The Courier News from Blytheville, Arkansas on January 28, 1955 · Page 12
Get access to this page with a Free Trial

The Courier News from Blytheville, Arkansas · Page 12

Blytheville, Arkansas
Issue Date:
Friday, January 28, 1955
Page 12
Start Free Trial

BLTTHEVILLE (ARK.)' COURIER FRIDAY, JANUARY 28, 1955 Your Income Tax-10 Now, Complete Return Bf FRANK O'BfHfiN AP Newifeaturec 1fc« preceding nine articles Of tfcii series — a guided tour ibrough your income tax return *- have led up to the point where jrou are ready to get right down to the crucial business of figuring out whether you still owe the government some tax money, or if you have a refund coming. Y« have filled in the top of the page — give the names and iocial security numbers of both husband and wife if it it; a joint return. You have decided whether you are filing a joint return, filing separately from your husband or wife, or as an unmarried per»on, or filing under the special provisions for a head of household or a recent widow or widower, You have listed and counted your exemptions. You have determined whether you have any exclusions for sick pay, dividend income, pension or annuity come, or for any other type of income such as a scholarship. You have computed any credits which may be coming to you for dividend or retirement income, 01 for any business-connected deductions, and have subtracted them from your total wages, entering the result as your total wages on page. I of form 1040. Ton have decided whether to Hemtee ?wtr personal deductions or teke the standard allowance. If you ttetnked, you have your total en- tared on page 3 of the form. You hare figured out and entered on pace 2 of the form all your income that must fee reported but on which income tax has not been withheld, snd have transferred the total to Mem 5 of page 1. Yow get your adjusted gross income — the part of your income on which your tax is figured—by Subtracting from your total wages (from which you have already taken any business-connected de- ducfctone) any sick pay exclusion coming to you, and adding to the result any other reportable income jrott have. Jf you are filing under the special provision for a head of household or a surviving widow or widower, check the correct box just under the space for your adjusted ffroae income. Then you are ready to find your tMt liability m the tax table on the back of the instructions mailed with your return, if your adjusted gross income was less than |6,000 and you did not itemize your personal deductions. ' If yo*r adjusted income was 16,000 or more, or if you itemized your personal deductions regardless of the size of your adjusted gross income, you must compute your tax liability. In the tax computation table on page 3 of the return, you enter your adjusted gross income, and then subtract from it your total personal deduction*. Then you enter the dollar value of your exemptions — $600 for each exemption — and subtract that from what is left of your adjusted gross income. That gives you your taxable income. Single persons, married persons filing separately and heads of household then figure their tax liability on the basis of the taxable income Just determined. Special on page 14 of the instruc- tionn help you determine your tax liability. If you are filing a joint return, or are a widow or widower entitled to compute your tax as though it .were a joint return, you split your income, find your tax liability on half of your taxable income in tax rate schedule 1 on page 14 of the instructions, and then double the result to get your full tax liability. AH who compute their tax liability enter it at the bottom of page 3. Then back to page 1, where you will take dollar and cents bites out of that tax liability if you have dividend or retirement income credits coming to you. These you figured out and entered on page 4 of the return. You now bring any credits you computed over to page 1 and subtract them from your tax liability. To your remaining tax liability you add anything you owe for self employment social security tax. Generally, this applies to self employed persons who are within the social security system. Since their social security tax IB not withheld because they are not paid wages, they pay it them selves. The tax is 3 per cent of your first $3,600 net earnings from sel employment. But — if you were partly sel employed during 1954 and worker, part of the time for wages which social security tax was withheld, you do. not pay the 3 per cent self employment tax the full 53,600. In this case, you pay it on 33,600, minus the tota wages you earned from which so cial security tax was withheld. The self employed will need to get special schedule C (from a