The Courier News from Blytheville, Arkansas on January 28, 1956 · Page 3
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The Courier News from Blytheville, Arkansas · Page 3

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Blytheville, Arkansas
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Saturday, January 28, 1956
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.JATURPAT.JTANUARY BLYTHEVILLB -(MHO-COURIER PAGE THWSB Income Tax Primer XI: From 1040 Has Special Section For Retirement Income Credit By RICHARD A. MULLENS Written for NBA Service Before deciding whether to file your return on the simple form 1040A or the more complicated Form 1040 you must know whether you qualify for any of the tax breaks which can only be claimed on Form 1040. The previous Primer articles have described all but one of such tax breaks. The last one is the retirement Income credit, a tax break given for the ttrsf time in 1954 to older people who retire on their own savings and investments. Here's how the credit works: All taxpayers over 65 and taxpayers under 65 who are retired under a public retirement system established by the United States, or a state, territory, possession or political subdivision are allowed a credit against their tax of 20 per cent of their "retirement income." "Retirement income" is defined as Income from pensions, annuities, interest, rents and dividends. The amount taken into account in any one year may not exceed $1,200 for each taxpayer minus the sum of: 1. Exempt social security or Railroad Retirement Act pensions or annuities received; 2. Other tax exempt pensions or annuities received, such as a veterans' pension (but . not armed forces retirement pay based on disability resulting from active service), and . . 3. In the case of a taxpayer under 75, any earned income in 1955 in excess of $900. Earned income means salaries, wages or other compensation for personal Ices,. Once a taxpayer is 75, this third reduction does not apply. The retirement income credit can only be claimed by filling; out Schedule K of Form 1040. If a joint .return IB filed, Column A is for the wife and Column B for the husband. Each spouse may qualify for the credit provided. he and she can both answer "yes" to .the question: Did you receive earned income (that is, income from wages, salaries, or other compensation for personal services) of more than $600 in any 10 prior years? If only one spouse can answer "yes" to this- question, then only that spouse can fill out the remainder of the column to see If he qual. dfles for the credit. A widow or widower may answer "yes" to this question If the deceased spouse met the 10-year income test. By filling out the remaining Items in Schedule K under each column with a "yes" check, your retireemnt Income credit will show up as the amount in line U. This amount is-then transferred to line 13 (b), page 1 of Form 1040 where it Is subtracted from the tax otherwise due. Now you are ready to decide which tax form to use In reporting your 1955 Income. Here are some tips v which will . help you. You may use Form 1040 if: 1. Your gross income is less than $5,000, and 2. Your gross, income was received in the form of salary, wages, dividends, or interest, and 3. Your gross Income from sources other than wages subject to withholding does not exceed $100. A marired couple may make a joint return on Form 1040A if their combined income meets the above test. Married couples whose legal residence is in a community property state may not file separate returns on Form 1040A. Do not Use Form 1010A If: 1. You qualify as "head of household" or "surviving spouse." 2. Your personal deductions exceed 10 per cent of your adjusted gross income. 