The Daily News-Telegram (Sulphur Springs, Tex.), Vol. 84, No. 45, Ed. 1 Thursday, February 22, 1962 Page: 12 of 12
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Section 2
THE DAILY NEWS-TELEGRAM Thursday, February 22, 1962.
Attempt to Simplify Tax
Cuts Number of Forms
' / By JAMES MARLOW
Associated Pros* Staff Writer
There are tyed main forms
—1040 and 1040A — for fill-
ing out your 1961 income tax
return. From 1040A, the sim-
pler, is a punch card.
4 The Internal Revenue Ser-
vice (IRS), trying: to simplify
has eliminated last years form
I040W and made some changes
fh form 1040.
Anyone can use 1040. You
must use it if you can’t use
1040A.
Only those with under-$10,-
000 income — and then only
if they meet certain require-
ments — can use 1040A.
People with under-$5.000 in-
come who do not itemize de-
ductions —• using 1040 or
I040A — can find their tax
Without figuring it in the tax
table on page 10 of the 14-
page instruction sheet which
IRS sends taxpayers.
Those with $5,000 or more
income must figure their own
tax. They will find the tax-
interest and therefore are NOT
considered dividends and must
be reported as interest.
If husband and wife hold
stock jointly and file a joint
return, they can exclude the
first $100 in income from their
return. They can do this on
1040A or 1040.
But if they hold stock sep-
arately and file a joint re-
turn, then each is entitled to
exclude NO more than the first
$50 of dividend each receives.
This can be done on 1040A
or 1040.
You cannot use 1040A if
you—
1. Have income other than
that described in No, 1 above.
2. Wish to file a return as
head of household or surviv-
ing spouse, claim credit for
retirement income, are de-
linquent in filing your return,
or paid an estimated tax in
1961.
Note this:
People who receive divi-
dends — in addition to ex-
rate schedule which applies to eluding the first $50 of them
them on page 9 of the same
instruction sheet.
If you wish to itemize your
deductions — to claim more
than the standard 10 per cent
deduction allowed everyone —
you can’t use 1040A.
If a husband and wife file
separate returns and one item-
ises deductions, both must
itemize and claim only what
each can prove.
In this case neither can use
1040A. Both must use 1040.
The under-$l0,000 people
can use 1040A if: .
1. Their income consisted
entirely of wages reported on
.withholding statements or con-
sisted entirely of such wages
and NOT more than a total
of $200 income from divi-
dends, interest, or other wages
from which tax was NOT with-
held. ,
2.. They are willing to take
the standard 10 per cent de-
duction for personal expenses
without itemizing.
Each taxpayer filing a re-
turn is allowed to exclude from
his reportable income the first
$50 of dividends he receives.
He can do this on 1040A by
simply leaving out $50 from
the income he reports.
So-called dividends from sav-
ings and loan associations for
"from "the income they report
—are also allowed what is
called dividend credit.
This means, after dropping
out the excludable part of your
dividends, you can deduct 4
per cent of the rest of the
dividends you received.
There is NO place on 1040A
for doing this. So, if you want
to claim a dividend credit,
you’ll have to use 1040.
Here are the highlights about
1040.
Anyone can use it, regardless
of the size or source of his in-
come. Those with under»$5,000
income can get their tax from
the tax table. Wtose with
$5,000 or more income figure
their own tax.
This year the revised 1040
is in several sections but most
people will need only the main
part of it, which is a single
sheet with questions on both
sides.
You will need only this two-
page form if your incomes was
entirely from salary and wages.
On this you can take either the
standard 10 per cent deduction
or itemize your deductions if
they're greater.
You’ll use 1040’s schedule B
also if you had dividends or in-
terest of more than $200 or if
you had income f,r o m rents
partnerships, estates, trusts
and so on.
If you had income from a
personally owned business or
profession you will use 1040's
schedule C, in addition to the
main, two-page form.
You will use the main, two-
page form 1040—plus schedule
D—if you had income from the
sale or exchange of property.
You’ll attach schedule F—to
the main, two-page form—if
you had income from farming.
A reminder about deductions:
Everyone filing a return is
allowed a deduction of 10 per
cfcnt for his personal expenses
-up to a limit of $1,000—
without itemizing t6 prove he
had them.
Anyone with deductions of
more than 10 per cent can
claim them in full but, to do
so, he must itemize them.
