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 on, 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)
“As a Tax-Paying Citizen of the United States I am entitled to a voice in Governmental affairs.... Having paid this unlawful Tax under written Protest for forty years, I am entitled to receive from the Treasury of “Uncle Sam” the full amount of both Principal and Interest.”
—Susan Pecker Fowler (1823–1911)
“When posterity judges our actions here it will perhaps see us not as unwilling prisoners but as men who for whatever reason preferred to remain non-contributing individuals on the edge of society.”
—George Lucas (b. 1944)