3. You have any reimbursed expenses, out-of-town travel expesses, transportation expenses related to your work, or expenses as an outside salesman. (See article 4) 4. You have dividend income in excess of the dividend exclusion, j (See article 5) 5. You are entitled to the credit for retirement income explained above in this article. ] 6. You haye made payments of] estimated tax for 1955. i 7. You had*more than $84 ofj F.I.C.A. (Social Security) tax with- j held from your pay in 1955 because ; you received wages from more than one employer. (See article 12) i Youth Freed In Father's Death HIGH POINT, N.C. (ff) — A 15- i year-boy who—testified he fatally stabbed his stepfather because he 1 struck his mother with a small baseball bat was acquitted of murder charges Thursday. A Jury deliberated nearly . two hours before acquitting Mack M. Warren in the death of his stepfather, Doramus L. Williams, 55, at their, home here Oct. 19. Warren, his mother and two small sisters broke into tears at the verdict; Warren testified that he stabbed his stepfather with a hunting knife after Williams beat his mother with a small baseball bat and threatened to hit him with an electric Iron Mrs. WilUams testified she was knocked unconscious by. her husband. Ooptl TORONTO, (ft— Toronto police recently placed a recruiting poster for policewomen on » sidewalk bulletin board at headquarters. It listed 13 duties expected of the lady cops. The lift duty read: "prostitution." .. . , • Officials today «xplaU»d they meant Investigation and policing of prostitution. MX «TU«N-mJ JOBS AND JANE PUBLIC 1611 CEDAR STREET VYOHIHO OOP I 00 10000 I 009 ! M| i fJOTTHEjiK miimin m. .nremicn,WTO. JiAsu 3S3E II CHIIMH IMi Olhll :r^tr^ 3— DJ'-- O- ELIZABETH ~ |~oT~] »"•£ __ 'Milt™ l "«-. -&&-_ SO- HERE'S HOW FORM I040A looks filled out by mythical taxpayers John and Jane Public. Do not compute tax on this form. 8. You are entitled to the exclusion for sick pay. (See article 4) _ You May Use Short Form 1040 if: Your adjusted gross income, item 11, page 1 of Form 1040, is less than $5,OQQ. You cannot itemise deductions on the Short Form 1040. DO NOT Use Short Form 1040 if: Your personal deductions exceed 10 per cent of your adjusted gross income. Long Form 1040 can be used by any taxpayer who itemizes his deductions on page 2. This form must be used whenever the adjusted gross income shown in item 11, page 1, of Form 1040 is $5,000 or more. Those of you using: Form 1040A will not have to compute your tax. Just fill in both sides with the required information. The District Director of Internal Eevenue will use the tax table printed on the instructions for Form 1040A to compute your tax arid send you a refund or a bill depending on whether j too much tax or too little tax was withheld from your pay. , j The tax table automatically gives ' you a $600 credit for each exemption and a deduction of about 10 per cent of your income for such items as contributions, medical expenses and the like. Those of you using the Short Form 1040 should fill in page 1 and, if necessary, part of page 2, showing: all your exemptions and all your income. You. should also fill in the schedules on page 4 if applicable. Then find your tax from .the Tax Table on the last page of the official instructions. Just follow the simple instructions at the top of the Table and be sure to select the exemption column that corresponds to the number of exemptions you claim on page 1. Then enter the tax in item 12, page 1. The last few steps necessary to complete your Short Form 1040 will be described in to- mororw's article. Those of you who itemize deductions or who havei ncomes in excess of $5,000 must use the tax computation schedule on page 2 of the return to compute your tax. NEXT: Final steps on Form 1040. OSCEOLA NEWS By Betty* NeDe Starr Miss Joanne Laney entered Arkansas. State College Tuesday for the second semester. Miss Laney will major in education and music Her mother, Mrs. David Laney drove her to Jonesboro, returning home Tuesday evening, Mrs. Charles Shontz of Louisville, Ky., returned to her home during the week after spending several days here with her cousin, Mr*. Tommie Florida, and Mr. Florida. Mrs Shontz's son, Charles, Jr., is a student at Murray State College. Mrs. Ruby Martin of Luxora had as her weekend guests her son, Bobby Martin, and Mrs. Martin Jonesboro. Snow Wilson arrived in Osceola Monday night from Arizona where he has been stationed with the Army. He is enroure to Fort.Lewis, Wash., for further training before being stationed in the Far East for nine months. Mr. and Mrs. O. C. Burnside, Jr., and daughter Susan will spend the -Mr.