PAGE SIX
t—SECTION TWO
KNOW yffiffi SBML SHBMTY
P. E. Bettendorf, representative of the Social Security Ad
ministration. is in Edenton every Thursday at the North Caro.
Una Employment Security Commission in Cilixens Bank
Building.
Thousands of self - employed .
farmers (tenants as well as land
owners) will file "their annual so
cial Security returns after Decem
ber 31. ’
The 1954 amendments to the
Social Security Act extended cov
erage to this group for the first
time. The 1956 amendments add
ed farm owners who rent out
their land on a cash rent or share
basis if, by arrangement of the
lessee, they participate to a ma
terial degree in the production or
management of production of the
crop or livestock raised.
To receive credit for earnings
from self-employment, a Federal
income tax return must be filed.
The social security report will be
made on “Schedule F” and in
cluded with the regular Form
1040.
Only net earnings of S4OO or
more can be credited to a social
security account for one year.
The amount of net earnings over
$4,200 in a year are not report
able for social security credit.
The present social security tax
rate — 3%% of net earnings—is
paid to the District Director of j
Internal Revenue whether or not j
any income tax is due.
Reports filed by the self-em-
Three Fire Alarms |
Answered In October
Fire Chief W. J. Yates reports
that there were three fire alarms
during October, one in Edenton
and two out of town.
For the Edenton fire the fire- ;
men were out-30 minutes and two I
hours and 30. minutes for the ru
ral fires. They were on the air
10 seconds in Edenton and 30 sec- j
onds out of town. Two miles
were traveled in town and 48
miles out of town.
In Edenton 150 feet of hose
were laid and 300 feet out of
town. No ladders were raised
out of town, but 36 feet were rais
ed in Edenton.
Twelve volunteers responded
for the Edenton fire and 42 for
the rural fires. Property involv
ed in Edenton was $5,000 and $6,-
200 out of town. No damage was
reported for the F.denton fire, but
there was $250 damage caused by j
the rural fires. Insurance was j
none in Edenton and $3,000 out of
town.
During the month the firemen
held one fire drill, extended two
courtesies and filled two firp ex
tinguishers.
Tar Heel Poultrymen
To Get Higher Share
This may prove to be a good
year for North Carolina poultry
men.
While the total U. S. laying
flock is expected to be cut 6 to 8
per cent over last year, North
Caribou's is expected to be slight
ly higher. The over-all reduction
will be due 1 in' fewer replacements
—the number of young chickens
raised on farms this year is ex
pected to be the lowest in years.
Tom Morris, poultry specialist
for the N. C. Agricultural Exten
sion Service, says that in Febru
ary of this year, farmers report
ed that they intended to buy 9
per cent fewer rcDlacement
chicks during the first six months
of the year than for this period
last year. But they actually
bought 19 per cent fewer chirks.
The reason for this drop is this:
During that ppriod eeg prices av
eraged 22 per cent below last year
and feed prices were 1 per cent
higher.
Low egg prices have resulted in
Samovar
VODKA
050
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Product of U. S. A. koala Komponlyo,
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0* ktm drain • 100 proof. «
Mtifri- 1 .. c. a:.\
ployed farmer eventually be
comes the social security record
for the individual. To assure
proper crediting to his account,
it is necessary that the individ
ual’s social security account num
ber appear on the Schedule F.
Each year that a report is filed
credits are added to the individ
ual’s social security record. These
credits are the basis for monthly
payments upon retirement at or
after retirement, disability pay
ments starting at age 50, or
monthly payments to survivors in
the event of death of the self
employed farmer at any age.
The necessary forms and infor
mation needed for filing the re
turn and paying the social securi
ty tax may be obtained from any
district office of the Internal Rev
enue Service.
Information concerning social
secifrity may be obtained from
any of the more than 550 social
security district offices strategic
ally located throughout the Unit
ed States and territories.
The newly-covered farmers, es
pecially, are urged to learn more
of their stake in sdcial security.
Free literature and information
are available at any of these of
fices upon request.
a sharp decrease in chicks raised
in every region of the country,
ranging from a 23 per cent drop in
the East North Central States to
an 8 per cent drop in South At
lantic States.
This decrease in layers over the
rest of the country, could mean a
greater share of the market for
North Carolina. And it would be
a good time for Tar Heel poultry
men to expand their laying opera
tions, according to poultry mar
keting specialists.
Let never day nor night unhul
low’d pass,
But still remember what the
Lord hath done.
—Shakespeare.
THE YEARS NEWEST GAR,
THE NEWEST CAR IN YEARS
... 58 CHEVROLET!
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It sets a new style in styling. It takes a new
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the smooth and solid way it rides!
