John Smith tax issue: 1a). How is the $300‚000 treated for purposes of federal income tax? The $300‚000 that John Smith received would be treated as income. According to the IRS‚ income is classified as “earned income includes all the taxable income and wages you get from working‚” such as: • wages‚ salaries‚ tips‚ and other taxable employee pay; • union strike benefits; • long-term disability benefits received prior to minimum retirement age; • net earnings from self-employment‚ such as own
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Week 4 – You Decide John Smith tax issues: a. How is the $300‚000 treated for purposes of Federal tax income? The $300‚000 that John received for services rendered from the court case is considered earned income for the year. The $300‚000 is earned income for John Smith and will be reported as gross income either on Schedule C of the individual return or as gross income on the LLC return. “US code defines gross income in 26 U.S.C § 61 states except as otherwise provided in this subtitle
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Captain John Smith John Smith born to Alice Rickard and George Smith left home at the age of sixteen after the death of his father. His journey led him to fight for the Independence of Spain‚ become a leader in the Long War and actively involved with the Virginia Company’s to colonize Virginia. During his journey he faced many obstacles and challenges. Smith wrote journals that were informative of his adventures and carved the future for US history. Considered one of our country’s founding fathers
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To the Student: John Smith is a character of some legend in American history. He is a controversial early leader of the near failed settlement at Jamestown‚ Virginia. There are a lot of theories and arguments about Smith’s credibility as an author. Considering the early failure of Jamestown and the Virginia Company’s desire to cover up the disaster‚ Smith was first hailed as a hero by the Company only later to be used as their scapegoat. Wikipedia has an excellent short explanation on the doubtful
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Items from Triguero’s retail music store Classification Normal Balance A. Amounts paid to a mall for rent. Expense Debit B. Amounts to be paid in 10 days to suppliers. Liability Credit C. A new fax machine purchased for office use. Asset Debit D. Land held as an investment. Asset Debit E. Amounts due from customers. Asset Debit F. Daily sales of merchandise sold. Revenue Credit G. Promotional costs to publicize a concert. Expense Debit H. A long-term loan owed to
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Food fight: Fierce price competition has benefited consumers but eaten into profit IBISWorld Industry Report G4111 Supermarkets and Grocery Stores in Australia June 2014 Brooke Tonkin 2 About this Industry 14 Demand Determinants 29 Operating Conditions 2 Industry Definition 15 Major Markets 29 Capital Intensity 2 Main Activities 16 International Trade 30 Technology & Systems 2 Similar Industries 17 Business Locations 30 Revenue Volatility
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Introduction This piece of eassy will contain two sections. In this part of the eassy I will discuss the meaning and importance of equity in taxation since Adam Smith included it as one of the Canons of taxation. Equity is defined as “redistributive taxation induces allocative distortions by driving a wedge between the price the consumer pays and the price the producer receives” (Begg et al. 2005‚ p.219). There are two types of equity to be considered: the horizontal equity‚ and vertical equity
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When discussing the notable leader of the Jamestown Colony‚ otherwise known as John Smith‚ a rather interesting has arisen regarding his genuine experience with the daughter of Powhatan‚ the Native American Chief. The girl‚ widely known as Pocahontas‚ is known for her inextricable link to Captain John Smith‚ Smith who had a suspiciously idyllic story to share. According to the National Park Service Website on Historical Jamestown‚ Smith’s tale involved being brought before Chief Powhatan and preparing
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Pocahontas and John Smith is a story that has been told time and time again. Disney even made a movie about their story‚ teaching the importance of taking care of the earth. The real story is a firsthand account from John Smith. He says that in 1607‚ he was captured by an Indian tribe‚ at some point he meets Pocahontas and she feels sympathy for him and begs her father not to execute him‚ thus saving his life. There has always been questions bought up about this though‚ many question whether Smith was telling
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“The Truth of John Smith” The text I have chosen to write this essay about is an account by John Smith about his experiences in the New World and his first encounter with Native American people. The text I’m using is from the coursepack page 105 to page 107‚ General History of Virginia‚ New England and the Summer Isles‚ from the second chapter in book three. Although this text holds many interesting aspects‚ I have chosen the one aspect that interested me the most‚ namely‚ in which way the truth
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