—and Mrs. Jim Korean Troops Still in Tents WASHINGTON iff) — The Arm: said yesterday about two thirds o the U. S. troops in Korea still are Hyatt and family. Mrs. P. J. Semmes had as her 88th birthday visitors during the week her two sons, Murry Semmes and P. J. Semmes, of Louisiana and their wives and children. Mr. and Mrs. J. C. Buchanan are in New York attending an automobile convention. They left by plane Monday'and will return next week. Miss Billie Oaines Mann, student at Ouachita College, spent several days the past week with her parents, Mr. and Mrs. V. O. Mann. Two Osceola. youHg men received degrees this week at the University of Arkansas. They were Russell Edward .Wells, son of Mr. and Mrs. pete Wells and Bobby Gene Sorrells. Russell received his bachelor of science degree in business administration arid Bobby received his bachelor of science degree In elementary education. Mrs. Rick Biggadike was hostess Tuesday evening to her. bridge club at the home of her grandmother, Mrs. S. E. Hollibaugh. Mrs. Russell Simpson and Mrs. John Ed Phillips were guests. Mrs. J. B. Harrison won high score. Miss Martha Moore won se- :ond and bridgo was won by Mrs. Omar Green. Mrs. Hiram Alexander, who with Mr. Alexander and their two children, Elizabeth Ann and Milton, left Wednesday to make their home In Helena, was complimented with a canasta party when Mrs. Ray Morgan invited the club of which Mrs. Alexander is a member, to her home Tuesday-evening. The club members presented Mrs. Alexander with a going-away gift. In the games of canasta Mrs. Earl Sanders won high score, Mrs. H. D. Mears won second and bridgo was won by Mrs. Alexander. Mrs. Morgan served a dessert plate. The Women's Auxiliary of the Episcopal Church met Monday afternoon at the home of Mrs. J. H. Lovewell. Mrs. Lovewell presided over the meeting. Mrs. Jim Hyatt was in charge of the program and reviewed "The Cry of An Empty Stomach," by John E, Skoglund. During the social hour Mrs. Lovewell served cake and coffee. , Mrs. Spencer Driver was hostess Wednesday afternoon to her Three- Table Pitch Club and- additional guests who were Mrs. C. E. Dean, Mrs. H. J. Levenstein. Mrs. C. E. Sullenger, Mrs Faber White and Mrs. Bettye Nelle Starr. Mrs. A. W. Bowen won high club prize, Mrs. Levenstein high guest prize and 'bridgo was won by Mrs. Jessie Driver and Mrs. Starr. The hostess served fresh raspberry parfaits and coconut cake. living in tents but that ail of them will have housing before winter's end. A sopkesman said an answer to inquiries that when it was decided last August to move all soldiers remaining in Korea from tents to prefabricated houses, about a third of the material for such buildings was on hand. Quonset-type huts to house additional soldiers were obtained through the Navy. The spokesman said these huts are scheduled to reach Korean ports before the end of this month. Two Army divisions, a corps headquarters and supporting troops totaling about 40,000 men are now In Korea. Dearborn Fires Polfce Dogs DETROIT UP) — Suburban Dearborn has fired its K-9 force of five police dogs. Lack of action made the dogs "nervous," said Safety Director Marguerite Johnson. Chief Lawrence Schaefer said: 'The dogs might be just right for allout war, hut they , don't fit too well in our type of operation." Negotiations are under way to sell them to Portland, Ore., Mrs. Johnson said. PICKARD'S GROCERY & MARKET • Fresh Fruit & Produce • Fresh Dressed Poultry • The Finest in Beef, Veal, Lamb & Pork Nationally Advertised & Fancy Groceries 2-2043 Come In Call In Deliver 1044 Chick Japanese Music Lovers Vouch For Their 'Orchestra of Aunts' TOKYO tffl — Music lovers in Japan are up in arms. They feel their beloved "Orchestra of the Aunts" has been maligned. The editor of the Ogden (Utah) Standard-Examiner, in an editorial, cast doubt on the ability of the housewives orchestra of Misono village to negotiate the Haydn "Surprise Symphony." The edjtor said he suspected the housewives play only a simplified version of the first movement. "They play it all," said the local correspondent of the newspaper Asahi, reached by telephone. "It is a simplified version, and we don't claim it sounds like the Vienna Philharmonic, but they make it all the way through. "Some of them even finish up together, although a couple usually ;et through way ahead." The