posl office or bank) and fill it out 'Your Federal Income Tax" pub- On the back of this you will fine an outline of the many provisions and exceptions which may apply ;o your self employment situation. These complexities are laid oul fully on pages 153 and 154 ol "Your Federal Income Tax" pub- .ished by the revenue service anc available from the Superintendent of Documents, U.S. Government Printing Office, Washington 25 D.C.. for 25 cents in coin or money order. Add in any self employment tax you may owe, and you get the big figure — your lax. That figure may indicate yen still owe the government somi money. Or it may indicate that yoi have a refund coming to you. You determine which by adding together, on lines 12A and 12B \ page 1 the tax you have pa through the year in amounts with held from your salary, and any at GOODYEAR BOOT MBS, T 1 " 5 PC. Bridge Set Sensationally low priced DOWN DELIVERS pay oc Httf* <M $1.25 PER WEEK Compare at $29.95 Blond finished, bonded ply. wood table tap, chair toali and backi firmhed, tubular m*lo4 legi • Comforf-conloured jeati and bocfci • Strong oil.riveted tonHruction • "Floating lop" d«tio/n r****+i wobble and warp • Rubbor ripped. |«gt • Storai In t»M than & • tab wide i pa» Stop in — gtr rrih outstanding furniture valut NOW) USE OUR EASY PAY PLAN SERVICE STORE 410 W. Main Phone'2-2492 estimated tax payments you have made. You get your withholdings total from the withholding form (W-2) supplied by your employer. (Do not forget to attach one copy of this to your return, keeping the other for your records.) If the tax payments you have made are smaller than your tax, you still owe the government. But if your tax payments are larger than your tax, you may ask: for a refund, or ask that the overpayment be credited to your 1955 tax. Then you complete your return by checking the "Yes" or "No" boxes at the bottom of page 1, and by signing the return. Both husband and wife must sign if it is a joint return, even if only one had income. Mail the return to your district director's office. These are all listed on page 2 of the instructions. And that squares you for 1954 with Uncle Sam's Treasury! When war threatened between the United States and France in 1798, President John Adams appointed George Washington as commander of the land forces. HOLLAND NEWS 1 By Mrs. Voris Workman A bake sales ponsoi'ed by the Culbertson Homemakers Club will ae held Saturday, 10:00 a.m. at Poteet Hardware store at Steele. The Culberston Club met Thursday at the home of Mrs. Nora Fowler with 17 members present. There were two visitors, Mrs. Florence Graham of Memphis and Mrs. Claude Jones of Holland. Mrs. Jones became a club member. Roll call was answered by giving .deas on how to improve their club .n 1955. Year books were checked for programs and hostesses for 1955. Teh following leaders were appointed and instructed to keep records: Mrs. Oda Smith, gardens and foods; Mrs. Witt Smith, clothing; Mrs. Homer Smith, home management; Mr. and Mrs. Witt Smith, farm and home records. The bake sale was discussed and Mrs. Herman Via, Mrs. Cletus Baiey, and Mrs. Sam Kenley were appointed as a sales committee. Games of designing a new hat and "Do You Know Your Magazines?" were led by Mrs. Bailey. Mrs. Carl Reid, president, presided during. the meeting. Refreshments of party sandwiches, cook- es, olives, and lime punch were served by Mrs. Powler, hostess. At a faculty meeting of the Hol- land teachers, Thursday afternoon, Supt. L. N. Kinder gave a short resume of his trip to Columbia, Mo,, which he had made earlier in the week, He told of the discussions held on proposed Missouri school legislation and of individuals contacted for its support. Following this, Mr. Kinder asked about progress being made on achievement tests which have been given students. The lunch-room program was discussed and a committee appointed to work out, with the cooks, a better plan of caring for those needing free meals. Holland PTA met last Tuesday afternoon in the music room with Mrs. V. M. Jones, president, presiding. After a short business session and a meditation by Mrs. Chas. Cohoon, the group heard a talk by Miss Lila Edgerton, from the Pemiscot County Welfare .Office on the work that the office carries on in our county. High-school honor roll students and students having perfect attendance records for the first semester were announced this week by Principal R. .C. Tennyson. To be on the honor roll a student must have an average of "S" roil Channel, Bay Lavonne Frank Brown, Patsy weeks. Mr. and with no (»<*• below "•". Tho» nuking Ibt honor were: Patsy Cohoon, Baugher, Joseph Channell, David Powler, Patricia Shipley, Delva Watklns, Johnny Bridges, Phyllis