Factors Determining The Developmental Pace Of A Country

Multiple factors determine the developmental pace of a country. One important factor that has determined the development of America is its economy. Unemployment rates, inflation, and rise in poverty are just a few economic indicators that a country is not developing properly. Cutting poverty in order to help the poor and enlarge the middle class is a major goal the U.S. is trying to achieve. According to The State of Working America, the rise in poverty is clearly depicted following the most recent American economic recession. The best way to cut poverty in America is to raise the minimum wage, create new jobs, and expand Medicaid. One of the main causes of poverty in America is due to the low minimum wage that barely supports living conditions. According to statistics gathered by the United States Census Bureau, the poverty rate in America was 14.8 percent in 2014, which was not significantly different from 2013. 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Famous Inventions History of the Bulldozer

Some historians give credit to an American named Benjamin Holt for inventing the first bulldozer in 1904, and originally calling it a caterpillar or a crawler tractor. However, this would be misleading. Benjamin Holt Did Not Build a Bulldozer Expert Deas Plant from the Gold Coast, Queensland, Australia commented that Benjamin Holt developed an endless chain tread for his steam traction engine at the end of 1904. At around the same time, the Hornsby company of England converted one of its wheeled steam traction engines ​to a tracklayer [crawler] format based on a patent granted to their chief engineer. Neither of these developments was a bulldozer, both were purely and simply track-laying traction engines. However, the Hornsbys version was closer to the bulldozers we know today in that it was steered by controlling power to each track instead of having a tiller wheel out in front of the tracks as Holts machines did. Hornsby sold their patents to Benjamin Holt around 1913-14.​ First Came the Bulldozer Blade It is not certain who invented the first bulldozer, however, the bulldozer blade was in use before the invention of any tractor. It consisted of a frame with a blade at the front into which were harnessed two mules. The mules would push the blade into a heap of dirt dumped by a cart and spread the dirt or push it over a bank to fill a hole or gully. The fun part came when you wanted the mules to back up for the next push. Definition of a Bulldozer The term bulldozer technically refers only to a shovel-like blade, over the years people have come to associate the term bulldozer to the entire vehicle both blade and crawler tractor combined. Deas Plant added that There is also some debate about who first fitted a bulldozer blade to a track-laying tractor, perhaps the La Plante-Choate company, one of the early manufacturers of bulldozer blades. Again, there are various claimants for the title of first to fit a power control to one of these bulldozer blades with Robert Gilmour Le Tourneau probably being the leading contender. The Caterpillar Tractor Company The name caterpillar was coined by a photographer working for Benjamin Holt who was taking photos of one of Holts track-laying or crawler tractors. Looking at the machines upside-down image through his camera lens, he commented that the top of the track undulating over its carrier rollers looked like a caterpillar. Benjamin Holt liked the comparison and adopted it as the name for his track-laying system. He was using it for some years before the formation of the Caterpillar Tractor Company. The Caterpillar Tractor Company was formed by the merger of the Holt company and their major competitor, the C. L. Best Gas Tractor Co., in August 1925. What Do Bulldozers and Bulls Have in Common? It appears that the word bulldozer came from the habit of stronger bulls pushing their lesser rivals backward in not-so-serious contests of strength outside of the mating season. These contests take on a more serious note during the mating season. According to Bulldozers written by Sam Sargent and Michael Alves: Around 1880, the common usage of bull-dose in the United States meant administering a large and efficient dose of any sort of medicine or punishment. If you bull-dosed someone, you gave him a severe whipping or coerced or intimidated him in some other way, such as by holding a gun to his head. In 1886, with a slight variation in spelling, a bulldozer had come to mean both a large-caliber pistol and the person who wielded it. By the late 1800s, bulldozing came to mean using brawny force to push over, or through, any obstacle.

