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Henld t Lantern 30 December ai

Phone Bills Due To Drop

NEWARK - The federal txciae tax on trleptytoe service'*will drop from two percent fo one percent Jan. I, Ravin# New Jeraey Bell cuiMomera about $18 million on their telephone billB during the year N J BHI estimate^ that the reduction equates to an average annual savings of abdut $4 per residential customer . 1 y THE EXCISE tax is he nig phased out by reducing^

the percentage each Jan. 1, but the tax won’t disappear entirely at year’s end, as Congress voted several years ago This year’s tax bill.postpbnes that, keeping it at one percent until Jan. 1,1985 The federal excise tax is paid on N most local service and equipment charge? and on charges for interstate and intrastate long distance calls. CONGRESS FIRST imposcd the excise tax in 1914.

Although repealed briefly after the war. It was reinstated during the Depression. During the 1940s and, 1950b, the rate was as high as Ig percent on local telephone service and 25 percerf? on long- '

distance service.

Several years ago. Congress voted to eliminate the fax gradually. In recent years, it has dropped one percent each year and was scheduled to be eliminated •

at the ehd of 1982.

Appointed By Marine

N. CAPE MAY - The Marine National Bank has appointed Melanie Ruppel as branch manager of its office here, and Roy M. BAker as assistant manager, it was announced by James L. Billmeyer, president and chief executive officer. Mrs. Ruppel has been with Marine for five years. She was formerly assistant manager in Wildwood. She also has been associated

'with the First National Bank and Trust Co. of Kearney. She is a resident of Del Haven with her bus-

p

illionaire

Get a Double-Dip IRA from Marine

ft •

It’s the new kind of IRA — and it’s for everyone who world)

Eapi up to $2,000 — save up to $24X10

Changes in the laws for 1982 and beypnd make our Double Dip Account an even more attractive way to put something away for retirement beyond what you. will get from Social Security. You put money in and leave it in until you’re at least 59*6. Then draw it 6ut in a lump sum — or monthly at your option. And -now, everyone can have a Double Dip IRA even if ytiu also have a retirement plan at work.

If you earn over $2,000 in any year, you Catt 'put up to a .maximum of $2,000 in your Double Dip IRA. If you eay less than $2,000, you can put lOt&b^of what you earn in the account: If you have a non-working spouse, your maximum Double Dip Account can be $2t250 — as long as yoti earn at l6est tnat much. If both parties work, you can each contribute 100% of your salary up to $2,000 — for a maximum Double Dip Account of $4,000. If either earns less

Savings are tax deductible; interest is tax-deferred

ute up to 100% of the amount earned

You can deduct the amount you. put into your Double Dip Account from, your income tax. Then, the interest your deposits earn remain taxdeferfed until you retire and start to draw the money out. Since it’s likely you’ll be in a lower tax bracket then, you’ll pay less tax when you finally pay at all.

Two ways to earn high interest on your savings It’s easy and convenient to open an ERA with Marine. Choose a guaranteed Fixed Rale Certificate with a minimum of $1,000. 1 Or choose a Variable Rate Account with no minimum deposit. Or you can arrange to transfer funds automatically on a periodic basis. ,

Start saving at age 25 — be a millionaire at retirement

25 30

35

40

45

At 65. you will have saved

80,000 • ,. * 70,000

60,000

SO.OQO^

40,000

Accumulated interest will add

1.638)248.78 896,962.23

-480,588.21

248.W7.80

121,397147

Total

. $ 1)710,248.78 $906,962.23

$540,568.21

$298,1^7.80

$161,397.47\

(Above chart haled on the auumplion that your depoaiU will earn InteTwt at a rate of 12% per annum, ilmple Intern* credited annually The actual Internal rate paid over the life of your Double-Dip Account may va>y conaitlemhly from thla example. All figure* are protection* and thl* doe* not represent a guarantee |

Depend on the Marines

c Avenue

AdminMratlra Office* 3200 Pacific Avanue Norm WILDWOOD 'l«th and Nm* tmmy

CAPE MAY 030 Washington Strew

NORTH CAPE MAY Raythore and Town Bank CAPE MAY COURT HOUSE Magnolia and Denniiville OCEAN OTP 10th a A*bury Avenue

MARMORA 22 Rnot^ell VILLAS Raythor? ft Tenneti Member KDIC

MARINE National Bank

band John, and is active in the National Associatioh of Bank Women. Baker was previously assiciated with AVCO Financial Services. He is a graduate of Lower .Cape May Regional High School, and is ^associated with the Greater Wildwood Jkycees. R6y is a resident of Cape May with his wife Donna and Daughter Shannon.

lected By Bar Assn. AUfn I. Gould, Esq., was elected the new president of the Cape May County Bdr Association at the group’s recent meeting. Gould, 41, is currently president of the Cape May County Board of Taxation and .vide-chairman of the District I Ethics Cot mmittee, covering Cape May, CumbGould erland, All- . antic and Salem Counties. He succeeds P. Martin Way III, Esq. Gould is solicitor for. various municipal agencies and charitable organizations. He intends to continue the association’s^ expansion projects commpnced during Way’s presidency, including increased membership participation in state and county activities that havi significant impart on the community and its attorneys. Gould is engaged in the general pr<ctic8 of law in Wildwood. He obtained his college degree from the University of Miami in’1961 and his Juris Doctor Degrfee from the University of Miami School of Law in 1964. He is a member of the New Jersey and Florida bars. The other officers and trustees installed at the November meeting for the 1981-82 term were: John F. Callinan, Esq., vice president, of the firm of Perskie and Callinan; Paul W. Dare, Esq., secretary, of the firm of Gore lick, Groon, Dare and Homstine; Louis T. Hornstine, Esq., treasurer of Gorelick, Groon, Dare and Hornstine; John Corino, Esq., trustee, of Corino and Dwyer, James A. Waldron, Esq., trustee, of Rubins and Waldron; Joseph J. Rodgers, Esq., trustee, of Fineberg and Rodgers; Edgar R. Holmes, Esq., trustee, of Holmes and Alvarez; and P. Martin Way, Esq., trustee, of Way, Way and Taylor. Benefits For POWs COURT HOUSE - A larger group of former prisoners of war (POWs) are now eligible for Veteran's Administration benefits, the American Red Cross announced recently. As a result of the President's signing of the •'Former Prisoner of War Benefits Act of 1981,” those incarcerated more than 30 days are to be provided VA inpatient and outpatient treatment on a priority basis, the Red Cross said