McCrary, Mary S. Robertson, Tabby Bell Reid, Cletis Cbilders, Talitha Smith, Sammy Workman. . Those having perfect attendance being neither absent nor tardy, were: Lawrence A u s b u r n , Erma Barnes, Howard Biggs, Johnny Bridges, Leonard Bridges, Jr., Ed- w.ard Canada, Patsy Channell, David Powler, Merval Jones, Billy Payne. Mary Sue Robertson, Shirley Rogers, Velta Terry, Sammy -Workman. The high school basketball boys and girls won both games from Wardell here Friday night before the biggest crowd of the season The girls led all the way in 'their game, but the boys had to work for their victory, the score being tied several times during the, game. i time. Hugh James from Holland and Voris to return home Tuesday. Mr«. Nat Nunnery returned home from Memphis where ihe had spent last week having dental work done. Mrs. Ernest McOrary returned home Sunday from New Orleans after having been there with her daughter, Pat, for the past five Mrs. Jack Kelley of Jerry Burnett for Wardell were high point men. The Holland boys, after this game, had won 14 and lost 2 this season. Barton Harris and Bonnie Duvall enrolled Monday as students at Arkansas State College, Jonesboro. Barton plans to major in business and accounting. Ann Neal. daughter of Mr. and Mrs. Henry Neal, was taken to Blytheville Hospital, Saturday, because of pneumonia. She expected Steele were visitors in the home of Mr. and Mrs. L. N. Kinder Sunday. Mr. and Mrs. Theodore Klfer and daughter, June, returned this week after a month's stay in Wauchulla, "la. Esther, small daughter of Mr. and Mrs. Chas. Marshall, formerly of Holland, returned to her home in Pornfelt last week after having undergone eye surgery In St. Louis. Major and Mrs. E. Wigley of Travis APB. Cal., spent the weekend with Mr. -and Mrs. Russell Cohoon and son, John. They left Monday for San Francisco to go by boat to Hawaii, where Major Wigley will be stationed for some and Sammy Workman drove to Dyersburg Sunday afternoon to meet Col. P. W, Scott, who arrived by tiaiu from Southern Pines, N. C., to visit relatives and finish some business before leav ing for Indo-Chlna this weekend. While in Holland he called on Mr. and Mrs. Gideon Crews. Mr. and Mrs. A. G. Burgess have moved from Campbell into the C. H. utley house and expect to live in this community this coming year. Mr. and Mrs. Ira Zohner of Port- agevllle brought Mrs. I, J. Workman home Sunday afternoon, Mn. Workman having spent th* week with them. Visiting Mrs. workm»n, also, Sunday afternoon, were Mr, and Mrs. John Azblll of Rlsco, who returned last week from a trip to Texas, Arizona and New Mexico. Their itinerary included the Carlsbad Caverns and a visit with Mr. and Mrs. W. E. Criddle and family at San Antonio. SBA Office Moved For 10 Counties LITTLE ROCK UB — Ten east Arkansas counties will 'je shifted from the jurisdiction of the Dallas office of the Small Business Administration agency to the Atlanta region Feb. 1. J. F. Matchett of Dallas, regional director, identified the counties as Clay, Phillips, Polnsett, Mississippi, St. Francis, Cralghead, Crlttenden, Lee, Cross and Greene. Matchett said being made the change the refclons was will more nearly conform to normal trade areas. Read Courier News Classified Adi. wmtrs IATOESJ SELLER look under the hooc/f How lo tell If it't a modern short-stroke angina: check the specifications of bore and stroke. In a short-stroke engine, the "stroke" is aa abort as, or shorter than the "bore." Make sure you get Money-Saving short-stroke power. Only FORD has it in every truck! THIS YEAR, the truck industry is beginning to follow Ford's lead to modern short-stroke V-8 engines. Shorter stroke prolongs piston ring life up to 53%. Engines last longer! You get more usable power. You can save up to one gallon of gas in seven! But here's the big thing to remember: FORD and only Ford gives you a. short-stroke engine in every size truck from Pickups to tandems— available now! Ford, most experienced builder of V-8's in the business, has four short-stroke V-8's and the industry's most modern short-stroke Six. So, before you buy any new truck this year — look under the hood! Go modern! Go short-stroke! Go Ford Truck—the Money Maker! N«w Ford Trucks for "56 give you modern short-stroke power in every one of over 190 models! Shown: new F-600, GVW 16,000 Ibs., with choice of three short-stroke engines! ^'Ford Triple Economy Trucks SH^ W£W MONEYMAKERS FOf) SSS PHILLIPS MOTOR COMPANY Broadway & Chickaiawba Phon. 3-4453 -6REAT TV, FOftD THtATM, WMCT, I:M P.M. THUUOAY.

What members have found on this page

Get access to

  • The largest online newspaper archive
  • 8,900+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Try it free