Ladbrokes Business Model - 1607 Words

Name: Lecturer: Module: Business Environment Assignment 1 Word Count: /1500 Contents Page Page Number 1. Introduction 3 2. Findings 3 3. P.E.S.T.E.L 4 4. Conclusion 5 4.1. References†¦show more content†¦It is projected the move will save around  £7 million per year.† (Mr. Sports Book, 2010) P.E.S.T.E.L In the U.K a Gambling Commission aids the Government. The Gambling Commission enforces laws that the gambling services have to abide by and are put in place so the gambling companies do not exploit customers. In the present global economy some laws may restrict companies, which in turn could lead to decreasing profits. In an attempt to cut costs Ladbrokes moved their online services to Gibraltar, which is a tax haven. The licenses are also different in Gibraltar compared to the England, this is important for companies because they can cut costs, as well as maximize their profits without the interference of the U.K Gambling commission. The recession was a major economic factor that saw Ladbrokes sales fall by 28%. The recession acted like a domino effect, which saw customers of Ladbrokes not spending as much as they would have if the economy was strong. Ladbrokes acted by cutting costs, which could help in the long run. They imposed a pay freeze across the company til 2011 as well as moving to Gibraltar and closing down call centres, notably its Aintree call centres with a loss of 263 jobs. Peter Erksine, Chairman of Ladbrokes PLC explained that although Ladbrokes was affected by the recession they still generated cash. We were impacted by the deteriorating economic environment... however, Ladbrokes continues to be a profitable and cashShow MoreRelatedOperations Management of Ladbrokes Plc3988 Words   |  16 PagesIntroduction Ladbrokes plc is one of the leading bookmakers in the high street in UK. It was established in 1886. Currently Ladbrokes plc operating with over 2200 branches across the UK and also operates in Ireland, Belgium and Spain. In this assignment we are focusing on the operational activities of the Ladbrokes plc. Task 1 a) The role of operations management The operations management can be defined as the systematic processes which convert inputs in to finished goods or serviceRead MoreArticle 4 : Coral Casino1859 Words   |  8 Pagesselection so formidable, so if you love to spin the slots you will never be left wanting. Customer Support If you take anything away from this review it should be this, Coral Casino is by far one of the safest around. Taking the model created for their sportsbook business, they have carried it over to the world of online casino with great effect. When you play at Coral Casino you truly do feel secure and that the casino has robust security measures in place to keep you protected. Should things startRead MoreStudy on Online Gambling Market4064 Words   |  17 Pagesline with offering text and audio commentary for sports events. This encourages consumers to use the internet rather than go to the casino or the betting shops. Porters Five force analysis Mr Porter was a scholar and management consultant. His model is based on the insight that a corporate strategy should meet the opportunities and threats in the organisations external environment. Porter has identified five competitive forces that shape every industry and every market. These forces determineRead MoreCorporate identity16799 Words   |  68 PagesIn their composite, these approaches have the potential to form the foundations of a new approach to management which might be termed ``corporate marketing’’. In addition to articulating the author’s understanding of the attributes regarding a business identity (the umbrella label used to cover corporate identity, organisational identification and visual identity) the author outlines the characteristics of corporate marketing and introduces a new corporate marketing mix based on the mnemonicRead MoreExploring Corporate Strategy - Case164366 Words   |  658 Pages22/10/2007 11:54 Page 599 Guide to using the case studies The main text of this book includes 87 short illustrations and 15 case examples which have been chosen to enlarge speciï ¬ c issues in the text and/or provide practical examples of how business and public sector organisations are managing strategic issues. The case studies which follow allow the reader to extend this linking of theory and practice further by analysing the strategic issues of speciï ¬ c organisations in much greater depth –

