Won´t they be like a minimum of 27 % and depend on the rest of your income?
If you make 40.000 a year and win 1.000.000 - how much do you get to keep?
2006-07-07 06:46:57 · 10 answers · asked by sidulrike 4 in Business & Finance ➔ Taxes ➔ United States
Just for more info, I did not win anything, we were just watching the show and were wondering how much you´d actually get to keep in the end.
Even if it´s 40 % taxes, 600.000 dollars would still be nice, huh?
2006-07-07 07:03:01 · update #1
The highest tax rate is 35%. It would be added to your total income for the year and be taxed as follows.
Take your total income for the year and the tax is $91,819.50 plus 35% of the amount over 326,450.
Therefore if you made $40,000 and won $1,000,000 you have $1,040,000 in taxable income, you then get to deduct exemptions and deductions, but for the purpose of this example I'll just use the 1.04 mil.
Take $1,040,000 - 326,450 = 713,550.
713,550 * .35 = 249742.50.
Total tax = 249,742.50 + 91,819.50 = 341,562.
Amount left after tax $698,438. Still not too bad.
2006-07-07 08:24:11 · answer #1 · answered by Thrasher 5 · 0⤊ 0⤋
Just like the lottery, it depends on the state you live in. The IRS automatically gets 25%. IN Arizona the state tax would be 6% so you would keep 69%. In Nevada, there is no state income tax so you would get to keep 73%.
2006-07-07 13:59:31 · answer #2 · answered by walter 2 · 0⤊ 0⤋
depends what state and not how much you get really for it is a lump some gift where agift tax, state and fica taxes are due and you need not worry before you even see the money the irs will be there to make the proper arraingments of their cut
2006-07-07 13:51:59 · answer #3 · answered by Walther L 2 · 0⤊ 0⤋
Did you win it in the lotto?Or a Real Estate Deal?Makes a different where.If was a Real Estate Deal you cann do a 1031 exchange,right it off real estate expenses,open a Entity and put in a LLC or FLP.The more right offs you have the less taxes you pay..GOOD LUCK..CONGRATS..
REAL ESTATE INVESTOR
2006-07-07 13:59:59 · answer #4 · answered by innovativeinvest@sbcglobal.net 2 · 0⤊ 0⤋
You can pretty much count on never even seeing about 40% of it.There's income taxes but a couple of others thet add on.
2006-07-07 13:51:42 · answer #5 · answered by Ricky J. 6 · 0⤊ 0⤋
I'm sure after everything you end up with about half
amazing how even the government makes so much money off of game shows
2006-07-07 13:50:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Plan on losing around 30%-40% of it.
2006-07-07 13:52:53 · answer #7 · answered by mattd550 4 · 0⤊ 0⤋
Gift tax is usally around 30%.
2006-07-07 13:52:22 · answer #8 · answered by just me 5 · 0⤊ 0⤋
40% taxes on every thing you earn tha is more than $9,999 so i suggest you should go for the first deal the banker gives you:)
2006-07-07 16:01:17 · answer #9 · answered by Anonymous · 0⤊ 0⤋
a whole bunch! Probably close to half of it.
2006-07-07 13:50:55 · answer #10 · answered by pappy 6 · 0⤊ 0⤋