Word: grossing
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Dates: during 1940-1949
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...unmarried civilian with no dependents, income taxation starts when gross earnings reach $525.01, at which level the Income tax collector's bill is a modest $1. But a member of the military or naval forces, also unmarried and with no dependents, doesn't owe the $1 until his total earnings for a year reach $775.01--provided as much as $250 of these earnings come from wartime pay for active service...
...tables make allowance for personal exemption, earned income credit, and deductions aggregating 6 percent of gross income. This percentage is used as an average of the deductions which would be claimed were the simplified form not available...
...taxpayer's 1942 gross income exceeded $3,000 or came in whole or in part from sources other than salary, Wages, dividends, interest, and annuities, it is necessary to use Form 1040 in making a return. This form calls for detailed statements on Income and also on all expenditures which are claimed as deductions. When Form 1040 is used, the gross income levels cited above as those at which taxation starts do not apply. The tax calculations of Form 1040 depend on net income rather than gross, and the total of deductions claimed becomes a variable factor...
Levels named as those at which taxation starts should not beconfused with those at which it becomes necessary to file an income-tax return. These are fixed at $500 of gross income for single persons and $1,200 for married persons. Members of the military or naval forces below the grade of commissioned officer of December 31, 1942, should not include in 1942 gross income the first $250 if single on such date or the first $300 if married or head of a family on such date received as compensation for active service. These are the special allowances previously referred...
Last year 279 new customers (a 15% increase in accounts) hooked up to New York Steam's 52 miles of steam mains and many of them were whoppers like the Ritz-Carlton and Plaza Hotels and Metropolitan Life Insurance Co. They will boost the company's gross revenues by about $3,000,000 (30%) and lift its total steam sales to a brand-new high of 13 billion lb. Last month another 34 buildings gave up begging for fuel oil and took to steam. What all this new activity will do to New York Steam...