Newspapers / The Chowan Herald (Edenton, … / Feb. 11, 1982, edition 1 / Page 16
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Page 4-B ! ..How Two Income Famies Can Beat Higher Tax Bracket 2 RALEIGH —Couples with S two incomes are often hard 2* hit by taxes. Because of the JJ high bracket the total in -5 come falls into, many often jf find themselves owing the •6 IRS money on April 15. ■h Others, however, may find that they continually get Sr refunds because of their S? large deductions. Either Z way, the N. C. Association of 3* CPAs says you can break even with the IRS at tax 3J time by adjusting the J number of withholding j; allowances on your W-4, •» Employee’s Withholding ? Allowance Certificate. The IRS has recently tt revised their rules and how S| permits taxpayers to sub- J tract up to $14,000 of income Z before taxes are calculated. 2 This reduces the amount of ?*tax automatically withheld *• and can give you larger but results in a • smaller refund at April 15. SOn the other hand, if you £ usually owe additional tax Zon your return, you might I STOP!- I w, »ur Hum BOUAM. COINI, OOU> auo iuyimo mauNo mi via, ooio cetNt, couictwnsi COMMAf OVA UNO MUCUI Closed Wednesdays Wed. & Night Appointments Call - 482-4680 Hours - Mon. -Sat • 10:00 - 5:00 Colonial Cottage Antiques 203 S. Broad - Edenton, N.C. -I JJ 3 7%4HiUHq *7*o*4, .a * MYRTLE M. & THOMAS K. PRITCHARD * f VPNKI 615 E Main Street > DVt^. 2 P O Box 385, Elizabeth City, N.C. 27909 * PHONI33B-6879 V FEBRUARY 28-MARCH 3 - SKIING AT BRYCE RESORT j MARCH 14-17 - WINTERGREEN SKIING ; MARCH 21-26 - SKIING IN KILLINGTON, VT. MARCH 27-APRIL 3 - NATCHEZ, MS. SPRING PILGRIMAGE J ! WORLD’S FAIR DATES: MAY 12-15; MAY 19-22; JUNE 13-16; JUNE 20-26: AUG. 9-16; SEPT. 22-28; SEPT. 29-OCT. 2; OCT. 11-17; SOLD OUT 1 AH accommodotions for World's Fair are in Knoxville, just 7 miles from fair x site. COMPLETELY LICENSED, BONDED A INSURED FOR YOUR PROTECTION CABLE TV I SPECIAL OFFER! m r 1 One Star service ONLY $6.95 r- YOU SAVE $12.50 INSTALLATION CHARGE T: That's right, now for a limited time only, INSTALLATION is FREE, £ so you save $12.50 and can begin receiving one star cable tv Service jj for only $6.95 per month. With One Star Service you can enjoy 2 all of the following stations for only 23C a day: wund, Columbia witn, Washington wavy, Norfolk j; WTAR, Norfolk WTBS, Atlanta wral, Raleigh ktvz, Norfolk 24 Hr. Cable information wyah, Portsmouth wnct, Greenville Channel WVEC, Hampton IV ALSO -< i [ One star service plus hbo 1 ONLY $17.95 2 YOU SAVE $18.50 INSTALLATION CHARGE Zi A ct now and save $18.50 on installation when you order 5 One Star service PLUS Home Box Office for only $17.95 E per month, or just 59C per day. HBO is America's first r choice in pay television bringing you the best in movies, 5 sports, and specials unedited and uninterrupted. £ so act now and get installation absolutely freei •*a‘- ■? ■- . „ •* s . i /ALBEMARLE | gjjMCABLE TV l a SUSS£&SSStUf s a V •l V ' have more tax withheld and owe less at April 15. (Note: North Carolina still operates under the old' rules, however, and does not allow you to adjust your withholding exemption in order to equalize your year end tax balance.) The W-4 makes it possible for you to estimate how many itemized deductions you will have on your next tax return. Using allowances of SI,OOO each to offset these deductions, the IRS provides a formula for you to figure how many allowances you can claim. Previously the limit for these allowances you can claim. Previously the limit for these allowances was nine; now it is 14 or $14,000. You can claim more, but the IRS will review your past taxes to see if they are warranted. But this doesn’t mean you need 14 dependents to claim those allowances. Using either the short or long Form 1040, you are entitled to an exemption for your self-more if you are 65 or older or blind-as well as one for each dependent. Other allowances are claimed against deductions for alimony