Sep 1985 - On-Line Newspaper Archives of Ocean City

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PAGE 2 — SECTION TWO THE SENTINEL-LEDGER, OCEAN CITY, N.J. FRIDAY. SEPTEMBER 6,
MONEY MANAGEMENT
The president's tax reform plan—what it means in simple terms
If you don't know the first
thing about Income tana but
an wondering why everyone
is talking about the
president's tax reform plan,
tare's some help fron the
New Jersey, Society of Certified
Public Accountants — a
checklist of the most
significant proposed rules
Oat will affect Individuals.
Keep in mind, however, that
ttt president's 481-page tax
reform plan will change
hundreds of roles la the
current tax system If It la
adopted by Congress and
signed Into law — so this Is
just the Up of the tan reform
Iceberg,
Tax rates. Single persons
with a taxable income
between $2,900 and »ln.000
would be taxed at the 15
percent rate, and married
persons who file Jointly would
pay at the 15 percent rate on
taxable Income between
ft.000 and $29,000.
Singles would pay at the 25
computer training
739 Second Ave.
Absecon
percent rate on taxable income
between $11,000 and
$42,000, while joint filers
, wouM pay at the 25 percent
rate on taxable income between
$29,000 and $70,000.
Singles would pay at the top
rate of 35 percent on taxable
income of $41,000 or more.
Tnose filing Jointly would pay
at the 35 percent rate on
taxable Income of $70,000 or
Exemption*. An exemption
would reduce your taxable
income by $3,000, nearly
doubling the current »»ftitip*
nan of $1,040. You would
generally claim one lor
yourself, your spouse and for
each qualified dependent.
Those 65 and older and blind
persons would no longer be
giveji an extra exemption, but
may Instead receive a tax
credit tf they qualify.
Zero Bracket Amount
Sometimes referred to as the
"standard deduction," the
zero bracket amount U a
Early Childhood Education
Phone About Our
New Seaville Location
652-1449
Individualized cirricuJum
Oakerest Village Rt. 50
Seavme
| EGG HARBOR TOWNSHIP
ADULT EVENING SCHOOL
3 jflgh School Dr. off English Creek El, Egg Harbor Twp.
FALL 1985 Classes will begin Sept. 23rd
REGISTRATION E,H.T.H.S.-Main Office. September 9th, nth 12th
7:00 p.m. - 9:00 p.m. Free Blood Pressure Testing - September 9th
11th. Free Water Testing Seminar - October 2nd -"7:30 : 9:30 Free -
Preparing for College Workshops - October 3rd, 10th, 17th
MONDAY
TUESDAY
THURSDAY
Aerobics
Accounting
Art of Crafts
Aerehici
Amateur fiadio
Auto Repair
Air-Brush Painting
Basic Landscaping Basketball
Banjo, (4) strings
Candy-Making Workshop Cake Decorating
Computer
Computer
Cake Decorating, Adv. Disc. Your Best Colors
Creative Visualization C.P.R. Computer, Inter, Flora] Arranging, Basic
Crewel Emoroidtry CrtaHvt Writing
Ifleoma Tax Prep.
Drawing and Oil Painting Decoy Carving
Linoleum Block Cutting &
Judo-Self Defense
Decoy Fatating Drawing Print
Photography, Basic Driver EdueatioB
Successful Investing
Piano, Big,
Floral Arranging, Adv. Photography II
Pottery, Intro,
Guitar, Beg.
Res Real Estate
Prep, for World of Work Microwave Cooking
Theater, ImprovtsatioBS, etc.
Sewing, Beg,
First Aid
Typing I
Stained Glass
Music Theory, Intro
Typing II
Journalism
Physical Fitness Exercise Upholstering
Tennis, Btg.
Puppetry
Volleyball
Tennis, Adv.
S.A.T, Review
Free Lance Writing
Woodworking
Sawing, Alt.
Yoga, Beg.
Stress Reduction
Woodworking
For Information Call Assertiveness
SEA Jn.r- •« *•,.. Boating Safety Course-September nth
653-1845 After 2 P.M. S.A.T, Review • Saturday Morning Ctassea - September Zlst
Earn Your Diploma Today
• CAPE MAY COUNTY •
VOCATIONAL ADULT HIGH SCHOOL
Earn Credits
Fon
• Work Experience
• Home Management
• Military
Service
• Community
Service
• Independent Study
•Apprenticeship
• Course Work
A FREE PROGRAM
REGISTER TODAY! CLASSES FORMING NOW!
