Let's say you win $500,000 and you want Uncle Sam to take his right off the top. How much would that leave you?
2006-09-22 13:28:07 · 13 answers · asked by Gail 2 in Business & Finance ➔ Taxes ➔ United States
Figure roughly a third of it, around $170,000, to federal taxes. It's regular income, not capital gains, so you don't get the capital gains rate.
Depending on where you live and how you won it, you might have state taxes too, and possibly local ones.
But you'd still probably have $300,000 or so left, a real nice chunk of change.
2006-09-22 14:47:31 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
About $43.50...alright, seriously. Think a healthy 40% just to uncle Sam, and then there are those state taxes....well you'll have plenty left for a mounth in Maui, which I highly recommend.
2006-09-22 13:36:26 · answer #2 · answered by Iamstitch2U 6 · 0⤊ 0⤋
How many exemptions can you honestly claim.
Do you own a home and also pay a mortgage.
What are your charitable contributions. Etc., etc.
Like it or not, 30% or more will be witheld for Federal and State but a tax return must be filed to determine the actual amout owed.
2006-09-22 13:33:36 · answer #3 · answered by Notorious 4 · 0⤊ 0⤋
Winnings are taxed as earned income. The highest tax bracket is 35%.
2006-09-23 09:30:30 · answer #4 · answered by derek 4 · 0⤊ 0⤋
It depends on who you are. For me, that would be about $350,000. For some people it would be about $470,000. For a select few people it would be $500,000. For about a dozen people in the USA it would be about $600,000.
God bless the USA.
2006-09-23 02:46:57 · answer #5 · answered by Sugarface 3 · 0⤊ 1⤋
30% capital gains tax. $150,000 goes to Uncle Sam, ain't it nice to be robbed like that? Its horrible!
2006-09-22 13:30:20 · answer #6 · answered by soniaatcalifornia 5 · 0⤊ 2⤋
State tax, city tax, Governmental tax. i'll say 37% and it will be 185.000$
2006-09-22 16:26:48 · answer #7 · answered by Detective Emil 3 · 0⤊ 0⤋
That depends on what tax percentage you are required to pay.
2006-09-22 13:44:00 · answer #8 · answered by Grace A 4 · 0⤊ 0⤋
I'll guess $200000. For some reason I think they take about 60 percent.
2006-09-22 13:31:11 · answer #9 · answered by DialM4Speed 6 · 0⤊ 1⤋
enough to buy a ragy pair of shoes at the salvation, army and a box of minute rice!!
2006-09-22 13:30:17 · answer #10 · answered by Anonymous · 0⤊ 0⤋