If you’re one of the under-
$5,000 people who can use the
tax table, the 10 per cent de-
duction is already allowed for
in the tax which applies to you.
So you have NO figuring at all
to do on this.
If you’re one of the over-
$5,000 people who must figure
his own tax—but who isn’t go-
ing to itemize deductions .—
simply knock 10 per cent off
your income, before applying
the tax, up to a limit of $1,000.
Example: your income was
$8,000. Knock $800 off it. Or,
your income was $10,000.
Knock off $1,000. In short, just
take 10 per cent off your in-
come up to a limit of $1,000 on
$10,000 income.
But suppose your income was
$11,000 or more. You still can't
take off more than that limit
of $1,000. If your expenses
were actually more than $1,000
you can claim them in full but
only if you itemize. -
Next: Schedules, exemtpions
and husband-wife filing.
Yht Teariaa Editor’*
Frontier Hews Flashes
IpMrfMaltaffcfet
savings accounts are actually I royalties, pensions, annuities,
Tax Evader
Draws Fine
Houston, Feb. 22 LP) — A
former member of the Spring
Branch Country Club at Hous-
ton, 42-year-old Gordon V.
Lieb, pleaded guilty in federal
court in Austin to tax evasion.
He was sentenced to ten years
in prison and fined $6,000. The
prison sentence will be sus-
pend if the fine is paid in 60
days.
Lieb was charged with fail-
ing to pay excise taxes 6nd to
make returns to the .Internal
Revenue Service on member-
ship dues and initiations fees
during the 1950s.
February 15, 1862
TEXAS IN THE WAR —
We had an article the other
day in reply to an unjust fling
at our State by the Richmond
correspondent of the
CHARLESTON MERCURY re-
garding the number of troops
our state has in the war. We
put the number at about
23,000. Since then we have
been advised from official
sources that our estimate was
under: the mark. The troops on
the books at Austin, as being
in service are 10 regiments of
infantry, 17 regiments of cav-
alry, one battalion of artillery,
seven companies of light artil-
lery, and six independent com-
panies of artillery, in all at
least 26,000 men, and the ma-
jority of these are enlisted for
the war. The whole amount the
State has been called on to
furnish, has been 19,200 of
which 8,000 have only been or-
dered as a reserve. Texas has
accordingly furnished for ac-
tive operations more than
double the number she has
been called on for, and the ‘of-
ficer from Texas’ who said
that our people were backward
on furnishing soldiers is con-
victed of outrageous slander
on the fair name of our people.
Considerably more than 1/3
of our voting population is in
the active army. The other
2/3 will go when they are
needed. - Houston Weekly Tel-
egraph.
only care to mention two.
Clarks’ and Roberts’, both of
which, we understand, are
likely to be completed at an
early day. The first to rendez-
vous this place and the other
at Houston. We had the pleas-
ure of a conversation with ex-
Governor Clark a few days
ago, and learned that some
companies had already ijeputed
for his regiment, and that he
regarded early success as cer-
tain. We can say with safety
that a more healthy, pleasant
and plentiful place could not
be found in the State, for the
rendezvous of a regiment, than farm
this. Corn, fodder, and such'
things are abundant, and in
the way of water we challenge
the State. And while it will be
a benefit to the soldier to camp
in such a locality, the benefit
to our immediate community
will not be small. As to Gov-
ernor Clarks’s fitness to the
position he holds, no question
will be raised. - Tyler Report-
er.
Striker Wins
NLRB Decision
Confederacies need — Men
— Never since the war began
has .recruiting gone on so
briskly, in this section, as now.
And it is as it should be, for
if we do not widely misread
Borger, Feb. 22 — Ah
examiner for the National La-
bor Relations Board, Morton D.
Friedman h a s recommended
dismissal of a discrimination
charge by a striking efnploye
fired by Phillips Chemical Com-
pany’s Cactus plant at Borger.
The case was an outgrowth
of a strike at the plant begin-
ning Jan. 7, 1961.
Tatom, a striker, was accus-
ed of shooting a hole through
the windshield of a car owned
the signs of'Hhe .times, there by David John Anderson, who
will be need for all the men we
can place in the field this
Spring. The almost dead calm
which has seemed to rest over
army operations for some time
past, most evidently indicates
that preparations are making
on both sides for mighty con-
flicts in the future. And with
a view to this, let sister States
be assured that Texas is wide
awake. How many regiments
are now in process of forma-
tion, we care not to say; we
had been a striker but had re-
turned to work. The company
discharged Tatom and refused
to allow him to return to work
when the strike ended.