VOCATIONAL
SCHOOLS
deduction everyone receives,
n ii built Into the tax table
and that part of your Income
—along witt your exemptions
— is not taxed. The tero
bracket amount would increase
to &en for single
persons. $3,600 for heads of
household and H,m far
married couples filing Jointly.
Iteataed
deduction*. TheM
are eiptnsea that can he
nbtHCted from your adjusted
gross Income. It pays
to jtppiiwi fljfliictlfloi and fili
a Form 1M0 flong tarn) only
when ttemlied dedaettoni art
puts- than the zero bracket
amount to which you are
entitled. The major Itemized
deductions allowed under the
president's
Proposal Includes:
charitable contributions,
mortgage Interest on your
principal residence, medical
expenses that exceed 5 percent
of your adjusted gross
income and interest on personal
loan up to |5,0OO plus
Investment Income. '
Lost dednctidni. Several
Important deductions would
be discontinued under the
president's proposal.
Itemliers would no longer be
permitted to deduct state and
local taxes on their federal
tax return.
Virtually all business
deductions for entertainment
would be eliminated. Only
half the cost of a business
meal over $25 (per penon)
would be deductible, but yon
could still deduct the fint $25.
Another big change In
deductions: So-called
"miscellaneous deductions"
— for investment advisory
fees, tax preparation fees,
safe deposit box rentals,
professional organisation
dues, union dues, etc.—would
be lumped together with
employee business upense*
not reimbursed by your
employer. These items would
become adjustments to income.
Only those miscellaneous
deductions and employee
business expenses greater
man one percent of adjusted
gross income would reduce
your tax bUL However, you
would no longer be required to
ltemlie to claim these $2,250 to $4,000.
package. Working married children would be deductible, D
deductions.
Medical Insurance. Em- persons have been allowed to
All of these rules are ont
IRA* These are Individual ployer contributions to deduct 10 percent of the lower-
proposals and they may'bi
Retirement Accounts that medical Insurance .premiums earning spouse's wages — up
give you a tax oreax for In- would be taxed. The first $10 a ID $3,000 - tram adjustable
coming weeks. Keep In mln<
vesting and building . a month for individual coverage grass income. This tax break
Ait thlfl summary U ""^"
retirement fund. Con- and the first $25 a month for would be eliminated.
only to provide a guide tc
tributions reduce your family coverage would be
understanding the tax rrforir
taxable Income and aren't added to the employee's gross Child can expenses. A tax debate. «iM
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FRIPAY, SEPTEMBER fi. l!)K5 THE SENTINEL.LEDGER, OCEAN CITY, N.J, PAGE 3 - SECTION TWO
Paine Webber opens Linwood office
V "Ugly" bartender Ken Brown, right receives congratulations from
Deauville Inn owner Walter Carpenter for placing second in the annual
fund-raising event for Multiple Sclerosis. Brown, the bar manager at the
Deauville, raised over 18,000 for the MS campaign, second highest in the
entire Delaware Valley.
He's the second 'ugliest' bartender
ini Delaware Valley, and proud of it
: Brown, a bartender at
0» Deauville Inn, Stratbmti,
has been voted the
second ugliest bartender in
the Delaware Valley—and be
to very proud of the title.
Brown placed second in the
annual MS Ugly Bartender
Contest, a summer fund
raiser (or The National
Multiple Sclerosis Society,
«laware Valley chapter,
t Ermines money for MS
medical research and patient
programs.
Ugly, actually stands for
"understanding, generous,
lovably you," A bartender in
(he contest receives votm for
each m cents donated In hit
tame for MS, Brown raised
over 18,000 at the Deauville
bin, placing second In the
tmtire Delaware Valley.
"It U a great honor for me
to have been named second
ugliest in the Delaware
Valley," Brown said,
"because it means that our
efiorts will benefit someone
Amnesty month for
merchants with scales
Merchants In Atlantic
Qtfniy using weights and
Manuring devices Oat are
Overdue for Inspection can
register with to Office of
Weights and Measures any
time In September without
penalty, according to County
Executive Dick Squires.
The amnesty period is Intended
to allow the office to
Insure the accuracy of devices
used to measure goods sold to
fe public, he said.
Under state law, weights
and measuring devices by
vendors for public sale must
be officially Inspected and
approved. The Office of
Weights and Measures must
be notified whenever scales,
gasoline pumps, fuel oil
metuji and other measuring
dl are put into service,
d or repaired. The
I .,'
*&*}&
office must also be notified If
a device has been used
commercially longer than 12
months since Its last Inspection.
Merchants will not be
prosecuted for past violations
as long as toe merchant
contacts the office by Sept. M
and makes any required
repairs promptly to Insure
that a device is in compliance.
Squires announced.
