What taxes have to be paid on an awarded prizes?

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What taxes have to be paid on an awarded prizes?

2006-09-01 11:48:49 · 3 answers · asked by luvnbluz 1 in Politics & Government ➔ Government

3 answers

Standard income taxes apply. It depends on your tax bracket.

If we had the Fair Tax, then none of this would matter. People who work under the table or have an illegal income (drug dealers, prostitutes, etc.) would have to pay their fair share of the tax burdeon.

www.fairtax.org

2006-09-01 11:53:52 · answer #1 · answered by FozzieBear 7 · 0⤊ 0⤋

The awarded prize plus ten percent. Thats why all those lottery winners end up going bankrupt...

2006-09-01 11:56:52 · answer #2 · answered by notmuchanextrovert 2 · 0⤊ 0⤋

40%

2006-09-01 11:50:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