Carrol Daily Times Herald from Carroll, Iowa on June 5, 1974 · Page 9
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Carrol Daily Times Herald from Carroll, Iowa · Page 9

Carroll, Iowa
Issue Date:
Wednesday, June 5, 1974
Page 9
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Page 9 article text (OCR)

Answers on Taxes by the IRS This column of questions and answers on federal tax matters is provided by the local office of the U.S. Internal Revenue Service and is published as a public service to taxpayers. The column answers questions most frequently asked by taxpayers. Question — My company's mandatory retirement age is 65, but it's possible for an employee to retire at 55. I'm 58 and have to retire on account of sickness. I'll be receiving a weekly disability pension. Can I exclude all or part of this amount from my income as tax-free sick pay? Answer — In a recent decision, the IRS said that a taxpayer who retired on disability prior to his company's mandatory retirement age can exclude his disability payments from income as tax-free sick pay up to $100 a week. Previously, the IRS had said that disability payments could be excluded as sick pay only up to the employee's earliest retirement age. Under this old rule, because you are 58 and earliest retirement age is 55, you would not have been able to exclude any part of your disability payment as sick pay. However, now you are able to exclude such amounts, up to $100 per week, until mandatory retirement age, which in your case is 65. This recent IRS decision applies to all tax years not barred by the statute of limitations. Thus, persons Times Herald, Carroll, la. m Wednesday, June 5, 1974 I I retired on disability in 1971, 1972 and 1973 and unable to exclude disability payments as sick pay because of operation of the old rule, may now be able to file a claim for refund (Form 843). Call your IRS office for more details. Question — When is the second installment of estimated tax due? Answer — The second installment of estimated tax is due June 17.1974. Question — My return was examined by the IRS and I was found to owe more tax. How long do I have to pay? Answer — If you agree with the proposed IRS findings, you should sign the agreement form sent to you. This indicates that you don't want to appeal the IRS findings and stops a six per cent interest charge 30 days 01' sooner after the form is filed. After this form is processed, the IRS will send you a bill which must be paid in 10 days.- If you don't agree with the results of the IRS examination, you can appeal this decision and do not have to pay the tax until your appeals are exhausted. However, interest on the proposed tax continues to run. Information on appeals may be found in the Publication 556, Audit of Returns, Appeal Rights, and Claims for Refund, available free from your IRS office. World Food Supply is Chain of Jobs Well Done By Gaynor Maddox H.v NK,VI,niidmi Kcmmmlst News Sprvii'c Americans are far luckier than they realize. Despite some shortages and the galloping inflation, we still are offered a wealth of foods from all corners of the agricultural world. But this situation is ending, according to many scientists. The American may not continue to be the king of the market. Both technology and the growing awareness of the nutritional needs of the exporting countries will gradually cause a shift in the world food-distribution pattern. "Today, walking through a modern American supermarket is like taking a world tour: bananas from Honduras, Ecuador, Costa Rica and other Latin American countries; coffee from Brazil and Colombia; sardines from southwest Africa; mandarins from Japan; ham from Poland, Denmark, the Netherlands and Canada; corned beef from Argentina and Brazil; frozen shrimp from more than fifty countries; cheese from Italy, France and Scandinavia; kangaroo soup from Australia, and so on," notes Georg Borgstrom, food scientist of Michigan State University. Dr. Borgstrom has just received a gold medal for his book, "Food and People Dilemma," from the Royal Society of Anthropology and Geography. He was cited for his role in arousing world opinion to a greater awareness of the basic prerequisites for human survival. "Food producers all over the world are gearing to a less wasteful economy. Future generations, therefore, are not likely to experience the thrill of holding an orange, a banana, or even a handful of coffee beans because the orange skins, the banana peel and the coffee grounds are far too valuable and will be used as animal feed by the producing country," he predicts. He cites another example of waste. "Future economists and historians will marvel that today more than 70 per cent of the world's fleet of refrigerated freighter ships was completely tied up carrying bananas from the tropics to North American and western Europe. Half of the produce weight was stock and peel, which currently ends up in our garbage cans. Yet, the waste material destined for our garbage cans could have been used as fertilizer in the exporting countries. At MSU there is also another food scientist who believes that the problems of feeding the world's people means fully utilizing the food already produced. "Developing countries sometimes lose up to 60 per cent of their food after harvest, before it gets to the consumer. Questions Answers 987-65-4320 * * * * * * * * * * * * * w •ft * "* * L__ ***************** 7 t/ST TO fi£4T THE HEAT' Building a new home? Insulate it with foam. The money you save Will be your own. RAPCO-FOAM INSULATION OF THE FUTURE! •NOW For New & Existing Homes NOW • RAPCO-FOAM non combustible Urea Formaldehyde FOAMED-IN-PLACE THERMAL & ACOUSTICAL INSULATION Contains NO Polyurethane. NO Polystyrene. • Easy to apply • Chemically stable • Non-toxic* Moisture resistant • Non-tlammable • Non-expanding * Cold setting • Pest proof • No moisture barriers are required • K-Kaclnr in -5 5 Winter Resistance. 