2006-09-20 14:08:58 · 12 answers · asked by pat m 2 in Business & Finance ➔ Taxes ➔ United States
Same as regular income tax.
See tables on www.irs.gov
Article: http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2005/01/20/BUGCEAT2KE1.DTL&type=business
And don't do like Richard Hatch.
2006-09-20 14:09:50 · answer #1 · answered by smci 7 · 0⤊ 2⤋
Definitely. I was on Who Wants to be a Millionaire, and I paid taxes on my winnings as regular income. The percentage you pay depends on your income bracket and the amount you win. For example, if your regular income is only $5,000 a year, and you win $1,000 on Who Wants to be a Millionaire, you probably won't pay any taxes at all (because your total income is so low that you don't pay federal taxes, period.). If however, you earn a million dollars a year on your job, and you also win a million dollars on a game show, you will pay a good chunk of taxes on your winnings. Something interesting though from my own game show experience: On Who Wants to be a Millionaire, they don't deduct any federal or state taxes out from your winning check. This means that if you win $10,000, they send you a check for exactly $10,000. BUT, you must very quickly turn around and file a form with the IRS and prepay taxes, or you'll end up owing a penalty later. (The government doesn't want to wait for their money.)
2016-03-26 23:46:00 · answer #2 · answered by Cheryl 4 · 0⤊ 0⤋
Here's more than you probably wanted to know, includes a section on what amounts are reported and mentions that you can deduct losses:
http://rose.casinocitytimes.com/articles/977.html
Winnings count as income,the maximum federal tax brakcet is 35% - although setting off the Alternative Minimum Tax could theoretically drive this higher.
http://en.wikipedia.org/wiki/Progressive_tax#Personal_Income_Tax_Brackets
Plus state taxes, which vary depending on where you are.
Hope this helps!
Oh, and PS: If winners win an item, they have to pay taxes on the cash value of that item. So winning an expensive car could put you in the poorhouse when April rolls around.
2006-09-20 14:44:54 · answer #3 · answered by Shofix 4 · 1⤊ 0⤋
I am not sure about game shows, but if you win the lottery you will pay about 33% to taxes. The more money that is being taxed, the higher the tax rate.
2006-09-20 14:16:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Same as for any income.
If they are in the higher tax brackets, almost 40% goes to taxes.
2006-09-20 14:10:59 · answer #5 · answered by WheeeeWhaaaaa 4 · 0⤊ 0⤋
Hmmm, I like that quote "You don't need that so we'll take it off your hands..." Sounds like what they do to my paycheck every week.
But seriously, I hear it is around 40%, but it depends on what tax bracket it would put you in, as well.
2006-09-20 14:15:30 · answer #6 · answered by Kaotik29 4 · 0⤊ 1⤋
its like 10 %
2006-09-24 11:27:19 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Depends on their winnings, up to 31% is my understanding.
2006-09-20 14:11:04 · answer #8 · answered by finaldx 7 · 0⤊ 0⤋
its like 10%
2006-09-20 14:10:52 · answer #9 · answered by isthisthingon79 3 · 0⤊ 1⤋
That was a long time ago.
2006-09-20 14:09:58 · answer #10 · answered by Anonymous · 0⤊ 0⤋