Newspapers / The Yancey Journal (Burnsville, … / March 21, 1957, edition 1 / Page 5
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*HURsf>Atk March 21, imt t —STATE INCOME TAX FACT 3 North Carolina Individual Tax Aefums > RBrvemlW to mail (Tltis is one of a seriet%f articles your Wtuftal before prepared by the Committee on APRIL 15 „ I . I State Taxation, North Carolina Association of Certified Public Ac countants, in co-operation with the North Carolina Department of Both the Fedaral and the North j Carolina income tax laws provide) for a certain amount of an indiv idual's income to be received in eome tax-free. This amount is known as a “personal exemption” and is dedutible from net income to arrive at taxable - income. There is a considerble difference between the personal exemptions granted by tho Federal income tax laws and ths granted by the North Carolina « income tax laws. This article will oßplain the North Carolina personal exemptions and contrast them with, ttte Federal personal exemptions. ' The basic Federal personal ex emption is SOOO per individual. Nerth Carolina, however, allows an examption of SI,OOO to a single person or a married woman with separate income and allows an ex ' eruption of $2,000 to a married man living with his wife, a head of the household and certain other in dividuals as described below. The term “head of the household” ■fceald not be confused by tax pagers in filing North Carolina in come tax returns with the term ss It is used for Federal income tax purposes. The head of the house hold- for Federal incme tax pur ™ poses is taxed at a lower rate than single individuals while for North Carolina income tax purposes the head of the household receives a $2 ,000 exemption, double that of a single individual. You may qualify for the North Carolina hCad-of-a-household ex emption of $2,000 if you are a single person maintaining a home and supporting therein a depen dent relative who is under 18 years old or is incapable of self-support j because of being mentally of phy sically defective. You will qualify for the $2,000 exemption if you are the wife of a man who receives gross income during the year of less than SSOO, but you must be prepared to show that you have furnished more than one-half the support for yourself and your hus band during the year. Norh Car- • • * A power mower sJL I YOU can depend on the new crfriutMfcii, 1 ROTARY MOWER • Your host buy in fowor Mowers. • Sdfely approved, easy to snap on end off handle. a Full powered 4-cycle angina—recoil starter— Lo-Tone muffler. e Oms is discharged in smooth oven spray from front discharge chute en right-hand side. Nationally Jehmten Rotary Mawar with fctg 4-cyaf. angina .. f AWMIWd «W» > _J!L_ , . 21-Inch suiting width ‘ V Ulti ■aunaili ♦---*- *- jilauMaao. . i and mtvalml Hrm w hr-nrmy pM FQSX - .' J. F. ROBINSON ~ ‘ ' *" WB “ General Merchandise CANE RIVER, N. C. -I \ olina law requires your husband, £ in this instance, to file an income tax return claiming a SI,OOO ex_- emption, although, of course, he would owe no tax with his return. In determining whether you, the wife, would be entitled to the $2,000 exemption, the Attorney General has interpreted the law to mean, that the SSOO maximum income the husband shell be figured as his gross farm take if he is a far mer,gross sales profit if he is a merchant dealing in sale of per- . I sonal property, the net distributed ' partnership earnings if his income is from a partnership, and the! amounts received from salary or | services performed. The total in comers from rents, annuities, pen-: sions, and like sources must be in cluded in arriving at the SSOO max imum figure. If you find that you are entitled to the head of house hold exemption, you should take care to» show on your return or by a schedule attached thereto that your husband actually had less than SSOO income, under the con- J ditions described above, and that you actually furnished more than 1 one-half of the support for you both. You may also qualify for the $2,000’ exemption if (1) you are a widow or widower with children under 21 years of age, or (2) you are totally blind, or (3) you are a divorced person who has the cus tody of a minor child and you fur nish more than one-half the child’s support . “ The Federal income tax provi sions allow a S6OO exemption for a qualifying dependent, while the j North Carolina income tax pro visions allow only a S3OO exemp tin. This North Carolina exemption for a dependent applies to each in dividual, other than husband and wife, dependent upon and receiving chief support from the taxpayer. To claim an individual as your dependent on your North Carolina tax return the individual must be under 18 years of age, or if over 18 - e Trim slot on left side for cutting within fraction of inch of garden walls. e Large, steel, rubber tire wheels—staggered in front to avoid scalping. mowing time in half—saves back-aching work. e Leaf mulcher included at no eatra charge. 