It’s long, low and luxuriously nevr-tbe beautlr
fully moving ’SB Chevrolet. It’s new from ride to
roof . . . from its bold new grille to its unique
gull-wing rear fenders. And, it offers quick
responding power aplenty in any engine yon
pick-V 8 or 6.
NEW SILHOUETTE, featuring a new bpdy-frvne
design, is dramatically lower, wider—gad" M full
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Jgflkp' See Your Local Authorized rfornuttf Pt^a
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THE CHOWAN HERALD. EDENTON. NORTH CAROLINA. iWttrfXf; NbvEfcOKft 21. 1957.
YEAR IXB|
TAX llk-s j
Act Now To Trim Iconr
Federal Income 'fax Bill
This is one of a series of four urticles on federaly income
taxes The articles are based on informCtun proi idea by. tgc
American Institute of Certified public Acro« n f?
/ North Catalina Association of Certified Public Accountants.
You still have time—but not much time—to do a little year-end
tax planning and assure yourself of the best possible break when,
you file your tax return next April. '
Millions of high, low and middle
income taxpayers, realizing that
careful planning of their financial
affairs between now and the first of
the year can pay off handsomely
when the tax collector calls next
spring, have already begun to estab
lish those extra deductions and spe
cial exemptions that will reduce
their tax bills.
You can do this too, but you must
act no later than December 31.
To alert you to the tax-saving
steps you may be able to take be
fore the end of the year, this news
paper is printing a series of articles
prepared with the help of the na
tional and state organizations of
certified public accountants. These
articles—if you keep them and fol
low their advice—can save you
money.
Evaluate Income Prospects
If you are like most individual
taxpayers, your goal at tips time
should be to level out income for
this year and next year. Needless or
careless bunching of income in
either year can be costly. The sharp
bite of today's progressive tax rates
—which you can assume will be as
high or possibly only slightly less
in 1958 —makes it much better to
have an income of SB,OOO in each of
two years, rather than $6,000 in
one and SIO,OOO in the other.
Taxpayers who are in danger of
being whiplashed from one tax
bracket to another because of wide
fluctuations in their 1957 and 1958
income should act before December
31 to try to average out their tax
able earnings. This caff be done by
careful shifting of income and de
ductions from one year to the next.
Hotc to Shift Income
For example, if your two-year in
come estimate shows that your
income for this year will be signifi
cantly higher than next year's, you
should take immediate steps to
throw as much income as possible
from 1957 to 1968. At the same time
you should speed-up the payment of
all expenses that can be deducted
on your 1957 return. By concen
trating deductions in the higher
year and switching income to the
lower, you will keep your taxes for
both years in the lowest possible
tax bracket.
Should you be faced with the
The foolish man seeks happi
ness in the distance; the wise
more desirable problem of a sizeable
increase in your 1958 inco’me, re
verse this procedure delay ex l
penses and speed-up income if you
can.
Timing income and deductions to
gain a tax advantage is not too
difficult for the millions of tax
payers who tile letups on the basis
of cash receipts and cash disburse
ments. “Cash basis” Business and
professional men can shift income
by simply delaying or speeding-up
the collection of accounts receivable
near the end of the year Salesthefl
and contractors can do the same
; thing by extending or closing deals
' that ipay be pending in November
or December
Farmers who operate on a cash
basis can accelerate or postpone in
come by proper timing of the salesr
of their crops or livestock. While
their income will be taxable in the
year cash is received, the full costs
of raising crops or cattle are de
ductible for the year in which the
costs were paid.
1 Special Income Situation*
There are special situations in
which it can be advantageous to
bunch income in a single tax year.
For example, a husband and wife
can file a joint return to gain the
benefits of income-splitting. Should
one of them die. the survivor may
file a joint return for the year in
which the spouse died and alio for
two succeeding years under certain
conditions. Thus, a widow or
widower may profit by throwing
more income into this year and less
into next if his or her spouse died
in 1955, since the privilege of filing
a joint return will be lost in all
cases in 1955.
If you are planning to be married
in 1958, remember that the income
splitting privileges you gain will
act like a rate cut for you. At
$7,000 of income, your taxes will be
$240 less than if you were single,
assuming that you take the stand
ard deduction and claim only ex
emptions for you and your wife.
For this reason, young couples plan
ning marriage might consider post
poning income from 1957 to 1958,
while accelerating deductions from
1958 to 1957.
Next Article: Hole to Plan Fed
edal Income Tax Deductions.
, grows it under his feet.
—James Oppesiheim.
NSW TURBO-THRUST VB* featuring revolutionary
Wedge-Fire design achieves a new pinnacle of
performance. ,
NEW FULL COIL SUSPENSION provide* Cradle
sofr action at every wheel, replacing
conventional leaf spring rear suspension.