payments, mor tgage interest, business losses and expenses, energy credits, qualified retirement plans and more. (CPAs say you can’t claim the same allowances that you use if you pay estimated taxes instead of withheld taxes.) If you receive large refunds from the IRS, you may be entitled to increase the number erf allowances you claim. If you usually owe the IRS, you may have claimed too many allowances and should have more tax withheld. While the government will accept excess withholding payments, excessive claims on allowances could result in a fine, or even a jail sentence. Here’s how a W-4 properly used, could affect your income. A couple with $40,000 combined income will often claim only two allowances of $2,000. Using 1981 tables as an example, they would pay $9,260 in tax on $38,000 income, or about $772 monthly. If they both started Individual Retirement Accounts, paid $4,000 mortgage interest on a new house, and it cost them $2,000 to move, they would expect SIO,OOO in deductions. According to the formula, they could take three allowances plus their two personal exemptions and they would reduce their taxable income by $5,000 to $35,000. Thier estimated tax bill would then be $7,996 and they could have $666 THE CHOWAN HERAT.D withheld montly. This is $lO6 less per month than if they took only the two personal exemptions. The new IRA and Keogh ' retirement plans limits enable couples to take more deductions from their in come. Another plus for working couples is the ability to deduot five per cent of the income of the lowo* paid spouse, up to $1,500, from their income. To figure your allowan ces, estimate your deduc tions and credits for 1982. Subtract from your estimation the figure for your income group given on the back of the W-4, -and divide this number by 1,000. For example, our couple with $40,000 combined in come had SIO,OOO in ' estimated deductions. The figure for their income group is $7,700 which leaves them with $2,300 or 2.3 allowances, plus their two personal exemptions. Any fraction can increase your allowance by one, so the total here is five. If you and your spouse file a joint return, you can divide the number of allowances between you. The same allowance cannot be claimed by more than one person or at more than For all your life insurance needs, call: 'lisp" JOE THORUD AGENT ' 482-2121 |t J NATIONWIDE 11 INSURANCE NatmowiOt is on your ik» Nationwide Mutual insurance Company NationW*)e Mutual F.r* Insurance Company Nationwide Lite insurance Company Home office Coiomous On<o one job, if you have two employers. While some people view annual tax refunds as a forced method of saving, others see than as money lent to the government interest free. If the rate of inflation increases during the year, your refunded money is worth even less. Republicans Are Criticized “We don’t expect Republicans to embrace Democratic positions on issues of the day, although we are glad occasionally when some of them do see the light. But we do expect them to support democracy - with the small ‘d’ - because that is simply goverment by the people.” Senator Russell G. Walker (Democrat, Randolph) chairman of the North Carolina Democratic Party, said he “was surprised at the reaction of Republicans at the U. S. Conference of Mayors in Washington. When their group adopted several official responses that Republican mayors saw as contrary to the wishes of President Reagan, they tried to discredit the vote. I guess they were hoping that a parade of Administration spokesmen, headed by Secretary Richard Sweiker of Health and Human Services, would bring a rubber stamp en dorsement of the New Federalism concept. “They couldn’t go along with the consensus of most of their members. “I’m sure there are Democrats in the national group, but I also believe that many are elected on a non partisan basis, just as we often do in North Carolina. So I’m surprised that the Republicans wanted to negate the majority opinion, which is the heart of the democratic process.” Walker said that Mayor Richard Carver of Peoria, Illinois, a Republican said: “This organization is supposed to represent the needs of American cities ... not to be serving the needs Continued On Pag* 6-B Illfa ATTENTION: J l Homemakers, Farmers, Industries, Institutions, Other Businesses! SAVE t b h y e "CASE" (Tell a Neighbor and Share a Case.) Sold Only by the Case Sold Only by Order. $5 Deposit Required With Order. 