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1953-54 Theatre Catalog, 11th Edition, Page 354 (316)

1953-54 Theatre Catalog, 11th Edition
1953-54 Theatre Catalog
1953-54 Theatre Catalog, 11th Edition, Page 354
Page 354

1953-54 Theatre Catalog, 11th Edition, Page 354

i . ; ; g ; ; . ANNUAL EMPLOYEE EARNINGS RECORD : NAME (In full) .. ............................................... ,, U. 5. Social Security No.. , Year 3 E .. 3 f E 5 JANUARY FEBRUARY MARCH 5 15, r nouns DEDUCTIONS -' no % i .V :- We'd Gloss Imam Win. wul uns Gloss oeoucrIONs Wuk nouns DEDUCTIONS 1 i e Ending: 2.9.0". EARNINGS h- . Ending: p.90". ummcs ":32" SM" Ending: MM)", EARNINGS mom. Social .3 a z o g o I o' E s : z 6 1 E - i Z ; a i i i i x g g . 'E . : 2 i i t x i E .2' In : -= ' '6 'o E .2 '6 S a o o .- .. 1: . .n z o .g Ema Earn-n9- Emu Burning: hm: Earning. vi 2 2 C . o o 0 TOTALS FOR TOTALS F0! 3 o , toms FOR G 2 MONT". a mom": mourn: . I '"t January Carryover . . , February Carryover . ,, g FIRST QUARTER TOTALS *2 >1 : : U a 2 k : v w : E o E E 3 : : a noun E E as Md 5 nouns Gloss E :2 E Ending: 1.9. t : use" EARNINGS ,u Extra Earning: Elna haulag- Exlra Earning5 AI : TOYAlS FOR rows to: TOTALS FOI E g 6 mourn: MONTN: 5 5 m '- g E a 5 April Curryover . . . . . . . . g 2 x 3 if. < 3 8 May Corryover . . . . . . . >- Z < O SECOND QUARTER TOTALS.

and on January 15, 1954. The quarterly payments are required by tax law and enable millions of taxpayers to swallow a large pill in small installments. If your payments have been properly computed, the final (and fifth) payment should not be too large.

You pay a tax not only on your business income, but on income from other sources as well, such as dividends on stock and interest on savings bank balances. Your business income is reduced by your business expenses to arrive at the net profit on which your tax is based. In addition, you are allowed to deduct certain non-business expenses, etc., as well as exemptions for yourself, your wife, and your children before computing the tax. Some consideration must there. fore be given to your non-business items of income and expenses.

Adequate Records

Too much emphasis cannot be placed on the importance of keeping adequate records. Many busineSS men, especially small theatre owners, have no records except their checkstubs and a few manila folders jammed with many loose papers, insurance policies, purchase orders, etc. No cashbook, purchase register, sales summary, or ledger are maintained. As a result, when it is time to prepare the income tax return, it is necessary to go

through all the available papers and documents to try to bring order out of chaosyand compile all the information necessary to compute the tax.

Controlling Your Expenses

By keeping your records up to date, you will know before the end of the year your approximate profit picture. You can thus decide whether certain expenses can profitably be incurred before the end of the year or whether they should be postponed until the following year. For example; if your profit this year will be substantial, incur repairs, entertaining, and advertising expenses now to reduce the profit and tax. 0n the other hand, if this year's profit will be only fair and you expect much better results next year, you will benefit tax-wise by letting the expenses wait until then. For personal tax purposes, outside of business, the same holds true for contributions and medical expenses.

With respect to medical expenses, you are allowed .to ,deduct the expenses in excess of five per. ;cent of your adjusted gross income. If the latter is $8,000, all medical expenses in excess of $400 can be deducted. If your medical expenses up to December 1st amount to only $50, nothing will be gained by paying a bill of $300 expense plus other medical expenses of the following year should


AS THE ABOVE. prepared by NY Publications, are valuable tux aids.

give you a tax saving for the latter period.

In tabulating your medical expenses, be sure to include all payments to which you are entitled. In addition to doctors', nurses' and hospital charges, you should include crutches, dentures, medicine, supplies, toothpaste, toothbrushes, accident and health insurance premium3 (less any amounts recovered from the insurance company), hospitalization pres miums, traveling expenses to see a doctor, etc.

A reduction in tax results from the sale of equipment, furniture, machinery, etc., at a loss, such less is fully deductible if held for more than six months. If the asset is sold at a profit, the profit is taxed at capital gain rates, which cannot exceed 26%. However, if you trade the asset in for a new piece of equipment no gain or loss is recognized. Instead. the cost of the new equipment is in' creased by the loss or decreased by the gain. ,

It may, therefore, benefit you to trade in the old equipment instead of selllng it at a taxable profit. You thereby avoid paying a tax on the gain. If you have a loss, you have a choice between selling or trading in. If you sell, you benefit

1953-54 Theatre Catalog, 11th Edition, Page 354