The Colony Leader (The Colony, Tex.), Vol. 8, No. 24, Ed. 1 Wednesday, May 3, 1989 Page: 16 of 48
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- 16A The Colony Leader, Wednesday. May 3, 1989
ET ’EM WHILE
HEYRE HOT!
It’s Your Money
Nancy
McMillan
OFFICIAL DEALER
Official
Licensed
Products
er-rodeo
WESTERN WEAR
WRANGLER JEANS
are POPULAR Because;
1. All WRANGLER JEANS ARE
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2. They look good
3. They are on Sale at Corral
Saddle & Ranchwear
Effective Jan. 1, a new charge has not change merely because of it.
been imposed on Medicare been im- The higher yields of taxable in-
posed on Medicare beneficiaries. If vestments may provide a better af-
you are retired or disabled, nearing ter-tax return than tax-free instur-
retirement, or assisting your retired ments, even considering the new
parents with their financial affairs, surtax. If you decide tax-free invest-
you now have the opportunity to plan ments are worthwhile, consider no-
for this new tax. load mutual funds. Such funds pro-
This new charge, technically vide professional management, re-
labeled a supplemental premium, ap- duced risk and liquidity. Otherwise,
plies to anyone eligible for more than commissions and investment
six months of Medicare Part A hos- charges may substantially outweigh
pital benefits. This surcharge is the additional tax you are trying to
based on the beneficiary’s federal in- avoid. As always, tax considerations
come tax. should not be the sole determinant of
For 1989, the surtax will be 15 investment selection.
percent of the federal tax liability, A study by the American Associa-
with a maximum surtax of $800 tionof Retired People indicates over
($1,600 for joint return where both 80 percent of Medicare-eligible reci-
spouses are eligible for benefits.) pients will owe less than $250 of
This rate increases to a maximum 28 surtax, and less than six percent will
percent by 1993 with a ceiling of pay the maximum $800 surcharge.
$1,050 ($2,100 joint). For 1989, the Your 1988 tax liability will help you
surcharge will be paid when the 1989 gauge the impact the 1989 surcharge
tax return is filed, may have on you and enable you to
Beginning in 1990, it must be in- discuss options with your advisors.
eluded in quarterly estimated tax cal-
culations.
With the surcharge based on Nancy McMillan is a Certified Public
federal tax, the only way to reduce it Accountant with over eight years ex-
is to lower your federal tax. Brokers perience in tax planning and prepara -
are pushing tax-free instruments as tion. She is a member of the American
a means of avoiding the surtax. Institute of Certified Public Accoun-
However, if tax-free instruments tants, a resident of The Colony and a
were not good investments for you member of The Colony Chamber of
prior to this surtax, the outlook will Commerce.
TCHS to host art show
Wrangler 13 MWZ AND 936 DEN
COWBOY CUTS
$1395
reg. 19.99
Wrangler 13 MWZ AND 936 DEN
COWBOY CUTS in colors
The Colony High School Art De- category will include a first, second
partment will host its second annual and third place winner. There will be
art show in the school library, 8 a.m. one overall “Best of Show” trophy,
to 12 p.m., May 8 to 12. said Gorosh.
The show is a culmination of the
best work by the students in Donna The library is open from 8 a.m. to
Gorosh’s art classes. 5 p.m. Monday through Friday. The
There will be seven categories, community is invited to view this ex-
including two-dimensional and cellent display of student work, said
three-dimensional work. Each Gorosh.
$1995
reg 29.99
Wrangler 13 MWZ AND 936 DEN
COWBOY Cuts in Acid wash
$2495
reg. 39.99
LADIES WRANGLER 13 MWZG
COWBOY CUTS in Prewash
L WO FREE
REASONS
TO CALL
$1695
reg. 24.99
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Bowen honored
Cindy Bowen, 16, was selected as one of the Second Runner Up in the
Miss North Texas American Coed Pageant, in a pageant held in the
Dallas marriott Quorum the first weekend in April.
Bowen, the daughter of Mr. and Mrs. George Bowen, is sponsored
by Fidleifacts, Accu-Guard, Free Spirit Hair Salon and The Colony
Wal-Mart. Her hobbies include percussion and debate. She also won first
runner up in pageant speech contest.
The pageant is for “tomorrow’s leaders.” It is open to girls between
the ages of 13 and 18 with goals and dreams based on inner beauty, as
well as poise, appearance and an “All-American spirit” for school, family,
church, and friends.
Emphasis in the pageant is placed on the importance of mental alert-
ness, self-confidence and performance on stage. The pageant seeks to
recognize the accomplishments of each girl who enters and help set
goals for the future.
Bowen will be traveling to Houston for the state finals in July.
Law protects the name
of Social Security
It is now illegal for advertisers or be imposed for violations.
solicitors to use the name “Social Tommaney said the new law will
Security” to mislead the public, said help protect the public from unscru-
Barbara Tommaney, Social Security pulous persons who try to prey upon
manager in Denton. fears or ignorance. The best place to
Also banned is the use of copies of get correct information is directly
Social Security cards or emblems to from the Social Security office,
give a false impression that the gov- Name changes, earnings history re-
ernment is endorsing a particular ports and other services are always
product, service or organization, free from the Social Security Admi-
Restricting use of Social Secur- nistration. Many services can be
ity's name was one of the provisions handled with just a phone call.
of the “Medicare Catastrophic The Denton Social Security office
Coverage Act of 1988” signed into is located at 525 South Loop 288 and
law last July, Tommaney said. The the telephone number is 1-800-234-
law covers books, advertisements, 5772. Tommaney said suspected
circulars, pamphlets, radio and tele- Social Security-related misleading
vision broadcasts and other com- advertising should be referred to the
munications. Civil money fines can Social Security office.
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Ball, Jeffrey. The Colony Leader (The Colony, Tex.), Vol. 8, No. 24, Ed. 1 Wednesday, May 3, 1989, newspaper, May 3, 1989; The Colony, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1666593/m1/16/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting The Colony Public Library.