Taxation Law Tax Practice Wiley Coyote

Question: Discuss about the Taxation Law Tax Practice Wiley Coyote. Answer: Background information of Wiley Coyote Wiley Coyote is a businessperson who ventures in many businesses, namely: Coyote Rocket Shoes Pty Ltd and the Rocketfone Partnership he has with Ralph. Besides, Wiley Coyote has a clinic called the Rocket Science Pain Management Clinics. He has been an astute taxpayer over the years. Coyote Rocket Shoes Pty Ltd sells products such as rocket fuel, rocket repairs, shoe repairs, and osteopathy and chiropractic services through 10 clinics (Bateman, and Kingston, 2007, p.135). Due to many government restrictions that he had foreseen, Wiley Coyote sold the Coyote Rocket Shoes Pty Ltd in 2014 and remained with the Rocket Science Pain Management Clinics, which has realized an increase in profits since he sold his primary business. In 2016, Coyote Rocket Shoes Pty Ltd realized a net capital gain of $ 18,000 from the sale of his used and refurbished rocket shoes, which he had purchased two years ago. During that year, he also received partly franked dividend of $ 7,000 in a company that he had invested in which had $ 1,000 of franking credits (Jones, Rhoades-Catanach, and Lemler, 2010, pp.599-600). Despite this, he is a beneficiary of The Coyote Family Trust. On his basis income from the sale of the refurbished rocket shoes, Wiley Coyote is entitled to other deductions. These deductions include an amount of $ 1,000 for the cost of attending a seminar on how to Mix Rocket Fuel Safely and an amount of $ 700 for the expense of a decline in value of the computer he used for work-related matters. Besides, he incurred an amount of $ 560 for the cost he incurred on the repairs to the equipment he used to refurbish the second-hand rocket shoes, and an amount of $ 540, which he suffered as fees charged by his tax account ant who helped him file his tax return for the previous income year. Lastly, he donated $ 300 which he sent to a charitable organization that is a registered as a deductible gift recipient which is considered as an expense to Wiley Coyote. Here, Wiley Coyote made a donation in exchange of receives six tickets in a car raffle. Wiley also paid an amount of $ 4,000 in exchange for private health insurance for him and his wife. His PAYG withheld for the year amounted to $15,500. In determining the assessable income of Coyote Rocket Shoes Pty Ltd, we first consider what the primary business operations are. In this case, the Coyote Rocket Shoes Pty Ltd manufactures and sells rocket fuel, rocket repairs, and shoe repairs. The only income that Wiley Coyote received was the net capital gain of $ 18,000 from the sale of his used and refurbished rocket shoes since he had sold the business two years ago. His assessable income for the income year 2016 would, therefore, be the net capital gain as it was received from ordinary business operations that is the sale of rocket shoes. Taxation of dividends is done in such a way that their withholding tax is remitted to the government, which is final (King, and Fullerton, 2010). In this case, franking credits are the withholding tax on the dividends. This implies that the partly franked dividends have been taxed, if they are included in the assessable income, they will result to double taxation which means that they should n ot be included in the assessable income (Murphy, Higgins, and Lightner, 2010, pp.601-602). The same notion is used for the assessable expenses. Section 8-1 (1) of the Income Assessment Act Tax (IAAT) 1997 states that costs incurred from