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Until 9 F.M., Saturday 9:90 A.M. Until 6 PM. l . Phono 482-3221 Or 482-4533. - ! JONES A Sit & Broad St Call Terry James At 919-48 S-7558 NEW LISTINGS: CHOWAN RIVER This riverfront home features LR, kitchen, 3 BR, nice bulkheaded lot. $48,000. MORGAN PARK This uniquely designed two-story home features LR, den, kitchen, 3 BR, two baths, garage. $64,500. ON CHOWAN RIVER - Two story brick home, featuring 4 BR, 3 baths, LR, kitchen, den with fireplace plus family roan. Deck overlooking the water. SBO,OOO with owner financing available. W. HICKS STREET—Lot for sale. $29,000. Owner financing possible. MORGAN PARK For Sale or Rent Attractive brick home on larger corner lot featuring LR, den, kitchen, 3 BR, 2 baths, garage. $61,900. FOREST PARK 3 BR, 2 baths, LR, den w-fireplace, kitchen, hardwood floors, screened back porch. Attractive assumable mortgage at 9 per cent. $54,000 FOR RENT—3 BR, 1 bath, Morris Circle. $250.00. Available February 1. BUILDING lot on Soundshore Dr., near country club; beautiful view of Sound. $42,500. COUNTRY CLUB DR. With water privileges; features LR, DR, kitchen, 2 full baths, 3 BR plus 4th. BR or den. Attached 2 car garage with AC workshop; cedar paneled back porch; super storage. $85,000. COLONY DR. Neat 4 yr. old home on large lot. Features family room (fireplace), Florida room, 3 BR, bath, utility room, carport. This one is uniquely different. Call me. $39,000. FOR SALE OR RENT —Arrowhead; LR, kitchen, 2 BR, bath. Furnished, $17,000. HWY. 17 Brand new! 1750 sq. ft. brick construction. Features great room with fireplace, DR, kitchen, 3 BR, 2 baths, utility room, deck. $69,500. HWY. 17 S. Only 1 mile from CVme with LR, kitchen, DR, bath, 3 BR, screened front porch. Nice lo^\l HWY. 17 Owner financing. 12 year old home on large wooded lot; features LR, den, dining area, kitchen, 3 BR, 11/i>l l /i> baths. ,$42,000. PER MONTH will purchase this brick, 8 yr. old home on Vfe acre lot featuring LR, den, kitchen, 3 BR, 2 baths. Located in Riverton. $55,900. MORGAN PARK—Luxury home with 3,000 ft. including LR, DR, kitchen, 3 BR, 2 baths, solarium, library, rec. room, workshop, full acre lot. More. $98,500 COUNTRY CLUB DR. 3 yr. old brick home located in prime residentisil area. Two stories features 3,000 ft. with LR, kitchen, DR, den w-fireplace, library, recreation room, 3 BR, 3 baths, double garage plus many extras. Beautiful wooded lot and ASSUMABLE mortgage at 9% per cent. $115,000. BERTIE COUNTY Only 12 mi. from Edenton, 8 acres including fish paid; country home. $40,000, owner financing at 12 per cent or $35,000 cash. SWIMMING POOL 2700 sq. ft. brick home with LR, family room w-tireplace; Kitchen, 4 BR, 2V4 baths plus a sewing room. Patio area. OWNER FINANCING. $85,000. MONTPELIER DR. WITH WATER PRIVILEGES Brick construction on large lot. Only 2 yrs. old, features LR, kitchen-DR combo, den (fireplace, 4 BR, 2 baths, double garage. $78,000. ALBEMARLE SOUND Brick ranch with LR, DR, kitchen, den w-fireplace, 3 BR, 2V-2 baths, double garage on large lot. Lots of tall trees. $79,500. CAPE COLONY Shingle home on canal features LR, kitchen, 3 BR, bath, garage. Private boat ramp. $39,000. BUILDING LOTS FOR SALE Commercial & Residential. “Your Chamber ol Commerce Encouraiei Others to Mike Their Horn# In Edenton" Thursday, February 11, 1982
The Chowan Herald (Edenton, N.C.)
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Feb. 11, 1982, edition 1
16
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