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TAXES
WHEN AMERICA PAC CONTRACTS WITH A SPOKESPERSON FOR $1-MILLION
Reportedly Not To Be Awarded Until Nov 30, 2024
One Of The Oldest Civilization Professions Is Taxation
Good Day, We Are intrigued By The Elon Musk $1-Million "Award" To Chosen "Spokesperson Of The "PAC" : I.E.,
Source : (Reporting by Jack Queen; Additional reporting by Tom Hals; Writing by Luc Cohen; Editing by Noeleen Walder, Chris Reese and Alistair Bell) :
Jack Queen (Reuters) Reports : "Musk lawyer Chris Gober was trying to persuade a Pennsylvania judge that the giveaway was not an "illegal lottery," as Philadelphia district attorney Lawrence Krasner alleged in a lawsuit seeking to block the contest ahead of Tuesday's U.S. presidential election.
"There is no prize to be won, instead recipients must fulfill contractual obligations to serve as a spokesperson for the PAC," Gober said in the hearing before Judge Angelo Foglietta."
Therefore, Reasonable Questions Arise : In The Matter Of "Contract Law" Of The State Wherein This Contract Is Created.
Queen (Reuters) Continues To Report : " "The only people protected by Pennsylvania law are in Pennsylvania," said Richard Briffault, a professor at Columbia Law School."
Queen Adds "Krasner, a Democrat, sued Musk and his political action committee in state court on Oct. 28 to try to block the giveaway, which he called an illegal lottery that violates state consumer protection laws.
A lawyer for Krasner's office, John Summers, called Gober's comments a "complete admission of liability."
Further, Queen Reports : "He said Musk had repeatedly used the word "randomly" to describe the giveaway, and that none of the documents Pennsylvania voters filled out to enter the giveaway mentioned being a spokesperson."
Taxation On Income Jurisdiction In The Seven 'Swing / Battleground States" Where Musk's America Pac Creates A Spokesperson Contract :
Both state and federal taxes can apply when an American citizen enters into a contract with a federally registered legal entity and receives financial benefits. Here’s a breakdown:
Federal Taxes
Income Tax: The financial benefit received is generally considered taxable income and must be reported on your federal income tax return.
Self-Employment Tax: If the contract is for services rendered and you are not an employee, you may be subject to self-employment tax.
State Taxes
State Income Tax: Most states impose an income tax on earnings. The specific rate and rules vary by state.
Other State Taxes: Depending on the nature of the contract and the state, other taxes such as sales tax or gross receipts tax might apply.
Additional Considerations
Nexus: The concept of nexus determines whether a state has the authority to tax you. If you have a sufficient connection to a state (e.g., physical presence, economic activity), you may be subject to that state’s taxes1.
Local Taxes: Some local jurisdictions also impose taxes that you might need to consider.
It’s always a good idea to consult with a tax professional to understand your specific obligations based on your circumstances and the state in which you reside or operate.
ADDENDUM : US LOTTERY WINNINGS
In the United States, both federal and state laws regulate the taxation of lottery winnings.
Federal Tax: The Internal Revenue Service (IRS) treats lottery winnings as taxable income. The federal government automatically withholds 24% of your winnings, but you might owe more depending on your overall income tax bracket
State Tax: State taxation varies widely. Some states, like California and Florida, do not tax lottery winnings, while others impose their own tax rates
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