the ordinary business operations should be deductible for tax purposes. In this case, all the expenses incurred by Coyote Rocket Shoes Pty Ltd were out of the ordinary business operations and should, therefore, be deductible for taxation (Mankiw, Weinzierl, and Yagan, 2009, pp.147-174). Below is the preparation of the taxable income of Wiley Coyote. Coyote Rocket Shoes Pty Ltd Taxable Income As at 2015/ 2016 Details Amount ($) Net capital gain $ 18,000.00 Deductions Franking credits $ 1,000.00 Cost of seminar he attended on 'How to Mix Rocket Fuel Safely' $ 700.00 Repairs to equipment $ 560.00 Accountant's salary $ 540.00 Donation to charity (deductible) $ 300.00 Private health insurance $ 4,000.00 Taxable Income $ 10,900.00 Tax payable/ (refundable) Taxable Income $ 10,900.00 Less: Medical levy (2%* $ 10,900) $ 218.00 Less: PAYG Withheld $ 15,500.00 Net Taxable Income $ -4,818.00 Tax $ - Total tax payable/ (refundable) $ -4,818.00 Based on the computation of the taxable income of Coyote Rocket Shoes Pty Ltd, Wiley Coyote is a little earner since his taxable income for the year amounted to $ 10,900.00, and therefore he is subject to $ 0 taxes as seen in the table above (Shan, 2011, pp.177-188). However, it is a compulsory requirement that any individual remits PAYG withheld and a medical levy of 2% before paying any taxes (Tanzi, 2014). Coyote Rocket Shoes Pty Ltd has a PAYG withheld amounted to $ 15,500.00 while his medical levy that he was subject to is $ 218.00. The net tax income of Wiley Coyote is, therefore, -$ 4,818, which was computed by deducting the PAYG withheld of $ 15,500.00 and medical levy of $ 218.00 from the taxable income of $ 10,900.00 (Woellner, Barkoczy, Murphy, Evans, and Pinto, 2016). To conclude on this part, Coyote Rocket Shoes Pty Ltd has a tax refundable of -$ 4,818.00. This was derived by taking charge of $ 0 plus a net taxable income of -$ 4,818.00. This is because anyone who earns between $ 0 and $ 18,200 is exempt from taxes as he or she is a low-income earner and therefore pays $ 0 taxes (Spilker, Ayers, Robinson, Outslay, Worsham, Barrick, Weaver, and Mcguire, 2010, pp.602-603). Taxation of Rocket Science Pain Management Clinics for the Financial Year 2015/16 Calculation of the taxable income According to section 8-1 (1) of the IAAT 1997, any revenue received and payments made out of the ordinary business operations should be assessed or deductible for tax purposes. The receipts of Rocket Science Pain Management Clinics include fees of $ 820,000 from cash patients, fees of $ 1,075,000 from health funds, an amount of $ 46,800, which was the money, received from the sale of burn lotions, and workers compensation receipts amounting to $ 67,000. The clinics expenses, on the other hand, included staff salaries (net of PAYG withholding) amounting to $ 640,000, the PAYG withholding forwarded to the ATO amounting to $ 295,000. The clinic also had PAYG installments of $ 165,000; a superannuation guarantees Levy of $ 84,000 and entertainment for special customers at sports venues amounting to $ 2,000. In addition, Rocket Science Pain Management Clinics incurred an amount of $ 11,000 for linen, which comprised of towels, bed sheets, and pillow slips with a useful life of fewer than twelve months. Besides, he paid laundry expenses of $ 6,000, aromatherapy oils and candles of $ 58,000, artworks of $ 8,000, rent amounting to $ 286,000, and other expenses amounting to $ 63,000. All these are deductible expenses except the PAYG withholding forwarded to the ATO and the PAYG installments (Murphy, Higgins, and Lightner, 2010, pp.601-602). Rocket Science Pain Management Clinics had beginning creditors of $ 1,000 and closing creditors of $ 500. Wiley, therefore, made a payment of $ 500 to the creditors, which should be included in the deductible expenses. The amount of $ 700 used for the family household should not be included in the deductible expenses since it was not incurred out of the normal business operation. Lastly, Wiley had a tax loss of $ 3,800 for the previous