Word: deductability
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...rule, the yearly payment was taxable up to 3% of the total cost, and when the annuitant had recovered the cost taxfree, the entire payment became taxable. Persons already receiving annuity payments may convert to the new formula, but in computing the exemption, they will have to deduct from the original cost the amount already recovered taxfree. Another change helps the taxpayer who receives a lump-sum payment under an annuity contract: he can compute his tax as if the sum had been paid in three equal installments in that year and the two preceding years. This same privilege will...
WORKING MOTHERS, widowers and divorced or separated fathers whose children live with them may deduct the cost of paying somebody to look after children less than twelve years old during working hours. Maximum annual deduction: $600, regardless of the number of children. For working wives living with their husbands, this maximum is reduced by any combined income exceeding $4,500, i.e., couples making $5,100 or more between them get no deduction at all. For widowed, divorced or separated mothers, no income limitation applies...
Twenty IBM machines--each capable of marking up to 600 tests on hour--are responsible for all the actual scoring. Machines electrically record the number of right and wrong answers on each paper. Until recently machines merely recorded correct answers but a college board decision to deduct on quarter credit for each mistake necessitated the change...
...current issue is not whether to cut taxes, which seems to be assumed, but how to cut them. In its general outlines, the Administration bill tends toward a theory of relief for the business community. One of the more important parts of the proposal would allow the taxpayer to deduct ten percent of his dividend income from his tax bill. The measure, of course, would extend benefits in many other ways; it would permit additional deductions for educational expenses and medical fees. But the main benefits would come to that eight percent of the nation's families who own stocks...
...Allow farmers to deduct full cost of conservation practices (up to 25% of their gross income), instead of present limited deductions...