Casino taxes Essay Example | Topics and Well Written Essays - 750 words

Casino taxes - Essay Example Casino taxes The basic casino gaming tax laws which are to be followed by all states including Nevada and New Jersey are the following: Winnings from all types of gambling are taxable and should be declared as income on the tax return, while the losses from gambling are to be deducted as an itemized deduction for the spare time players, restricted to the amount of winnings declared. Players who are professional gamblers must hold a file as self-employed business using Schedule C. Schedule C is an Internal Revenue Service form used to file profits and losses by a company (What is Schedule C, 2011). The worth of comps received is considered as gaming winnings and are included in the total winnings. Though, the person is allowed to deduct the losses to counterbalance the income from the comps. The winnings and losses are reported only in the year of occurrence. Excessive losses are not to be carried forward or backward to balance winnings in other years. Married couples who file a joint return shou ld combine their winnings losses, and account only one figure for both. According to the instructions issued by IRS, lumping is unacceptable. Lumping is either reporting only one final win figure and no losses, or reporting nothing if the net value from gambling is a negative. A person must report total of the winning sessions individually from the total of the losing sessions. The Internal Revenue Service requires an accurate record to be maintained to substantiate ones wins and losses. The records must contain at least the following information: the date and type of person’s particular wager; the name of the gaming organization or establishment with its location and address; the names of the other people, if any, present with the player; the amount the person won or lost. A report containing wagering tickets or receipts; W-2Gs; credit card records such as cash advances; cancelled checks; receipts provided by the gambling establishment and bank withdrawals is also require by the IRS to substantiate a person’s diary. A person does not submit these records with return but will be needed if the person is to be audited. As casinos and card rooms are subjected to the money-laundering rules therefore they must report cumulative cash transactions of ten thousand dollars or more in one day to the IRS. They can also make out such reports for amounts as low as two thousand dollars if they are doubtful and apprehensive. Once a casino has a person’s SSN and ID on record, they may issue these Cash Transaction Reports (CTRs) without his/her knowledge. Though the basic rules of casino gaming taxes are almost the same for every state but there are some differences as well. The revenues generated from the taxes in Nevada are used by the local governments and state general fund. In New Jersey the casino revenues provide financial assistance to the disabled and elderly. (State Tax Systems: recreational gambling, 2010) Casino gaming taxes in Nevada: A licens e fee is imposed at both local and state level. The range of County license fees is from $10 to $50 per month, whereas, the range of State monthly license fees is from 3% to 6.25% of the gross revenues. Range of Annual state license fees is from $100 to $6,000 for each year depending on size of the organization. Annually, an additional $80 fee is imposed on every slot machine for an unrestricted state license. Quarterly fee ranges from $45 to $225 plus 90 per machine for a restricted state licence fee (Rafool, 2004). Annually, $ 250 tax is imposed each slot machine. Casino entertainment tax equals to 10% of amounts

The Fish by Elizabeth Bishop Research Paper Example | Topics and Well Written Essays - 1250 words

The Fish by Elizabeth Bishop - Research Paper Example Although the main character in the poem is a fish, the situations described therein are not only applicable to the fish itself but is reflective of the struggles of common human beings. Therefore, the discussions in this paper will be dealing with the literary devices used in the poem as well as their relations to the poet. Elizabeth Bishop clearly describes the fish in her poem and brings her readers to think about common things in life observed everyday as a way of bringing connections from the fish to the reader. She brings out common observances as a way of saying, â€Å"This is not simply a talk about a fish but this is also about us†. First and foremost, the author calls the attention of her readers to the â€Å"tremendous fish† that she caught by describing how the fish hung from her hook, looking â€Å"battered and venerable and homely†. In real life, there are so many people with such situations- people who have been through a lot of troubled times but b y overcoming, they have gained a respectable status. The word â€Å"homely† expresses the thought of the poet of this circumstance as a common predicament and not an extraordinary situation and therefore, makes a common ground for the fish and the reader. Early in life, Bishop experienced several troubles herself and was introduced to the words ‘struggles’, ‘trials’, ‘tests’, ‘grief’, ‘disappointments’ and many other difficulties even when she was still unable to understand words. While she was merely eight months old, Bishops’ father died from a disease he has been suffering for six years. This became the start of her troubled life because although her mother was a respectable woman, she was greatly distressed with the death of her husband which led her to get in and out of the mental hospital for the rest of her life (harvardsquarelibrary.org, Miller). As a result, Bishop had a short-lived relationship with her mother because she eventually died when the poet was but five years old. Nevertheless, she tells of memories about her mother such as the boat ride they had when she was around three years old wherein one of the live swans bit her mother’s finger when she tried to give it some peanuts. On another occasion, she picked up a â€Å"woman’s black cotton stocking† which represents an intimate clothing and she was reprimanded of her curiosity by her mother. As a result, she became indignant of her mother and did not have such a good relationship from then on (Miller). From the accounts above, it is clear that even at a young age, Bishop has been through tough times and she sees herself in the fish but as mentioned earlier, she also sees other people’s lives in the fish. She then describes the physical appearance of the fish, commenting on its skin. Bishop uses simile not only to give a vivid description but also to bring the reader from the setting wher e the speaker is fishing to the world beyond it where other people are living. Similes such as â€Å"his brown skin hung like strips†, â€Å"like ancient wallpaper† and â€Å"like full blown roses† give color to the images presented and make the fish an interesting character contrary to what really happens in daily life. Such commonality and vivid descriptions come together as attractions to the reader to consider what the poet is saying. Sure