Tax On Individuals
A normal tax and a surtax were levied against the net income of individuals as shown in the following table.
| Revenue Act of 1942 Normal Tax and Surtax on Individuals 56 Stat. 802 |
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| Net Income (dollars) |
Normal Rate (percent) |
Surtax Rate (percent) |
Combined Rate (percent) |
| 0 | 6 | 13 | 19 |
| 2,000 | 6 | 16 | 22 |
| 4,000 | 6 | 20 | 26 |
| 6,000 | 6 | 24 | 30 |
| 8,000 | 6 | 28 | 34 |
| 10,000 | 6 | 32 | 38 |
| 12,000 | 6 | 36 | 42 |
| 14,000 | 6 | 40 | 46 |
| 16,000 | 6 | 43 | 49 |
| 18,000 | 6 | 46 | 52 |
| 20,000 | 6 | 49 | 55 |
| 22,000 | 6 | 52 | 58 |
| 26,000 | 6 | 55 | 61 |
| 32,000 | 6 | 58 | 64 |
| 38,000 | 6 | 61 | 67 |
| 44,000 | 6 | 63 | 69 |
| 50,000 | 6 | 66 | 72 |
| 60,000 | 6 | 69 | 75 |
| 70,000 | 6 | 72 | 79 |
| 80,000 | 6 | 75 | 82 |
| 90,000 | 6 | 77 | 84 |
| 100,000 | 6 | 79 | 85 |
| 150,000 | 6 | 81 | 87 |
| 200,000 | 6 | 82 | 88 |
- Exemption of $500 for single filers and $1,200 for married couples and heads of family. A $350 exemption for each dependent under 18.
Read more about this topic: Revenue Act Of 1942
Famous quotes containing the words tax and/or individuals:
“I have no doubt that it was a principle they fought for, as much as our ancestors, and not to avoid a three-penny tax on their tea; and the results of this battle will be as important and memorable to those whom it concerns as those of the battle of Bunker Hill, at least.”
—Henry David Thoreau (1817–1862)
“[Government’s] true strength consists in leaving individuals and states as much as possible to themselves—in making itself felt, not in its power, but in its beneficence, not in its control, but in its protection, not in binding the states more closely to the center, but leaving each to move unobstructed in its proper orbit.”
—Andrew Jackson (1767–1845)