Ed Hampton, Jr. Reports to PSA School Superintendent L. N. Kinder presented a report Monday night during Parent-Teachers Association meeting on "Better Pub- llo Schoote for Missouri Children." In I9SO. he related, a Citizen's Lay Committee was organized by the State Board of Education for the betterment of public schools In Missouri. This report Is now' In Its final stages and will be presented to the legislature this month for approval. Following Mr; Klnder's report was «n informal discussion by parents on "What I wish my child to get out of school" and answered by teachers on "What I wish to give your child," A picnic supper was served. Reports were read by Secretary D. Rogers and Treasurer Otto Chi'lders. The Town and Country Club met Tuesday night for_ an evening of entertainment with Mrs. Juanita. Colerhan at her country home.. Guests were Mrs. Pat Bell of Columbia. Mo,, who is visiting her parents, Mr. and Mrs. Clarence Utley; Mrs. Pauline Utlcy of Steele and Mrs. Hazel Walker. High honors were taken by Mrs. UtLey. second high, Mrs. Mnx Parker and Mrs. Dc- lle Utley brldgo. A salad course was served with coffee. Miss Delores Parker entertained friends from Blythevllle, Kciser and Holland Monday night with a bunking party at the home of her parents. Mr. and Mrs Max Parker. At midnight the party ate a cold tuijkey supper. From out of town were Louella and DoroUiy Cockorham of Kelscr; Bobby Jeans Killein, Bobby Jean Byrd and Elolse Richardson of Bly- Ihcvllle. Other friends from Blytheville and Holland Joined the party for an hour or two of Informal danclns during the earlier hours.. Miss Hampton Hostess Mary Jo Hampton was hostess Wednesday night svllh a "Watch Party" to a group of 20 teen nsers who welcomed In (he New Year. Ann Neal and Jackie Qoggans were co-hostesses. The party Included dancing to recordings and a theater party alter which trays of food containing sandwiches, pretzels and holiday cookies were served with Iced drinks. The only out-of-town guest was Bobby Lancaster of Memphis, who has been the houseguest of Mr. and Mrs. Finis Cope for two weeks. Last Sunday at the H. E. L. Smith country place n reunion of their children and grandchildren was held. Baked hams, barbecue and turkeys were served. Present were Mr. and Mrs. Luther Drummond nnd daughter of Nashville. Tenn.; Bobby 'Lee Smith, Jr.. and three sons of, Blythevilte; Mr, and Mrs. PAGE FTO Oda B. Smith and four children and Mr. and Mrs. Homer Smith and two sons. Monday night, the Smiths entertained their family with a hot ta- inale supper. Also present for this event were Mr. and Mrs. R. L. Rogers mid daughter, Shirley; Mr. and Mrs. Will Smith, Sr. and Miss Normn Jenn Smith of Memphis. Personals Mis. Lyle Genlau, the former Muss Pauline Warren, visited with her mother Mrs. Emma Warren, who lately suffered a stroke. Mrs. Warren U Improved and will return with her daughter to Pontlac. Mich., for the winter. Mr. and Mrsi Byron Holly and son and daughter, Joe Byron and Nancy, are home nfter Iheir annual vacation at Fort Meyers, Fla. Also wintering In Florida for another month are Mr. and Mrs. Kenneth Berry and son, Kenneth, Jr., who are at their resort home In Fort Meyers. After several days with her daughter, Mr. and Mrs. E. T, Crlddle and family in Cameron, Mo., Mrs. O. B. Samford Is home. Mrs. Herbert Brooks Is, visiting her two sisters, Mrs. Mattie Wlm- Greatest January Clearance Now in Progress or ' Kelley's Your -Friendly Shoe Store Entirely New I Entirely New STYLING I POWER IPOWERGLIDrl ECONOMY Chevrolet's Tower height, and flowing lines give you the newest look in ears! New interiors are richer and roomier. New 115-h.p. "Blue- Flame" engine with Powerglide.* 108-h.p. "Thriff-King" engine - with standard gearshift models. SAFETY I DURABILITY I POWER STEERING New automofic itart- ing and patting rang* for fast getaway, greater passing ability in city. Gat consumption It reduced! You go farther on every gallon of gat) Greater over-all economy! And Chevrolet ti the loweit-priced line In itt field. Greater eate and safety. Greater viti- bilify with one-piece curved windshield. Finer brakes! It's the •ofest Chevrolet ever] Heavier, stronger, more rigid construction. Thii means even longer life for a car always fomous for great durability. Pork, steer with flnger-tip ease, yet retain the feel of the road. Optional at extra to«t, exclusive to Chevrolet in its field. »o and II i of te Entire/if NEW through and through! . d &•[ All refld«U o! utto coil. ojd rqufanint end hit* CHEVROLET MORE PEOPLE BUY CHEVROLET* THAN