Evening star. [volume], April 04, 1952, Page A-17, Image 17

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
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[Maryland's Income Tax
'Short Form ‘ Return Is Easiest
But Not Always the Cheapest
ly the Associated Press
I ANNAPOLIS, April 14.—The
I “short-form” State income tax
return is quickest, but it s not
always cheapest.
And (should you need encour
agement) the controller's office
Third of e Series.
suggests you figure the tax by
both short and long methods to
determine which is more economi
cal.
| Any one may choose the regular,
long-form, method. The optional. *
or short-form, procedure is con
fined to those who received no
more than SIO,OOO, of which a
maximum of SSOO consisted of
investment income. It’s barred i
i to any one in business for himself.
For those eligible to use the
abbreviated method, there’s a
iclue to look for in judging whether I
the long form would save money.!
Involves Tax Table.
The optional method involves
tax tables. They appear on Page
( 2 of Form 502, which provides for
pither system of calculating the
tax. The tables are divided into
brackets, which list the amount
due by income groups of S2OO.
If your taxable earnings just
crawl into a bracket, better try
the long form.
For example, one bracket gives
the tax on income from $3,000.01
to $3,200. The levy is an average
for that range. Suppose your
income subject to tax is $3,005.
The straight 2 per cent charge;
on earned income may cost you
I less than the tax worked out
for the table.
The regular method allows you
to multiply your income by the
actual tax rate, without referring;
to a table.
j The optional method cuts cor
ners for you. Its tables take into
account your personal exemptions
and deductions other than those
tor dependents. Determine your
personal exemption status from
the blocks at the left of the tables.
Then check the appropriate col
umn for your tax.
You already will have subtracted
dependents’ credits. The tables
take off 10 per cent for additional
deductions, up to a ceiling of
SSOO.
For the most part. Maryland
authorizes the same deductions as
the Federal Government. You get
credit for such things as steep
| medical expenses, bad debts, fire
losses not compensated by insur
‘ ance gifts to charity and other
[ taxes.
There’s a major exception in
the other-tax allowance. You may'
■ not deduct income tax you paid
! the Federal Government.
At the same time, Maryland 1
. grants you credit in many in- i 1
■ stances for income taxes paid an
i other state. If you’re liable for '
taxes elsewhere, contact the comp
troller s office to learn whether
there is reciprocity between the
two States. It may save you a lot
of trouble.
May Itemize Deductions.
Deductions may be itemized
one-by-one on the long form. Or,
; you may simply take off 10 per
cent of your gross income, up to
SSOO, and enter the sum on line 13,
page 3. This is the first year in
I which the state has provided a|
standard deduction for long-form!
users.
In following the regular method,'
you’ll find the first SSOO of in
; vestment income is taxed at 2 per
cent, the earned-income rate. The
! balance is taxed at 5 per cent.
1 There are a few variations, how
’ ever, in the levy on his type of
income.
Take an annuity. You pay on
| only 3 per cent of what it cost you
until the accumulated sum of the
1 difference between that percen
tage and your annual receipts
equals the total cost. Thereafter,
all your income from the annuity
is subject to tax, but at the 2
;per cent rate.
A pension toward which you
contributed works the same way.
except that you never pay more;
than 2 per cent.
Life insurance is not taxable.
There's a hitch on page 3 of the
; return for some persons whose
only income is from investments.'
i If you're in this category, do this (
to take advantages of the grad-,
uated rate:
After you've entered your net
income on line 16. skip down to
line 18 and write in up to SSOO as,
taxable at 2 per cent. Then en
j ter the difference, if any. on line
17 as taxable at 5 per cent.
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D. C. Man Jailed 2 Yean In Firing on Policeman
A Washington man was found !
guilty of Shooting at two Falls, s
Church police officers during a Lee I
highway chase on February 2 and
was sentenced to serve two years c
in the Virginia penitentiary yes- t
terday. j.
Judge William D. Medley im
: posed the sentence on Thomas a
Sharpe, 22. colored, of the 1500 i
block of Sixth street N.W. s
Sergt: Lloyd Kelly and Pvt. Ger- ii
aid Peters testified they followed l
the car in which Sharpe was rid- ii
ing about 3 a.m. from National a
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Sharpe told Judge Medley he
slept through the chase until the
car crashed into a building near
Glebe road and after that urged
the driver to stop. He denied fix
ing at the police car.
The driver, Raymond Banks,
also colored, of the 1800 block of
Fifth stieet N.W., fled from the
scene after the car finally crashed
into a parked car at Cherrydale.
He was arrested the next day and
is being held by District police on
a charge of auto theft.
THE EVENING STAR, Washington, D. C.
FRIDAY. APR 11. 4. IRAS
RK>HT TO THE * AiL AT LAUREL
LAUREL-BOWIE
RACE MEET
WEEKDAYS THROU6H APRIL 30 P
i THRILLING
No Racing Friday, April 11 e>Taur
», .I, i . - STAKE
It s the first spring racing in Mary
land—33 days of the exciting sport |pi RACES
in a combined meet. See outstanding f i
thoroughbreds, leading jockeys, st ff! thi iaurr
a modem track in pleasant surround- | handicap
ings. Eight races every weekday. mj.
Post time: 1.30 PM; Daily Double I : *««?%
closes just before first rscs. * ,500 ° a*m
Avoid highway dnloys and ho lords— || A „ n#
go in comfort hy fast BAO trains. thi chkapiak«
pi stakk
TWO SPECIAL 6*o TRAINS p On. mb.
DIRICT TO LAUREL GRANDSTAND A &■»•.«*
Y##r ol **
lv. Washington 11.35 AM end 12.15 EM Jp *20,000 MM
I"" "■* Special tremt return offer lost rmee.
J $l2O | Effect,v. April 2S, trams | £ Day*
| ■ will run on Daylight Saying rim. Pi
I R.onS Trip | V:\: Agrl 4—Agul II
I inc. to* I. PKoaa ST*Hinf #IOO ar ii;, April 25
—-J IXgcußvg 4300 far infarmatlaii |
BALTIMORE * OHIO RAILROAD
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A-17