NEW AIR RIDE featuring Level Air suspension*
carries you on cushions of comprened air,
with all its natural shock-absorbing properties.
Your Chevrolet dealer is waiting right now to
show you the beautiful way to be thrifty—{be
’5& Chevrolet. •Optional drM* com
(This ifc a continuation of last
.week’s column on television.)
Beware of hit-or-miss television
watching It is dangerous to de
velop the habit of turning on the
net right after supper and staying
gjUed to il until bedtime. A.
young newlywed was recently
quoted ih Christian Life Maga
zine, “Like ■ everyone else, when
we first" got our TV set we put
it on and left it on, no matter
what was showing. Then we rea
lized we must use discrimination.
Now we look in the TV section
of the paper right after supper
and check the programs we think
worthwhile. - We Watch only
those,-tOrtiijpg off the set when
they arelpvCTr- At last we feel iijjre.
are opnbgpJling'TV irtStea'd of TV
-controlling: qp.” “ !*s% -I
If -a is-ditiectiohable,
turn it djfi / ASk yourself ques
tions lilte, “If the Lfird' should
walk in the-door right now. wdUJd
I be ashamed to have Him catch
me watching this program?"}
Will this pYcgrani help me to Be
come a heifer Christian, or yjH it
hinder ppv spiritual! growth?”
time that should
be spent' irkjprayer, study of the
Word, and attendance; at such ser
vices as - the midweek prayer
meeting?” K What art my mo
tives for watching this program?”
Support and encourage whole
some ' programs; object to those
that are bad. If you like a pro
gram and think it is wholesome
and Christian, send a letter to the
station, and tell them so. Better
yet, send a letter to the sponsor.
If a program is objectionable,
write tp, the sponsor and* let- him
know how you feel about it. If
Christians would alb do this, much
of the trash and filth' Would siOon
disappear from the screen.
Above all, remember that Jesus
Christ lives within you if you are
a Christian, and your body is the
Temple of the Holy Ghost. Don’t I
watfh any program that would be
objectionable to either of these j
Persons. Your tithe belongs to
God; don't wastfr it' Watching,
cheap entertainments that are
]*!
Ail L
/mat
9k, . .
L r 3- V liktrf ■
J qyifrifflg bpt time passers. Your
Pj bbdjr, including yOur eyes, be
q longs to Godt allow Him.to con-
P tool What you see. Your mind be
ltings to Gtid; don’t let it become
fluttered up with a lot of trash
•that glorifies this transient world
- .and dims your vision of heaven.
.You belong to God: Act like it.
Behjdrofreezing Not
A New Development
At some time or another you
have probably wished that you
could get twice as many fruits
and vegetables into your freezing
'compartment or freezer. Accord
ing to Nita Orr, Agricultural Ex
tension Service frozen foods spe
cialist, your wish may someday
come true.
Research over a period of years
!by various individuals as well as
the It-vSL Department of Agri
culture Show's that dehydrofreez
ing, a method of food preserva
tion, produces food that are half
,as bulky as when they are froz
en. r
If this process') becomes practi
cable, it: may be used for the
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-CHOICEST STOCKS ANO EOTTIED BY
The CALVERT DISTILLING CO. KJB|H
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homb; however, Miss Orr feels
that the process will probably be
used mostly for military or insti
tutional purposes.
Processors would be able to use
a smaller package for the usual
amolint of frozen food by using
the dehydrofreezing methotf. Or,
they could use the standard size
package and fill it with twice as
much food. Because dehydrofrofe-
Cn foods are low in moisture,
they don’t freeze in a solid block
as most frozen foods do. You
would £>e able to open the pack
age, spbon out the amount of fruit
or vegetable you want to use, and
replace the package in the freez
er.
The process, as the name im
plies, combines dehydration and
freezing. Foods are dehydrated
until they are reduced 50 per cent
in weight, then frozen. Dehydro
frozen fruits and vegetables are
lighter and less bulky than frozen
foods.
Dehydrofrozen foods are not
r ySt on the market, although the
food processing industry has
shown interest in the process.
PEANUT PRODUCTION TO BE
LOWER THAN LAST
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Based on from
ers.us of November l,
production is estimated at JttfcL- .
050,000 pounds—6 per cent "•
average, altliough 16 I
low 1956. according to tfie }!
Crop Reporting Servioel rz&SS. t U
indicated yield per acre’oMsM* ~ -X-'
pounds is 100 pounds less tttlte, ' xk
in 1958 but is 420 pounds afo&ES '
the 1946-55 average of 1,290
pounds. Threshing of nuts! iif
under way in tire heavy priktbe
ing commercial area .of ."1118’
northeast coastal counties Os the
s tate. |
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