7*rn ago, anitiJw ragnlarly an- Hi *•»*•! er autuy dtoattftt to tfit extant that he or-sh# sannot ha self-supporting. “Ghiaf support” for North Car olina purpose* means more than one-half as total support for the yaar. In addition, the dependant must be receiving such support from yew mi the last day of the tax yaar. Children of a marriage who qua lify as dependents must be claimed by the husband in every instance, unless the wife can qualify for the $2,000 head of household exemption under the circumstances explained above. However, if the wife has a child by a former marriage for whom she can show that she is furnishing major support, she may S claim the S3OO dependency exemp tion for that child. Where the parents are separated, the child may be claimed by the j parent who has custody, provided I that parent furnishes major sup t Port. The parent who does not have I custody even though - he or she may j furnish major support,; is not en , titled to claim the child as a de ■ pendent. J.~. ...: Special provisions apply where income is earned partly in North Carolina and partly in another state. If you have moved into or out of North Crlina during the tax year, you may not have to pay in ,come tax to North on your total income. If so, your North I Carolina exemption will be re i duced by the percentage of income not taxed by North Carolina. For example, if you earned 25 per cent of your income while you were a resident of South Carolina, you would claim 75 per cent of your personal exemption since North Carolina would tax only 75 per cent of the total year'* income. For further information con sptcuii DAIRY FEED • Contains generous amount of big, crimped oats ••••• Ve • Fines are pelleted; ~,r. can’t sift out. t&BClAt.n • Cow-flavored with / fine spray molasses Get your hands into I __ Caarae-textured, extra palatable the feed —see and f SPARTAN SPECIAL is best for j feel thequality! most commercial herds. It’s built ijP^SS^ JV to produce most pro/it per cow! MM B JOHNSON & COMPANY BIHNSVUXE, N. a r- —— - I Come in _ discover why I ! Critics go overboard for The Big M! ! I TOM McCAHILL In MECHANIX lias mOTO I I new features than any car tested in over 10 years.” MOTOR TREND: "Redesigned from the tires up ... . from ~ - « - . \jj a leader.” _ popular mechanics: "Mercury isspectacularly different.” J. car life: "Mercury is the car for you if you want a 'BBHB* I . distinctively styled medium^priced car that isn’t a \ <osc*gte;;>x<oo««<«: • • carlnin copy of any other automobile.” ~ ■ '4 11 lmua a ! Priced to beat ! ! them all! i ’57 MERCURY | !• BANKS-YOUNG MOTOR CO. * ■ PHONE 17 FRANCHISED DEALER NO. im P BUBNSVILLJB, N, C. m_ ———. ' ®BBi oBSL* -—— ' i.-nn mmmmmmmrnmmJSm^ !THE YANCEY RECORD tpmkig this - phase of perional ex-, emperon* or other problems In wtmaotten with, filing ’ State re turns, contact the Beveue Depart ment in Raleigh or one of the branch offices, which are usually located in the county courthouse buildings. The Revenue Deparment urges you to consult a properly qualified advisor if you decide to seek outside help. . j The next article in this series i VgORo | iSf/MyM ll.» A FOR FINER TOBAC CO PLANTS IN THE BEDS . EXPERIENCE HAS PROVED THE WISDOM OF FEEDING PLANT BEDS WITH VIGORO. IF YOU WANT THE BEST PLANTS LET VIGORO HELP YOU JUST AS IT IS HELPING THOUSANDS OF OTHER! GROWERS. GET YOUR SUPPLY FROM HOWELL’S SEED & FEED COMPANY GREEN MOUNTAIN, N. C. JOHNSON EN ROUTE . FROM ANTARCTIC South Indian Ocean, Feb. de layed) (FHTNC) —Ray Johnson, seaman apprentice, USN, son of Virgil Johnson of Burnsville, N. C., is enroute home today from Opera tion Deepfreeze XI In the Antarctic aboard the Navy attack cargo ship U9S Arneb. Led out of Vincennes Bay by an will deal with basic differences in State and Federal deduction al lowed for taxes, corporate divi dends, _ Interest, medical expense and gains and losses from, sales of home or business property. j SERVICE . m iiie nu BURNSVILLE, N. C. -ACNE- The Complexion Problem That Disturbes & Disfigures So Many Young People- No# Curable With Tetracycline— I The Wonder Drug Your Face May Prove To Be Your Future Advice* From Your Dr. Then See Your I ; Chemist at The Yancey Pharmacy. 1 -■ ■ ________________ - . . LUX IN COLORS LUX IN COLORS LUX IN COLORS ! NOW LUX IN 4 COLORS i rut in rlu w If' E Ha w If i g I BLUE ... |j ; s I I yellow jj •J , 4 BARS 39 c g Edge’s Grocery Store '*3 . ' icebreaker, the crew cast their last took at the South Pollar world. Huge icebergs floated by aa they made their way into the South Indian Ocean: Icebergs that were larger than some crew members’ home towns. Wind driven njist swirled over the sea fringe of the continent. One veteran explorer remarked, “It’s like a movie fadeout shifting us out of a strange world into an unknown world.'’ The cargo ship’s first port will be Sydney, Australia, where it will go into drydock. I SUBSCRIBE TO THE RECORD ■ ■ • t Wi- .-.Jlg i ‘ LUX f 1 PINK jQ Victor Adding Machine* Calculators McOaakey Caah Register* MoCaakey Credit System# Royal Typewrite** Salsa Boohs Trade-Credtt Tanas Low Down Pagnaattte Machine* For Bipst For information, onU or write; Western N. C. District Rep. CARL McINTOSH Box 67 Phono 2082 j Burnsville, N. C.
The Yancey Journal (Burnsville, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
March 21, 1957, edition 1
5
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