Newspapers / The Kings Mountain Herald … / Feb. 9, 1956, edition 1 / Page 13
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» INTELEIGMM Check the correct word: it—Russia’s recently announced five-year plan is her (first) (sixth), 2—Her cooperative farms are called to increase § 1 production by (30) (100) per cent. , !8—Special emphasis is placed on (atomic \energy) (hydroelectric) power projects. •A recent statement by Secretary (Dulles) i(Benson), quoted in a magazine article, j stirred up an international hassel. __ (--Detroit’s newspapers (are not) (are) pub lishing (Mice again. 6— The United States Budget for fiscal 1957 (is not) (is) estimated to balance. 7— Chances for congressional action on tax, cuts in ’56 are (good) (poor). 8— The fabulous (American Express) (Brink’s) 7 robbery has been sovled. 9— (Some) (no) vegetation is believed to exist }in Antarctica. 10—Man’s first earth satellite will be launched om (California) (Florida) some time in ’57.1 'Je w Count JO tor each correct choice. A score of 0-20 is poor; 80-60, average; 70-80, superior; 90-100, very supe rior. r U Decoded Intelligram _ ) -epuotj—oi 'on—6 'Muug—8 -jodj—i kl—9 siy—s sauna—* ‘AS-iaua ajuioiv—e OOl—Z 'MJX!S—I baptist Association Meets, Plans Fnutland Swimming Pool Project A group of interested pastors and laymen of the Kings Moun tain Baptist Association met at a luncheon in Shelby Sunday to make plans to aid in the construc tion of a large swimming pool at Fruitland Assembly this summer. Horace Easom, state secretary of the North Carolina Baptist Brotherhood, welcomed the group and presided over the business portion of the meeting, which was held at Hotel Charles. Mai Spangler, Sr-, of Shelby was elected general chairman of the central committee. A goal for the Kings Mountain Association was discussed. The central com mittee will meet Thursday, Feb ruary 9, at 8 p- m. at Hotel Charles to discuss further plans. It was decided to ask each church in the Association to ap point a chairman to work with Mr. Spangler in raising funds to finance the pool. The Baptist General Board of the. State Con vention has agreed to aid in the financing of the project. The pool will be used primarily by groups of young people who attend sum mer assembly at Fruitland. The group agreed that the need for the pool is urgent, and also said this project would not inte fere with the development of the South Mountain Assembly of Re gion 8, which is being constructed north of Fallston It was announced during the meeting that First Baptist church of Shelby would donate $500 to ward the financing of the pool, which will cost an estimated $25, 000. Fruitland Assembly is used for a ministers’ school during the spring, winter and fall, but is put to use during the summer months by various groups of young people for vacation ses sions. Fanners Want To Know ■ ■ ■ ■ BY JOSEPH P. WALSH District Manager of the Gastonia Social Security Office This article, completing a se ries describing the provisions of j the Federal income and Social Security tax laws as they affect farm people, was prepared by Charles R. Pugh, W L. Turner, and C. W. Williams, extension farm management specialists, N. C. State College.) Ammendments to the Social Se curity law by the 1954 Congress bring coverage to self-employed farmers for the first time start ing with taxable year 1955, and extend coverage to many addi tional farm employees- Social Se curity is a federal sponsored pro gram offering insurance to work ers and their dependents against complete loss of income due eith er to the death or retirement of the worker,'Payments or benefits are generally based upon the pe riod of service and taxable income during the service period. Self-employment taxes for So- , cial Security purposes and Fede ral income taxes are related to the extent that both are collect ed by the Internal Revenue Ser vice at the same time. Also the same accounting methods and re cords must serve as the basis of the two types of taxes. Self-em ployment taxes differ from Fede ral income taxes in that they go into the Old-Age and Survivor’s Insurance Fund from which So cial Security benefits are paid rather than into the general funds of the U. S. Treasury Some self-employed farmer* may owe no income tax due to the size of deductions arfd person al exemptions but still must com plete Schedule F, Form 1040 to determine earnings from self-em ployment for Social Security tax purposes. Schedule F is arranged so that the computation of self employment tax from farming will follow as the form is filled in. In calculating self-employment earnings from farming, the in dividual farmer may have to make adjustments in the figure upon which Federal income taxes are based. The exclusions in de termining net earnings from self employment include any income and expenses associated with (1) rentals in the form of crop shar es, which are considered as an investment return to the land lord rather than self-employment income; (2) gains or losses from the sale of capital assets and de preciable property such as sales of livestock held for draft, breed ing, or dairy purposes or sales of machinery and real estate; and (3) deductions for net operating losses of other years. Farmers are to pay Social Se curity tax if they had earnings of $400 or more from self-employ-1 ment in 1955- The maximum cov ered earnings from all sources are $4200. Therefore the maxi mum income subject to the 3 per cent self-employment tax Is $4200 minus' the amount of cov ered wages received as an em ployee. Farmers reporting their income on the “cash” basis may wish to use an optional method1 to stabi lize their coverage from year-to year. If the gross income from farming (with adjustments as