5 0 Summer Resistance K.Faclnr = 20 * * * * * * * * * * ^ * ^" * 4 * THERMAL-ACOUSTICAL INSULATION CO. 1461 Breckenridge C». Ames, la. 50010 Phone Area 515 232-6819 (24 Hours) Area Rep.: ^nley Twedl 623 S. Chestnut Jefferton, la. 50129 Ph ; (515) 386-2431 NAMK STATK PHONI-. Question — I just started getting monthly social security disability checks. Some people tell me I'm also eligible for Medicare, and others tell me I'm not. What's the story? Answer — You will be eligible for Medicare hospital and medical insurance after you have been entitled to social security disability checks for 24 consecutive months. You'll get notice in the mail. Question — When an insured worker dies. I hear social security pays a lump-sum death payment, in addition to monthly survivors benefits. How much is it, and who gets it? Answer — The benefit is $255 and it generally is paid to the widow or widower who was living with the worker. If there is no widow or widower, the $255 may be paid toward funeral expenses. Question — I am disabled and need my car so my wife can take me to the doctor once a week for special treatments. Will my car make me ineligible for supplemental security income payments? Answer — If your car is used to take you to your doctor for regular treatments, it wotx't be counted as a resource in figuring your eligibility for supplemental security income payments. Question — I've never worked in a job covered by social security, but I've heard that I can still get Medicare when I reach 65. Is this true? Answer — A wife getting social security checks on her husband's earnings record can get Medicare health care insurance at 65. Also, people 65 and over who aren't eligible for social security benefits can get Medicare hospital insurance by paying a monthly premium, but they must also sign up for the medical insurance part of Medicare. Starting July 1, the basic premium rates are $36 a month for hospital insurance and $6.70 a month for medical insurance. You can get information about signing up for Medicare at any social security office. Question — I've just finished my sophomore year at college, but I'm not sure.I'll return to school in the fall. I get monthly social security payments. Should I have them stopped? Answer — It's a good idea. Social security can continue payments up to 4 months in a vacation period to students who plan to return to school full time. Since you're not sure you'll go back to school, you should have your social security checks stopped to avoid the possibility of having to pay back some benefits. If you decide to return to school, social security can pay back benefits due you. How do you get social security checks? The best information is free. Accurate, up-to-date publications on social security are available at any social security office. Ask f or : ' 'Your social security", "Estimating your social security retirement check", "You can work and still get social security checks." Single copies free on request. Carroll Wholesale Market Hwy. 71 North Prices Good thru Tues., June 11 The Store That Sets The Low Food Prices Every Day! Why do people from 50 towns shop Carroll Wholesale Market? THEY LIKE THE SAVINGS! Monday thru Thursday 8 a.m. to 9 p.m. Friday 8 a.m. to 10 p.m. — Saturday 8 a.m. to 7 p.m. Butter-nut Coffee 2-ibs. Van Camp Grated Tuna 6-oz. Sunshine Hi Ho Crackers Vlasic $2" 39< Hamburger Pickles at. *2 " $539 Family Size Cheer .,../. Single Roll Bounty Towels Concentrated All 32-Oz. Jeno, Fpx Delux or Totino ^L^i< Frozen Pizza ..M-OZ. OV Western Dressing i6-oz. Dad's Root Beer 6-pak Prize of Iowa Butter ">. Shurfresh Stick Oleo "> FREE 10 WINNERS OF 2-'/2 GALLONS Shurfresh Ice Cream Just come in and register. No purchase necessary. LAST WEEK WINNERS OF 2 - V* GALS. OF SHURFRESH ICE CREAM Judy Feld, Carroll Betty Harms, Carroll Marlene Blivins, Breda Lawrence, Nieland, Breda Darlene Awens, Sac City Neil Ludwig, Carroll Elaine Bierl, Arcadia Raymond Gehling, Carroll Marcel la Gross, Carroll Jeanette Lampe, Carroll WILSON PICNIC HAMS Lb. 49' 10 to 12 Ibs. BUDGET P.M. TURKEYS Lb. 49' Cucumbers or Green Peppers Each New B Size White Potatoes ..lo-ibs. Food King Peanut Butter ....40-01. Whole Unpeeled ApHcOtS 29-Oz. 2 for Rice Krispies 13-01. O3 Robin Hood * m \ ft fl JXl I 7 Flour 25-ibs. ^t 25 to 100 watt Light Bulbs pk g . or 2 10-30 Pennzoil ot. Plastic Round Clothes Basket Royal Arms Toilet Tissue 4 Roth Hyland Twin Pack Potato Chips Milwaukee Best' Beer 12 Pak $189 CLIP & SAVE COUPON WORTH 29< Liquid Ivory 32-Oz. With ^Coupon CUP & SAVE COUPON WORTH 28< DREAM WHIP 8-Oz. 'with coupon Good only at Carroll Wholesale thru June 11 1 coupon per family Good only at Carroll Wholesale thru June 11 1 coupon per family JCPenney CATLJCD/C PlAV CAI C B^ FATHER'S DAY SALE Save 20% on all men's dress shirts. Sale 4 8 ° to 7 20 , Reg. $6 to $9. Easy-care summer dress shirts for Dad. In long or short sleeves. Assorted patterns & colors with button down or status collar. Sizes 141/2 to 17. Men's dress slacks sale. Salel0 40 tol2 80 Reg. $13 to $16. The no-iron JCPenney slacks with stretch for better fit & comfort. Polyester knits with flared or cuffed legs, with "shirt hugger" waistband. Assorted fancy patterns & solids. Waist sizes 30 to 42. Save 20% on women's selected casual tops and short sets. ^j ^ Save 20% on all girls' slacks and jeans. Men's sportcoat sale Sale 33 95 to 4995 Reg. 39.95 to 59.95 Save on all men's sportcoats of polyester double knits in assorted patterns & colors. Sizes 38 to 46. Reg. & Long. Save 20% on mens' and boys' walk shorts. Save 15% on all mens' dress, work & casual shoes. 20% off white shoes only. Catalog Phone 792-3524 STORE HOURS: 9:00-5:00 Mon., Tues., Thurv, Sat. 9:00-9:00 Wed. & Fri. 1:00-5:00 Sunday OPEN WED.&FRI.NITES till 9-SUNDAYS 1 to 5

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