2006-06-11 09:43:16 · 3 answers · asked by kansascat66 1 in Education & Reference ➔ Trivia
In the United States how much of the game show winnnings are withheld for taxes?
2006-06-11 16:20:17 · update #1
This amount varies by state. (The state you live in, NOT the state the game show takes place in.) Some states, in fact many states, have a set amount of let's say $2,500 in winnings before the rest of the amount becomes taxable income.
2006-06-17 13:24:36 · answer #1 · answered by budgieducko23 2 · 0⤊ 0⤋
There are alot of variables there. First off, you have to take into account your income from other sources, both earned and unearned. Also, the amount you won plays a factor in it as well. Then, you have to consider if the state you live in has a state income tax, or a state lottery/gambling winnings tax. The same applies to the state the money is won in. Another issue is what exactly you won. If it is cash, it will be taxed differently than if you won Savings bonds, precious metals (gold/silver/etc), or an item of some sort (like a TV, a diamond ring, a gift certificate, a car, etc).
The best way to determine the exact amount is to visit or call the IRS. Also contact your state's revenue office if your state has an income tax.
2006-06-12 18:15:55 · answer #2 · answered by Bradly T Weatherford Jones 3 · 0⤊ 0⤋
in Canada we dont pay taxes on lottery winnings,etc
2006-06-11 17:51:41 · answer #3 · answered by bigjimmyguy 4 · 0⤊ 0⤋