mentioned above) is between $300 and $1800, the self-employed far mer may pay Social Security tax es on one-half of this gross a mount. If the gross income from farming (with adjustments) is more than $1800, and the compu ted net earnings from self-em ployment from farming are less than $900, Social Security taxes may be paid on $900. Details of Social Security cov erage and computation of the tax are explained in the pamphlets, “How Social Security Covers Farmers” and “Farmers’ Guide.” Check with your county agent or the local offices of the Social Se curity Administration and Inter nal Revenue Service for copies Fentress Named Sales Manager Of Foote Firm PHILADELPHIA, Pa—James Fentress has been named Gene ral Sales Manager of Foote Mine ral Compahy, effective February 1, 1§56, according to L. G. Bliss, president. Fentress was formerly Director of Economics Planning, and had also served as Manager of Petroleum Sales Following his graduation from Princeton in 1943, Fentress join ed E. I. DuPont and in a research capacity was active for more than two years on the atomic bomb project. In 1946, he entered North western University and, after completing his graduate studies, continued on until 1952 as a re search associate on a U, S. Navy Bureau of Ships project. Fentress is an active member of the American Chemical Society and the Electrochemical Society. He is a resident of Villa Nova, Pa An artificial heart-lung com bination, fashioned of plastic, kept a dog alive for 27 minutes during a heart operation by a team of surgeons at Louisiana State University’s medical school. Unique aspect of the story is cost of the device—about two dollars. It points the way to possible manufacture of inexpensive mass production units for use by doc tors and hospitals. An Open Letter ' To the people of the Eleventh Congressional District from Hugh A. Wells - 7? 7 . % Dear Friends: I would like to tell you personally why lama candidate for the United Congress, from the 11th District, in the forthcoming Democratic Primary. When I graduated from Law School at the University of North Carolina, I had to make a de cision about where I was going to live and work. I had offers of good jobs and positions in other places, in and out of North Carolina. Having little capital to start a business of my own, I was a bit doubtful about entering law practice in Shelby. But I knew I wanted to return to Shelby, if I could. Iidiscussed this matter with some friends and relatives, and shall never forget what one person, a prominent newspaper man in Shelby, told me. He said this:,Hugh, no doubt it would be easier for you to take one of those jobs offered you in other places. You would have a steady income, your future would be secure, and life might be more exciting in some of those places. But, he said, you have to choose between pleasure and duty. Shelby and Cleveland County needs their young men, and they need you. You should live and work in Shelby and do your part for the community where you were born and where you grew up. ^ Don’t take the easy way out, he said. It will be a struggle for you for a few years. But you will succeed, and although you may make less money, your rewards will be greater than money can buy. I listened to that friend with respect, for I knew he spoke from the heart; and I knew he spoke what was in my heart. I chose to make my life in Shelby, because I loved my town, my coun ty, and my state. I have no reason to regret that decision. I know that our town, county, and state offers a wonderful future for all the young men and women who will give their devotion and loyalty. About two years ago, I started thinking seriously about running for Congress from the 11th District. It seemed to me that our people needed stronger support and representation in Congress, and I began thinking of seeking to serve them in that office. For two years, I talked with people throughout this District. I learned that many of them were thinking about the office of Congressman and the kind of man that should fill the job. I re ceived a great deal of encouragement to seek the office in 1956, this year. About three months ago, I made up my mind to announce for the office and to make the an nouncement in late February or early March. When Congressman Jones made his surprising announcement .that he was retiring, I decided to make my announcement then instead of waiting. I am seeking the office of Congressman because of my interest in my District and in you, the people who live and work here. Should I win your confidence and votes and become your next Con gressman, I shall dedicate myself to working for you in that office. I shall continue to abide by my choice of years ago to make my life and my living with the good people of Shelby, Cleveland County, and Western North Carolina. Very sincerely yours, Hugh A. Wells, - Hugh A. Wells, ■“ ;• Candidate fcir United States Congress. Just arrived—and they're ours alone! Lighthearted casuals with a loo”: that's un mistakably 'made in California"! Sun-ripened colors ... newsy fabrics budget low prices! Come, see—come buy! "all $10.95 $5.95 cotton cord •. • tailored with new cleverness! Only clever Californians would think to play up the natural crisp look of Dan River's South Cord like this. The accent's on restrained lines, expensive touch buttons. Brown, yellow. 10-16. a. Sheath dress $10.95 h. Add the coat make a costume $12.95 c. Sleeveless blouse $ 4.95 d Matching skirt cut on tye straight and narrow $ 5.95 e. 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The Kings Mountain Herald (Kings Mountain, N.C.)
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Feb. 9, 1956, edition 1
13
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