ELMIRA STAR-GAZETTE Wadnaiday. Octobw 34, 1962 14 I i im! Minn ni ni nnr Your Money9 Worth New Tax Laws -3: Pension Fund Geneva Loses Another Industry 1 "By Sylvia Porter" GENEVA W) This Finger! Lakes community, which has for purchase of either mutual funds or annuity, endowment and retirement policies. starting in 1963, you are a elf-employed professional or business man, you will be able to put aside up to 10 per cent but no more than $2,500 of your 2 3 You might put your contribu tions into a trust fund. The trus tees must be a bank if you want lost several industries in recent years, soon will lose Robert manager of the Crane Co. plant here, has announced that operations here would be shut down Nov.
30 and work shifted to the company's plant in New Castle, because of a steady decline in sales of the trust to invest your money in stocks, bonds, real estate, earned income each year for a retirement plan. You will be permitted to deduct one-half of this contribution up to $1,250, from your income tax each year. The income earned by your retirement fund will be tax-free mortgages, etc. If you are will ing to have the trust limit its investments to annuity, endowment or retirement policies, an cast-iron radiators and base big bargain! 100 virgin wool knitting yarn Regularly $1.29 while your fundi is accumulating board heating units. The company manufactures radiators and boilers here and individual may act as trustee.
You might buy in your name special U. S. bonds which will be issued for this purpose. and the money is currently employs about 190 per being invested. Choco-Puffs UUBLbo UULjLbo sons.
After Barron's announcement, Ren. Samuel Stratton of Srhener. (o)(C You will pay a tax on the" amount which tady asked Secretary of Com (2) you originally deducted and on Clifton Van. Creams Dutch Boy Girl Assorted merce Lutner Hodges to designate Geneva a distressed area. Stratton.
who i. running for NO MATTER which way you invest, the income earned by your fund will be tax-free until it is paid out to you on your retirement. When may you draw on your retirement fund? The law says election in the newly. formed the fund income you accumulated tax-free onlyt-when you retire and start draw Porter d5th congressional district, which includes Geneva, said "Geneva should be eligible for aid 3 Lbl not before you are 59Vi years of age; if you do, you will have to iSAVE4Ul rrjTx smciriv silver coins Frc3 Frea Frco Shinny Silver Dollars, If your purchaso is king registered vhen tha Alarm off you will win Ona Silver Dollar. the Area Development Act.
This pay tax penalties which may prove more costly than the tax savings you obtained from your -PLUS-1-Pt. ICE CREAM Absolutely FREE! deductions. The law also says that you can't hold off withdrawals beyond 70V4. So your pay outs should start between these ages. means mat the men who lost their jobs because of the Crane Co.
moving can be retrained with federal funds. He urged that efforts be made to get a new occupant for the former Geneva Forge plant, to increase the scope and activity of the nearby Seneca Ordnance Depot and to make a fresh attempt to revive the nearby Sampson Air Force Base as an active government installation. Geneva has been struggling economically since the base was shut down in 1856. When the fund is paid out to you in installments, you will nay ordinarly income tax just as you would on any annuity pay-out. Save $1.07 THURSDAY: The $1 billion dollar tax bonanza for business ing out your retirement fund.
This is the essence of the new Retirement Act of 1962. How would this work? Here are two Illustrations, worked out by Leon Gold, chief tax expert of the Research Institute of America. LET'S SAY you're 50 years old, a successful lawyer earning mere than $25,000 a year, in the 60 per cent tax bracket and with no employes on. the payroll for as long as three years. You create a profit-sharing plan for yourself, contributing the maximum of $2,500 of your earned income per year.
While your fund is building up at the rate of $2,500 a year, you're out of pocket only $1,875, because your deduction of of the $2,500 per year aaves you $625 in annual taxes. If your fund earns 4 per cent, It will total $50,000 in 15 years when you are 65. Assuming that when you retire, your average men. mm limit 6 per Customer Ideal for anything you want to knit. Four-ply worsted in an exciting, wide range of rich, washable colon.
Comet in ready-to-knit, easy-pull-out skein. Buy now, save. NYLONS THIS CAM'T HAPPEN JUMBO PR. TV Serving Tray tax bracket will drop to 25 per cent, you'll receive the $50,000 and pay tax on it of $7,800 25 per cent of $50,000 less the nondeductible portion of your annual contributions.) Your net will be $42,200. If you didn't cover yourself with a plan, you would have only COMP.
