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University Daily Kansan
Monday, Feb. 13, 1956.
Students, Act Now On Your Income Tax
With only 63 days remaining before the April 16 deadline on filing federal income tax, the Internal Revenue Service advises students to act now to avoid errors due to last minute hurry-up figuring. Jim Carl, St. Louis, Ill. senior, pictured above, busily works figuring his returns.
Every resident and citizen earning $600 or more since January 1, 1955, must file a return. Earnings include wages, salaries, bonuses, commissions, tips and gratuities, dividends and other earnings from investments, interest from loans and bonds, rents and royalties from properties, patients, and copyrights, business profits, contest prizes and gambling incomes.
Students who made less than $5,000 from salaries, wages, dividends, or interest and whose gross income, subject to withholding, other than wages, does not exceed $100 may use the short-form return 1040A. The card form return, available at any bank (the Lawrence post office does not have them) is simple and provides for quicker processing than the longer 1040 form, described later.
Prentice-Halls Federal Tax Course, says, "If you use form 1040A your tax will be computed without any allowance for dividends credit.
"However, you do get the benefit of dividend exclusion (an individual may exclude from his gross income the first $50 of dividends received from a domestic corporation)."
Students should have no difficulty in preparing the form 1040A. The amount of wages earned during the year are entered, along with tax withheld, as shown on W-2 (withholding statement) forms provided by employers. Other income, not exceeding $100 (including deductions of excludable dividends) is entered. Names of persons for whom exemptions are claimed (wife, child, etc.) are listed, and the form is submitted without payment, along with copies of the W-2 form, to the District Director of Internal Revenue. Married couples may submit a joint return, and both must sign it. The Internal Revenue office will compute your tax, billing you or sending a refund.
The longer tax form 1040 must be used by persons earning more than $5,000, and if they wish to itemize deductions. This is not possible on the 1040A. The tax of the individual is computed by him from a tax table.
First, the name of the taxpayer is entered, along with other information pertinent to the return. Exemptions are then entered, naming children claimed as exemptions. Persons other than children claimed as exemptions are listed on page two of the form.
Gross wages, salaries, bonuses and other compensation are recorded beside the name of the employer. Taxes withheld are included in the same section of the form, and the adjusted gross income is computed.
1040 forms are included in a book
let provided by the Internal Revenue service which explains the "how to" of making a return, and a tax table is provided to determine total tax to be paid or refunded.
Withholding statement copies must be included with the 1040 return, along with remittance for taxes not paid. They should be sent to the District Director of Internal Revenue, Wichita 21, Kansas.
Usually students will need to use only pages one and two of the 1040. If you need help in completing tax returns, you can get it at any Internal Revenue Service Office. A detailed document, "Your Federal Income Tax," can be bought for 25 cents from the Superintendent of Documents, Government Printing Office, Washington 25, D.C.
Art Exhibits Still In Union
Art exhibits placed in the Student Union lounge in connection with the Art Education Conference held Feb. 10-11 will remain on view until Feb. 22. The exhibits contain elementary art work done by Denver, Colo., youngsters.
About 40 art teachers from Kansas attended the conference, which was sponsored by the Art Education Club and the University Extension.
The conference was termed "quite successful" by Miss Maud Ellsworth, associate professor of education and sponsor of the Art Education Club. She felt the conference was "very valuable for the students attending."
INDEPENDENCE, Moe. —(U.P.) Funeral services were held today for Col. William Southern, founder of the Independence Examiner.
Southern Funeral Held Today
Mr. Southern, 91, died Saturday after a lengthy illness. Services were held at the First Presbyterian Church with burial in Woodlawn Cemetery.
YM-YWCA Group To Meet Tuesday
The YM-YWCA Social Responsibility Commission will meet at 7:30 p.m. Tuesday in Room 305 of the Student Union to discuss activities for Political Emphasis Week in April.
The commission plans to have a speaker from each party to inform students of party issues in the coming election.
Free coffee will be served and all students are invited.
Photo Fraternity Holds Meeting
"The press photographer is a many-slandered thing." Harold Lyle, Topea Daily Capital photographer, told members of Kappa Alpha Mu, honorary photo-journalism fraternity, at their first regional meeting held at the University Saturday. Harry Elliott, Lawrence senior and president of the KU chapter, presided.
Members from Kansas, Nebraska, Oklahoma, and Missouri attended the meeting. Werner Severin of the University of Missouri, national president, and C. C. Edom, national founder and adviser, also attended. Mr. Edom talked on "Kappa Alpha Mu Yesterday, Today and Tomorrow," the theme of the meeting.
Harry Wright, director of the University Photographic Bureau, talked on "Glamour Photography." The fraternity's national convention will be held at Oklahoma University in Norman March 29, 30, and 31.
Frosh, Senior Are Bridge Champs
First place winners in the Student Union Activities Bridge Tournament were Don Lytle, Kansas City, Kan. senior, and Bryan K. McCullough, Great Bend freshman, who had a score of 140.
Nan Noyes, Troy graduate student, and Paul Thornton, Highland senior, placed second with a score of 135. Third place honors went to Clarence E. Cornell, Merriam, and Dick Fitzwater, Kansas City, Mo., both seniors, with a 133 score.
Michigan leads all states in owner-occupied dwelling units with a 68.2 per centage.The national average is 55.0 per cent.
Jane Thompson, Kansas City, Mo., and Sally Schober, Topeka, both seniors, were a close fourth with 132 points. Lawrence Bodle, Lawrence junior, was director of the tournament.
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