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Newspaper
Oelwein Daily Register
Location
Oelwein, Iowa, United States of America
Date
Jun 25, 1943
Page
5
The article explains a shift from annual lump sums to monthly wage withholding starting after July 1. Employers deduct a portion of wages as Income and Victory Tax based on pay and exemptions. Using a $3,000 annual salary example with exemptions totaling $1,872 shows withholding at 20 percent of the taxable amount, yielding about $225.60 for the year and roughly $4.40 less per week.
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