ANY OTHER CARI SULLIVAN-NELSON CHEVROLET CO 301 West Walnut ' ^ VX *- *- • >*VX, Phone 4578 berly end Mn. Minnie LtncefaH ta Sheffield, Al>. Mr. and MM. OharlM Cohoon and family, Ray La tonne, Jerry and diaries Riisw). *-ere gue«t» from Friday until Monday of Mr. and Mrs. J. E. McClaln In Bonne Terre In St. Louis, they visited Mr. and Mrs. C. R. McCUIn. Mr. and Mr». Gltnwood Taylor «nd boys are returning this week to Big Springs, Texas, where Mr. Taylor serves with, the Air Force They visited their parenU, Mr. »nd Mrs. Ernest McCrary »nd Mr. and Mrs. Perry Taylor, on a S0-d»y furlough. „, Another son of Mr. and Mrs. Taylor, Airman Second Class Paul Taylor, has returned to his base at Chanute Field, III., after a week at home, M. and Mr§. Jwrjr Yaun. tut imall ion have vltlted the Manfert' Cohoon* during the part In dan They are from Chlciuo. Mr. Cc^ noon left Monday for St. LouU where he will b« employed for aer- eral months. Saturday, Mr. and Mn. Claude Samford arrived after vltlllna- relatives, Mr. and Mrs. Harmon Hopper of Detroit and Mrs. Jewel Samford of Flint. Mrs. Eva Samford accompanied her daughter, Mr«. Frank Donahue, who hi» rtalUd here a month, back to Flint where she fill remain Indefinitely. Recent visitors at the Joe Lettere were Mr. and Mrs. Joe David Barnford of Marlon, 111. DRAINAGE DISTRICT NUMBER SEVENTEEN of Mississippi County, Arkansas STATEMENT RECEIPTS AND DISBURSEMENTS Period January 1, 1952 to December 11, 1951 Cash on hand January 1, 1852 ,,' »10»,tot>* RECEIPTS Current Tax Collections (Net 1952) Delinquent Ta.xes Collected Delinquent Tax Costs Land Sales - Principal.. Land Sales - Interest Income Lands Owned - Stumpage. Income Lands Owned - Floodway Rent Interest Government Bonds'.!'.'. Miscellaneous Income Withholding Tax Collected ..!!! Social Security Collected Total Receipt DISBURSEMENTS Bond Premium Paid - Bonds ' No. 260/333 Bond Interest Paid - Coupons 168,347.91 $176,440.82 Collection Charge* - Bonds and Coupons Expense - Floodway Land Taxes and Insurance Taxes Refunded Withholding Tax Remitted! Social Security Remitted ployees) Equipment - New Car (Em- .» 64,000.00 . 17,720.00 156 10 598.21 84.95 450.40 ' 12S.OO 1.825.83 74,9«1.S7 Maintenance Jit Operation Preliminary Surveys & Engineering Dint Removal ..,..!!!!!!!!!!!! Cor Expense ! Ditch Clearing ••••...... . Levee Clearing It Repairs Clean-Out Ditch No. 8-n.'. Clean-Out Ditch Nos. 8 &. »,... Clean-Out Ditch Nos. 10 dc 11 Clean-Out Ditch Nos. 12, 15 Ai IB Clean-Out Ditch No. 27. Clean-Out Ditch Nos. 30 <k 32 Clcan-Out Ditch No. 33 Clean-Out Ditch No. 51. Clean-Out Ditch No. 52!!!..!!! Chan-Out Ditch No. 15....' Boat House Repairs Admlni.stratlon Salaries 4 Legal . !!!"" •" Rent . """ utilities !!!!!!!!!!! Office Supplies & Stationery!!!. Exchange Bond Premium '...-,.., Recording & Advertising .. Audit Social Security .!!!!!!!!!!! Traveling'i Misc. !..!!! Total Disbursements 884.24' 345.06 657.01 5.526.31 6,419.52 45B.OO 770.67 10,389.05 24,359.09 12,920.42 12.B4185 148.59 1.411.38 46.40 1.965.38 12,25 (.900.00 625.30 420,00 384.53 289.00 . 98.10 150.00 58.80 75.00 126.00 199.69 TM53.81 M24.4J Cash on hand December 31, 1952 .... DEPOSITORIES First National Bank Farmers Bank A Trust Co.... BALANCE SHEET ASSETS A§ " D "™"" r "' I9M Current Assets Cash on hand First Notional Bank Farmers Bank & Trust Co... U. S. Government Bonds....... Land Sale Contracts Accrued - Land Bales.. Accounts Receivable Delinquent Taxes Receivable!!. Total Current Assets.... Flx^d Assets Houses - Sec. 20-13-8 J.400.03 Furniture & Fixtures 1.20000 Car & Other Equipment 3,000.00 Completed Construction 676.761.40 Total Fixed Assets TOTAL ALL ASSETS.. * 70,110.0048,000.00 »U«. II 0.00 » 70.110.00 46,000.00 20,000.00 3.665.9B 821.53 405.00 8,033.51 1148,836.00 1118,118.0* 683,361.49 *632,W.4D MAnrLiTiES Current Liabilities Withholding Tax Unremltted... Social Security Deductions Unremitted Total Current Liabilities Fixed Liabilities 2% Bonds Outstanding TOTAL ALL LIABILITIES 179.40 1S.M »832.1«1.4fl INCOME TAX DATA 84.55% 1952 Tax ptld deductible for Income Tax purposes. CERTIFICATE lhat "" foregoing Statement of Receipts and Dls- h *, p ^ 0(i Jan ""y 1- ">« to December 31, ^M. ind the ge a^beT*' "' 19 "' "" trUt 8nd COIrMt to ."» >»« Subscribed and sworn lo before me this 5th day'of January^' 1»H. ISE . AL1 t , Noma Cothren, Notary Publlu My commission expires Jan. 15, 1955. ruwio. FUEL OIL G. 0. POETZ OIL CO. "/ Se// Tkat Stuff" Phone 2089 Off ice & Bu|k Plant—Promised Land

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