Examiner Friedman said he
was not required by law in this
situation to decide on the guilt
or innocence of Tatom but that
labor board attorneys had fail-
ed to move the charge of dis-
crimination.
Try a Want Ad for Results
Two Senators
Protest New
Farm Program
Washington, Feb. 22 Wl —-
Two Republican senators pro-
tested today that the new Ken-
nedy administratioh farm pro-
posals would give Secretary of
Agriculture Freeman “practi-
cally unlimited” powers over
the nation’s farmers.
Senators Bourke Hieken-
looper of Iowa and Karl Mundt
of South Dakota told a news-
man they would try to revise
the omnibus farm bill in the
Senate Agriculture Committee.
If they fail there, they said,
they expect to carry their bat-
tle to the Senate floor.
Freeman yesterday complet-
ed two long days of testimony
in support of what he called a
“supply management’’
program. He told critics he
could not understand “why
some people are so afraid to
give farmers a chance to vote
on this.”
Freeman insisted that ad-
ministration proposals for no
price supports unless framers
approved tight production con-
trols to reduce present huge
surpluses of wheat, corn, feed
grains and dairy products,
amounted to “a voluntary bas-
is.”
Hickenlooper said he would
not call it voluntary when a
farmer’s “arm is twisted” or
the producer “is put in a strait
jacket.”
The Iowan contended the
bill would permit the secretary
to “do what you want with
wheat, corn, feed grains, dai-
ry products, lands, forests and
recreation areas.” "v
He said farmers could be
told what ctbps they could
plant, what supports they
would get and even how they
could use their land or that
they must sell it.
Mundt also raised numerous
questions about broad author-
ity and costs of the adminis-
tration program.
Senator Allen Ellender of
Louisiana, Democratic chair-
man of the Agriculture Com-
mittee, came to Freeman’s aid
with the favorite complaint
that corn and feed grains have
“been the favored little blue-
eyed girl” of all past farm
programs.
He said these farmers could
either comply with reductions
or not and still get price sup-
ports, while cotton, rice, pea-
nut and tobacco farmers have
been required for years to trim
planting and marketing to get
benefits.
Ellender said a 55 million
acre floor under wheat allot-
ments had been coupled with
high supports to prevent any
reduction of surplus.
And he added that he
thought congress made a mis-
take when it added milk and
dairy products to the price
support lists back in 1949.
Republicans argued that
Freeman’s request for author-
ity to sell off surplus stocks
would let “him break the mar-
ket” on any crop if farmers re-
jected controls.
Texas Laughs
By Bayce House
Texas’ United States Sena-
tor John G. Tower is fiv^ feet,
five,and a half inches tall. Dur-
ing his campaign, he would be-
gin a speech by saying, “My
namei is Tower — but you can
see I don’t”
He has a steady gaze and,
as a tall Texan expressed it,
“He looks a man straight in
the belt buckle.”
Yogi Berra, the New York
Yankee star, once had a room-
mate, Dr. Bobby Brown, now
of Fort Worth. Brown was
reading a medical book to get
ready for an exam and his
teammate asked, "Watchu
readin?” Brown replied, “It’s
‘The Superstructure of the Col-
larbone’” — (or some such
title).
An hour later, when Brown
laid the book down, Berra
asked, “How did it come out!”
Young Woman
Found Slain
San Juan, Feb. 22 UB — The
body, of a young married wom-
an was found in her home four
miles south of San Juan in the
lower Rio Grande Valley last
night. Police said she had been
stabbed 22 times and a bait
was around her neck.
The victim was identified as
17 year old Mrs. Olga Rivera
De Romera.
The Hidalgo County chief
deputy, Tom Wingert, said the
body was discovered about 9:30
last night by the victim’s moth-
er.
He said she apparently had
been dead about three hour*
when the body was discovered.
He said no weapon was found
at the house.
Wingert said the sheriff’s
office is trying to locate the
dead woman’s husband for
questioning.
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Frailey, F. W. & Woosley, Joe. The Daily News-Telegram (Sulphur Springs, Tex.), Vol. 84, No. 45, Ed. 1 Thursday, February 22, 1962, newspaper, February 22, 1962; Sulphur Springs, Texas. (https://texashistory.unt.edu/ark:/67531/metapth827409/m1/12/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Hopkins County Genealogical Society.