income year, which should be offset in this financial years taxable income, and he accepted a bike as a payment from a client at a market value of $ 250. These should be included in the deductible expenses and the assessable income respectively (Shan, 2011, pp.177-188). Below is the computation of the taxable income of Rocket Science Pain Management Clinics. Rocket Science Pain Management Clinic Taxable income As at 2015/ 2016 Details Amount ($) Receipts Bike as payment by client $ 250.00 Fees from cash patients $ 820,000.00 Fees from health funds $ 1,075,000.00 Sale of burn lotions- cash received ($ 46,800-$ 11,000) $ 36,800.00 Workers' compensation receipts ($ 67,000-$ 13,000) $ 54,000.00 Total receipts $ 1,986,050.00 Less: Expenses Staff salaries (Net of PAYG Withholding) $ 640,000.00 Linen (Towels, Bed sheets, Pillow ships)(Effective life is less than 12 months) $ 11,000.00 Laundry expenses (External services) $ 6,000.00 Aromatherapy oils and candles ($ 58,000-$ 3,000) $ 55,000.00 Artworks (Each piece under $ 1,000 purchased 1/9/15) $ 8,000.00 Rent (includes $ 32,000 paid up to 31 July 2016) $ 286,000.00 Other expenses (all deductible) $ 63,000.00 Payment of creditors ($ 1,000-$ 500) $ 500.00 Tax loss as at 30/6/2015 $ 3,800.00 Depreciation of clinic beds $ 9,000.00 Depreciation of desktop PC $ 6,750.00 Depreciation of laptop PC $ 500.00 Depreciation of office furniture $ 1,927.39 Depreciation of clinic furniture $ 1,997.26 Depreciation of low value pool $ 2,250.00 Total expenses $ 1,095,724.65 Taxable income $ 890,325.35 Calculation of depreciation of ten clinic beds Calculation of depreciation of ten desktop PC Calculation of depreciation of one laptop PC Calculation of depreciation of office furniture (each piece $ 1,000) Calculation of depreciation of clinic furniture (each piece $ 1,000) Calculation of depreciation of low-value pool (ii). Calculation of closing balance of clinics low-value pool Calculation of the Taxable income of Rockectfone Taxable income of Rockectfone Taxable income of Rockectfone As at 2015/ 2016 Details Amount ($) Receipts Income from trading $ 396,000.00 Total receipts $ 396,000.00 Payments Trading stock and overheads $ 84,000.00 Superannuation contribution on behalf of Wiley $ 24,000.00 Salary paid to Anita Coyote $ 45,000.00 Total payments $ 153,000.00 Net income (Taxable income) $ 243,000.00 Section 8-1 (1) of the IAAT 1997 states that any income realized and expenses made should be out of the ordinary business operations to be considered as assessable income or deductible expenses for taxation purposes. The revenues of Rockectfone included income from trading amounting to $ 396,000, fully franked dividends from Investopedia Ltd amounting to $ 28,000, and proceeds from the sale of shares in Lamb Supreme Ltd amounting to $ 7,000. The only assessable income, in this case, is the revenue from trading of $ 396,000 since it was realized from ordinary business operations (Spilker, Ayers, Robinson, Outslay, Worsham, Barrick, Weaver, and Mcguire, 2010, pp.602-603). Taxation of franked dividends is final, and only the franking credits should be recognized. The payments made by Rockectfone Corporation included trading stock and overheads amounting to $ 84,000, salary paid to Wiley amounting to $ 75,000, salary to Anita Coyote amounting to $ 45,000, and rent paid to Wiley amounting to $ 55,000 which included an advance of $ 30,000. Besides, the business paid interest to Ralph on loan amounting to $ 17,000, and interest on capital paid to Wiley amounting to $ 15,000. Furthermore, the company paid interest on money to Ralph amounting to $ 12,000, and superannuation contributed on behalf of Wiley amounting to $ 24,000 (Woellner, Barkoczy, Murphy, Evans, and Pinto, 2016). All these are deductible expenses to the business except the salary paid to Wiley, the rent paid to Wiley, the interest paid to Ralph on loan, and the interest on capital paid to Ralph and Wiley. Based on the table above, Rockectfone Corporation had a net income or taxable income of $ 