Income Tax: Law and Accounting

Գրքի շապիկի երեսը
Fb&c Limited, 13 հնս, 2015 թ. - 214 էջ
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.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

What people are saying - Write a review

We haven't found any reviews in the usual places.

Այլ խմբագրություններ - View all

Բիբլիոգրաֆիական տվյալներ