correspondent says there are times during the performance when the orchestra sounds like a back yard cat fight. "But the important thing is they are trying to play good music for the iieuule uf tliis alba, ' he says The Obasan Gakudan or "Orchestra of the Aunts" was formed five years ago. Housewives of, the village, irri- :ated that local youths were heading to nearby Ise City to haunt the juke joints, decided to form th« group. A village music teacher trained them. Doesn't Need Medical Care ANDALUSIA, HI. m ~ Robert Johnson hasn't been to a doctor since he was 92, back in 1948. "And I still feel good and see good," he said yesterday on his 100th birthday. "I see better with my own eyes than with glasses." His formula for long life Js "good behavior and the kindness of God Almighty." From Bottom Up MARSHALL, Tex. (/P)Por the second time in recent weeks, a burglar who prefers to crawl under the building and enter by ripping a hole in tile floor took $30 In cash and an undetermined amount of mer- cnancuse irorrj tfie PI woods grocery store. On his first trip the underground burglar got $41.70 worth of nylon hose and eight cartons of cigarettes. Read Courier News Classified Ads. NOTICE City Auto and Truck License are due and payable during the month of January. After January 31 a penalty of 50c per tag will be added to the cost, the first ten days. After Feb. 10th a penalty of Sl.OO per tag will be added. For your convenience, the City Clerks office will be open Saturday PM, January 28th, and Monday and Tuesday night, January 30th & 31st. Please display your license on car or truck to avoid confusion when the officers start a check of cars i trucks without city license. CITY OF BLYTHEVILLE DATED: Jan. 25, 1956 NOW- YOU CAN WIN THIS FABULOUS NECCHI NEW SEWING CIRCLE Count Exacty How Many X's There Are In The Picture Below... NECCHI SEWING MACHINE FIRST PRIZE X X XX XXXXXX X X J XX xxx xxx xx x x : xx..xx X XXXXXX XXX XXXX X XX XXXX X XX XXXX X XXXXXXX5XXXX XX X XT XXX X XXXX X XX XX XX XXX X XX XXX X XXX X XX XXXX XX XXX X XX XX XXX XXXX XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XX X XXX XXXXXX XX X XXX XX X XXX- XX XXX X XXXXX X XXX XX XXXX X XX X X XXX X XX XXXX XX XX XXX. X,XX XX XX XX XXX X XXX X X X XX X XXX X XXXX X XXX. X XXX XXX X XXX X X XXX X XX XXX XX X X XXXX XXXX XXXX XXX XX.XXX X X XXXXX X XX XXXX XXXX XXXX XXX . . • xxxxxxxxxxxxx X.XXXX X XXX, X XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXX XX XXXX X XXX X XX X XXX X XXXX • • X XX XXXX X XXX XX X XXXX T. XX X. XX XXXXXXXXXX X XXX X XX XXXX XX X XXX XXX X XX XX XXX X XXX XXXXXXXXXX XXX X XX XX XXXXXXXXXX XX XXXX X XX XXX X X XXX X XX X XXX X XXX XXXX X XXX X XX XXXX X XXX XXXXXXXX . XXXXXX XXX XXX XXXXX X XX XX X XXX X XX XXX X XX xxx xxxxxxxxxxxxxxxx XX X X XXX X XXXX XXX xxxmxxxxxxxxxxxxxxx xxxx x xx xxx x xx x xxxx x: BOOC x XX XXX X XXXXXX XX X XXX XX X XXXX X XXX XX X XXXX X XXX XX OT IX X X XXX X XXXX X XXXXX X XX XXX XX X XXXX X XXX X XX XXXX X XXXXX XXX xx xx xxxx. x xxxx x xxx xx. x xxx xxxx x xxx xx xx xxxx x xxxx x xx x x X XX XXX X XXXX X XX XXX XX XXX XX XXXX X XXXXX X XX XXX XX X XXX X XXX X X XX XXX X XXX XXXX X XXXX XXXXX XXXXXXXXXXXXXXX XXXXX X XX X XX XX XXX XX XXXXX X XXXXX X XXX XX XXX X XX XXXX X XXXXX X XX XXXX XX NECCHI DELUXE - PLUS: 2ND PRIZE - Certificate Worth $50, 3RD PRIZE - Certificate Worth $35, 4TH PRIZE - Certificate Worth $25, - Towards The Purchase Of A New Necchi Sewing Machine, Here Are The Simple Rules To Follow: Total the exact number of X't .shown and mark total in lower part of entry blank. Mail blank to FARNSWORTH'S. The winner will be drawn by the judges from the entry with the correct answer, the decision of the judges will be final. There is only one grand price. All entries become the property of the sponsor. Only one entry per person. Entries must be sent by mail. Persons associated with Necchi are ineligible. Contest closes midnight Sunday, Feb. 5th. The winner will be announced Feb. 9th. No purchase necessary, You need not be present to win. NECCHI CONTEST Box 212, Memphis, Tenn. My Name Address City & State My Number Of X's I want Necchi Demonstration Yes My Present Sewing Machine is a: Make Style

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