CPA’s
Elderly taxpayers enjoy
certain breaks under Federal tax
laws, but some of the regulations
affecting them are rather
complicated. The Pennsylvania
Institute of Certified Public
Accountants has attempted to
clarify the picture.
Beginning with the most
clearcut provisions of the
Revenue Act, the CPAs point out
that benefits under the Social
Security and Railroad
Retirement Programs are tax
exempt. Also, pensioners are not
taxed on that portion of their
pension benefits resulting from
contributions they, themselves,
made from previously taxed
income.
Most other pension benefits are
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R D MYERSTOWN, PA 17067
DIAL (717)-«66-5708 Write for FREE BOOKLET
GEHMAN
VEALER
An All MILK
Commercial
VEALER
Formulated To Meet The Critical Growth
Requirements Of The Young Calf - All M ;
Protein - No Substitutes - An Excellent
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GEHMAN FEED MILL, INC.
Clarify Tax Laws for Retired
taxable, but the tax rates for the
elderly, because of their usually
reduced incomes, are in most
cases low. Each person over 65
gets a double personal exemp
tion, and since the exemption
went up yo $750 in 1972, that
means $3,000 in exemptions for a
couple above that age. Taken
together with the low income
allowance, which also went up -
from $1,050 to $1,300 - this means
the couple can have an income of
$4,300 over and above their Social
Security benefits with out in
curring any tax obligations.
If a person has received pen
sion of annuity benefits that are
taxable, the CPAs recommend
that he call or write the nearest
IRS office to obtain simple forms
Denver, Pa.
for reporting them and com
puting the tax due.
To avoid having to pay one
large tax on pension earnings at
the end of the year, it is often
possible to arrange with the
company making the payments
to withhold income tax from the
monthly pension check.
Retired people who receive
little or nothing from Social
Security can sometimes save up
Cattle Numbers
Down in State
Despite the continuing spiral of
beef prices into Phase 111 of the
administration’s losing fight
against inflation, fewer cattle are
being fed and marketed from
Commonwealth farms, according
to the Pennsylvania Crop
Reporting Service.
A January 1 inventory showed
just 87,000 cattle and calves on
grain feed throughout the state,
4,000 fewer than a year ago. In
the final quarter of 1972, 5,000
fewer head were sent to market
than in the fpurth quarter of 1971.
Marketing intentions for the
first quarter of 1973 indicate
another decline from a year
earlier but just by 1,000 head.
GARY FORNEY
Son of Mr. and Mrs. John Forney,
Lebanon RD No. 4, Pa.
Owned and Showed the Grand Champion
Veal Calf At The 1972 Lebanon Area Fair.
The Champ Started at 100 lbs. and
Weighed 245 lbs. at 57 days.
A solid 2.5 plus lbs. per day gain.
Phone 215-267-5585
to a few hundred dollars on the
taxes owed on investment income
by use of a device called the
retirement income credit. For
this, qualified guidance is almost
indispensable.
For the children of retired
people, the CPA’s have a
reminder that an unmarried
person may qualify for special
tax treatment as a “head of
household” if he provides more
than half the support of depen
dent relatives. Relatives other
than parents have to live in the
taxpayer’s home, but parents can
live elsewhere.
If more than one child supports
an elderly parent, yet none
provides more than half the
support, one of them can still take
the parent as a dependent. The
others must agree not to claim
the exemption this year. In some
families the children alternate in
taking the exemption, says the
CPA Institute
James Garfield cam
paigned for the U.S. presi
dency in German as well as
in English. German was of
great help to him in obtain
ing the German-American
vote.
• Saturday, February 3.1973
•h is fi
Ethnic Vote
r* v
6':
Beattie Named
To Head PSU
College of Ag
A nationally-known
agricultural educator and
research administrator from
Ohio has been named dean of the
College of Agriculture of The
Pennsylvania State University by
the Board of Trustees.
He is Dr. James M. Beattie,
associate director and chief
executive officer of the Ohio
Agricultural Research and
Development Center at Wooster.
Dr. Beattie was also appointed
to the additional posts of director
of the Agricultural Experiment
Station, director of the
Cooperative Extension Service,
and professor of horticulture.
He will assume the new posts
as soon as arrangements can be
made for the transfer of his
responsibilities at Wooster, and
in no case later than July 1, 1973.
In his new posts, Dr. Beattie
will succeed Dr. Russell E.
Larson, who was named Provost
of the University in February,
1972, following the death of Dr.
Paul M. Althouse. Dr. David R.
McClay has served as acting
dean of the College of Agriculture
since Dr. Larson’s appointment
as Provost.
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Locking” spacers mean uni
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Two Styles and sizes for
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Eastern branch
215 Diller Ave.
New Holland, Pa.
Ph. 354-516*
19
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