INCOMF TAX INFORMATION-. PART 2
STANDARD DEDUCTION & TAX TABLE
Your decision to either itemize
deductions or to use the Standard De -
duction is most important and should
not be made in haste. However, if
your itemized deductions total less
than 10$ of your Adjusted Gross Income
it will usually be to your advantage
to either: (1) claim the Standard De
duction; or (2) use the Tax Table to
determine your tax, as explained be
low*
You may claim exemptions for your
self, your wife, and your dependents
whether or not you itemize your deduct
ions,
Itemized Deductions, Charitable
contributions, interest and taxes of a
nonbusiness nature, medical and dental
expenses, and certain losses and other
expenses, are deductible on page 2 of
Form 1040W or Form 1040. These de
ductions are discussed in other chap
ters to be published later.
It -will ordinarily be to your ad
vantage to itemize your deductions if
you are a homeowner paying interest &
taxes, or if you make large contribut
ions to qualified charities, or if you
have unusually large medical expenses
during the year,
THE STANDARD DEDUCTION is an allow
ance in lieu of itemized deductions &
certain credits,,Its use relieves you
of substantiating your itemized deduct
ions, But you may still claim any
deduction which is allowable in det
ermining Adjusted Gross Income,
DETERMINE YOUR STANDARD DEDUCTION
in the following manner.
If your income is $5,000 or more
take 10$ of your adjusted gross income
If you are single, a surviving widow or
widower, a head of a household cr are
married and file a joint return, your
standard deduction may not exceed.
$1,000, If you are married and file
a separate return your standard deduct
ion may not exceed $500, even though
you claim an exemption for your wife
or husband on your separate return,
(Continued next column)
11 your income is under $5,000 your
tax must be computed by using the Tax
Table on page 14 to gain the benefits
of the Standard Deduction* You may
not deduct 10^ of your Adjusted Gross
Income.*
The Tax Table must be used if your
income is less than $5*000 and you
elect to claim the Standard Deduction*
You may not itemize deductions and
still use the Tax Table. An amount
equal to approximately 10^ cf Adjust
ed Gross Income and amounts for your
personal exemptions and exemptions for
dependents are automatically aloowed
in each bracket of the Tax Table.
The Tax Table may be used regard
less of the source of income by indiv
iduals with Adjusted Gross Income of
less than $5*000. If a joint return
is filed the combined Adjusted Gross
Income of the husband and wife must
be less than $5*000.
NEW SECURITY OFFICER
LT William L. DOLLEY, III, USNR has
assumed the duties of Security Officer
of Naval Station, Adak, relieving LT
B.O. DEATON who from last reports is
. basking in California sunshine prior to
reporting to new duties*
LT DOLLEY is a native of Buffalo,
New York and graduated from Randolph
Mac n College in Ashalnd,. Virgina with
a Bachelor of Arts degree in Psychology
in 1955.
No newcomer to the Aleutians, LT
DOLLEY has previously had duty at Kodiak
when he was with FASRON .114. Other
previous duty stations include tours at
NAS Jacksonville, Florida and NAS Ala -
meda, Calif ornia* An avid hunter and -
.fisherman LT DOLLEY said Kodiak seemed
tailor made for hunting and fishing but
he thinks Adak has definite possibilities
too,
LT DOLLEY’s wife, Dorothy, an ex
•Navy Nurse is waiting in Portland, Ore.
for her orders to join him along with
the 3frd member of the DOLLEY family, a
dog celled MHomer,,.
Welcome Aboard LT DOLLEY.
J-usn