Income Tax: Law and Accounting

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Excerpt from Income Tax: Law and Accounting

The Federal Income Tax Law was amended by "an act to increase the revenue and for other purposes," enacted September 8, 1916.

Every citizen of the United States, irrespective of his place of residence, at home or abroad, and every resident of the United States, shall pay the tax upon his entire net income received from all sources, in the preceding calendar year; and every non-resident alien shall pay the tax upon his entire net income received from all sources within the United States; less the credits and exemptions to which such persons shall, respectively, be entitled under the law.

The tax on the income of individuals is composed of two parts, designated the "normal tax" and the "additional tax."

The normal tax imposes the fixed annual rate of 2 percent, upon the entire net income of individuals, except,

1. Income derived from dividends on the capital stock or net earnings of corporations, joint stock companies or associations, or insurance companies, on which the normal tax is paid by such companies or associations.

2. The personal exemption of $3,000 per annum to the unmarried person and $1,000 additional to the head of a family, or to a married man with a wife living with him, or to a married woman with a husband living with her, provided, however, that only $4,000 shall be allowed to both husband and wife from their aggregate income.

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