243,000.00. Distribution of Net Income Distribution of Net Income (Taxable income) Details Wiley Ralph Total Salary $ 75,000.00 $ - $ 75,000.00 Rent paid $ 25,000.00 $ - $ 25,000.00 Interest on capital $ 15,000.00 $ 12,000.00 $ 27,000.00 Interest on loan $ - $ 17,000.00 $ 17,000.00 Profit or loss share (2:1) $ 66,000.00 $ 33,000.00 $ 99,000.00 Total Net income (Taxable income) $ 181,000.00 $ 62,000.00 $ 243,000.00 Since this is a small partnership entity, an apportionment of net income or taxable income ought to be prepared as shown above. This statement of distribution divides the taxable income between the partners that is Wiley and Ralph in the ratio of 2:1. Based on the above table, the profit to be distributed amounted to $ 99,000. Wiley received a benefit from the partnership of $ 66,000 while Ralph received a profit of $ 33,000. The total taxable income for Wiley amounted to $ 181,000 while that of Ralph amounted to $ 62,000 as seen in the table above (Bateman, and Kingston, 2007, p.135).Other Considerations When preparing Wileys tax returns, other elements should be considered. These include the PAYG withholding forwarded to the ATO, PAYG installments and any other levies such as the medical tax and insurance levy that the company is subject to (Jones, Rhoades-Catanach, and Lemler, 2010, pp.599-600). In addition, one should consider whether Rocket Science Pain Management Clinics is a loss-making firm or a profit-making company. Ideally, if a company realizes a loss, it should not be taxed, but rather it should be given tax exemptions. Accounting for the Coyote Trust The Coyote Trust Net income As at 2015/ 2016 Details Amount ($) Gross income $ 545,000.00 Total receipts $ 545,000.00 Less: Deductible trust expenses Wages paid to Sandy $ 30,000.00 Salaries paid to casual staff $ 40,000.00 Deductible overheads $ 145,000.00 Gifts to Desert Views (a DGR) $ 5,000.00 Total payments $ 220,000.00 Net income $ 325,000.00 Distribution of Net Income Net income $ 325,000.00 Amount to be distributed $ 292,500.00 To Wiley $ 113,750.00 To Aby $ 48,750.00 To Sandy $ 48,750.00 To Jack $ 48,750.00 To Lambchops $ 16,250.00 To The Society for the Prevention of Cruelty to Roadrunners $ 16,250.00 Balance $ 32,500.00 Based on the table above, Wiley will receive an amount of $ 113,750.00 from the trust, Aby, Sandy, and Jack will receive $ 48,750.00 each while Lambchops and The Society for the Prevention of Cruelty to Roadrunners will receive $ 16,250.00 each. The balance that should remain in the partnership amounts to $ 32,500.00 (King, and Fullerton, 2010). References Bateman, H. and Kingston, G., 2007. Superannuation and personal income tax reform.Austin. Tax F.,22, p.135. Retrieved on 26 January 2017. Jones, S.M., Rhoades-Catanach, S.C. and Lemler, B., 2010. Principles of taxation for business and investment planning.Issues in Accounting Education,25(3), pp.599-600. Retrieved on 26 January 2017. King, M.A., and Fullerton, D., 2010.The taxation of income from capital: A comparative study of the United States, the United Kingdom, Sweden and West Germany. University of Chicago Press. Retrieved on 26 January 2017. Mankiw, N.G., Weinzierl, M., and Yagan, D., 2009. Optimal taxation in theory and practice.The Journal of Economic Perspectives,23(4), pp.147-174. Retrieved on 26 January 2017. Murphy, K.E., Higgins, M. and Lightner, T., 2010. Concepts in Federal Taxation.Issues in Accounting Education,25(3), pp.601-602. Retrieved on 26 January 2017 Shan, H., 2011. The effect of capital gains taxation on home sales: Evidence from the Taxpayer Relief Act of 1997.Journal of Public Economics,95(1), pp.177-188. Retrieved on 26 January 2017. Spilker, B.C., Ayers, B.C., Robinson, J.R., Outslay, E., Worsham, R.G., Barrick, J.A., Weaver, C.D., and Mcguire, S.T., 2010. Taxation of Individuals.Issues in Accounting Education,25(3), pp.602-603. Retrieved on 26 January 2017. Woellner, R., Barkoczy, S., Murphy, S., Evans, C. and Pinto, D., 2016.Australian Taxation Law 2016. Oxford University Press. Retrieved on 26 January 2017.