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You contribute $1,000 a year to a retirement fund also earning 4 per cent a year. Your annual tax saving will come to $150, and in 15 years will have accumulated $20,000. Assuming when you retire, your income drops to you will have to pay a tax of $2,750 PARTIES REG. 32c White A Colors Lac Trimmed i 100 Acetate Jutl think of ill No mort "junking" good-M-now shoi batauia tola, and heal, havo betn worn out. Amazing VINAION aolti and httli aro guarantttd to last at long at tha upport.
They add now lift to your hoot, mora itrttch to your thoo dollar. Reg. $3.98 on your pay-out. Your net will LINTLESS TUFTING, PRE-SHRUNK, WASHABLE be $17,250. 'r irmn-i TTi imrirrnTiiiTriHtTiiMir If you didn't cover yourself with a plan, you would have only $850 a year to invest which NO IRONING NECESSARY Pink, Whit, Lavsnder, Yellow, Turquoise, Sandalwood Guarantee Under normal wearing conditions, the Vinalon Soles and Heels on these shoes need never be replaced.
They are fully guaranteed for the life of the uppers. Use' Our Lavaway Plan NOW WHILE SELECTION IS BIG ASSORTED PLASTIC vSgL SIDE-UCt "TWISTER" focktd wild sty It I WOt FRONT OXFORD luxurioui uppor Italhtr Sixot 3V4 to 6, $5.99 KZJ would build up to $15,500 in 15 years. But in this bracket your overall saving after 15 years would be only $1,750. In fact, says Gold, "it is questionable whether this small tax saving justifies tying up funds for a long period." How might you invest the funds you set aside for your plan? You might pay premiums on annuity, endowment or retirement policies you buy directly irom an insurance company (or certain face amount certificates you can buy directly from an investment company.) You may be able to use your existing policies if you make them conform to the new requirements, or buy new ones for this purpose. You might pay your contribution to a bank which will put them into a "custodial" account xour OFF ALL PURCHASES Thurs.
7 p. m. To 1 1 p. m. II II 4 COUDOIR ma.
M.ztet' i Values to 98c MOCCASIN FRONT OXFORD CONTINENTAL SUP-ON THREE-IYEIET ILUCHER (with ralnforeod Built for comfortl Hidden alastk gor tharlukin tip) for tnug fit, ESI hr Sim a mm to II It SWING TOP Polyethylene UflSTEBM Rcplaccinsnt SEAT and BAGEI SET Industries Get State Loans 4.99 .1 ALBANY UPl The New York Job Development Authority has SIDI BUCKLI 10W BOOT announced its approval of a SLEEK SUP ON Accordion Sido Cora for mug fit. long-lif loathor. $421,039 loan to help establish V-Back, pitchod hol. long-Ufa Uathtr. 8.99 Esfh Pisces 3 a steel-melting plant at Dunkirk, and a $30,000 loan for expansion IT i .88 $8.99 COMPLETE Choice of 8 Colors.
of a brick plant near Buffalo. The authority said the larger REG. S4.95 of the loans would go to the $2.99 ea. pc. R.
S. Development Corp. of Dun Colors Sandelwood, Red and Yellow. kirk to aid in acquiring and converting the former Alco Prod Brass finished metalwork for bedroom, bath or powder Ensemble cf 4 Sets ucts Inc. building there.
The $30,000 loan goes to the Buffalo -Niagara Industrial De velopment Corp. for expansion of the Buffalo Brick Co. plant in (IDODREDSOF UdADUEOTISED ITEL1S GO OH SALE Thurs. 7 p.m. to 12 p.nt.
Orchard Park. A $113,505 lm provement program is planned, SALES UP, PROFIT DIPS YOUR MONEY'S WORTH MODE AT (Q) POO9 TPJANGLE SboU GRAND CENTRAL PLAZA Rt. N. Y. BUFFALO UFl National Gypsum Co.
reports its sales during the first three quarters of this year rose 7 per cent over last GBflDD CEfJTHAL PLflZfl -Route 17 at Grand Central nofsohcEds year and reached a new high, but its earnings during that pe riod declined slightly from the 1961 VS..