Merchants who don't report
equipment needing inspection
during September and who
are later found to be overdue
face penalties of at least f ISO
in fines, he noted.
The amnesty offer applies
to merchants throughout
Atlantic County, except In
Atlantic City. Atlantic City
merchants should contact the
city's Office of Weights and
Measures at 347-6526.
THE RIGHT NURSINO HOME IN THE R1OHT PLACi
who has been stricken by the
dreaded disease, MS.
"The Carpenter family
(owners of the Deauville Inn)
deserve much of the credit as
they organized so many of our
fund raising eventa," Brown
continued.
"We are also very grateful
to the patrons of the Deauville
and the employees who made
Bis all possible. When you
mink that a restaurant in a
small town such as Strathmere
can raise more money
than eltnllar establishments
in Philadelphia and South
Jersey for MS, it Is a
testimony to the fine, caring
people who patronize the
Deauville tan. They are Just
great," Brown said.
In addition to the big Jug
placed on the bar for
donations, the Deauville Inn
ran a free public concert by
The Hobo Band, boat cruises,
an "Ugly Auction," sold post
cards and a number of other
events to raise money to help
fight MS.
ABE
1100,000
OM.000
Qary Pitney, brineh
manager of the Rurason offia
for Paine Webber Inc., announced
the opening Tuesday
of • new area office hi the
National Community Bank
building. New Road and
Maple Avenue in Uaweed,
managed by Charles P.
Donovan Jr., vice president of
Investments and financial
counselor, and Jim Pcppas,
vice president of Investment
and commodities specialist
Is • major
New York
je trite over 320
worldwide.
In New York
of the six largest
broker firms In the
nation, offering stocks, bonds,
'mutual funds, annunltlei,
Insurance, estate planning,
commodities, options, tax
shelters, pension and profit
during plans. Keoghs and
"Paint Webber recognizes
(he outstanding opportunities
In the Atlantic County area,"
said Donovan, "and we art
very pleased to be associated
with the opening of its fint
branch office In the louthern
New Jersey area."
Donovan hai been a
prominent broker of Investments
and financial
counseling for the past 8Mi
year* in the Atlantic County
area. He is a graduate of
Glaasboro State College with
usiness women seek members
ocean
hold Its
Fall enrollment event,
"September song," In the
reception room at the Garden's
Plaza Condominium
7:30 pjn. Thursday, Sept 12.
All employad women in the
Business Atlantic and Cape May
County area who may be
interested in the jion-profit
organization, are welcome to
attend at guests.
Employer info is available
The Atlintle-Cipt May «djti, training grants, wage
Cbunty Job service employer
committee will present
Employer Info '85 from 0 a.m,
to 3 p.m. Tuesday, Sept 17 on
the Music Pier,
Representatives of state,
local and federal agendes wil]
provide answers to business
questions and discuss tax
N.J. SYMPHONY
Staeey Dunleavy of Ocean
City was employed this
summer by the New Jersey
Symphony as part of the
cooperative education
program at Montclalr Sate
College where she is majoring
In music. She earned college
credit, along with a salary
and experience, through the
co-op position.
HOW INEXPENSIVE
CAN TERM INSURANCE BE?
ANNUAL NON-SMOKER RATH
23
$117
S233
35
1132
S270
«
J213
1473
55
J375
$871
65
W7
S1.HI
$500,000 ft $1,000,000 BATES it. •qually ATTRACTIVE
Call ar Write
VITALE ASSOCIATES .
P.O. Box 11282, BMnt Park, Pa. 19117
(215)431-2810
All you
could ask for in a
Luxury Nursing
Center
has been
here all along.
<
You or a loved one has
worktd hard to achieve the
yp it good things in life. Now a
" nurilng center is needed and
J^ you must give up those
- amenities and plush comforts
you have become accustomed
to, right?
Wrong!
At Linwood, living well is a way of life whither you are
htre to convalesce from accident or illness, or make this
your home. Our well trained staff offer you psaes of mind *)
knowing your personal, medical and social cares will be
completely taken care of in a program designed for your
particular needs, / '
: What about cost?
Unlike some other nursing centers who have a number of
hidden charges for many basic services, you can find staying
at Linwood can actually cost you less and give you more.
The finest in medical care has been combined with
the amenities, decor and comfort of a fine hotel to
insure your personal satisfaction.
We invite you to stop in or call to see first hand that
> Linwood is all you need for quality care and gracious living. '
&• : ' ' r : " ; " \ -'Vr-V.' •'
VT, New Road &Ceh^al^ve^tie,Unw,oM^e^J0^^ 08^21 V/ ,