2006-11-14 05:24:15 · 8 answers · asked by howard 1 in Business & Finance ➔ Taxes ➔ United States
It depends, but most people would pay between 28% to 33% in Federal tax (more if you are already in a high bracket). State taxes vary from 0% to about 8.6% (depending on your state and your tax bracket). So the range would be $75,000 (if the prize was your only income and you lived in a state without a state income tax) to somwhere around $53,000 (if your other income was over $100K and you lived in the state with the highest state income tax). A good rough estimate would be $60,000.
2006-11-14 05:36:00 · answer #1 · answered by Yo it's Me 7 · 2⤊ 0⤋
I dont have my individual tax book handy, but off the top of my head, I would say the answer depends on how much income you already have since income is taxed at higher rates on higher income levels. On the otherhand, if you just want to look specifically at the $100,000, just use the federal individual tax rate schedule according to your marriage type (single, married jointly, married single, or head of household) to determine how much is taxed. Also, if your state has an income tax then you have to pay that as well on the $100,000.
2006-11-14 13:36:58 · answer #2 · answered by Derrick 3 · 0⤊ 0⤋
rives is confused. Luxury tax is paid when purchasing certain items considered luxuries. It has nothing to do with income. Someone mentioned Social Security tax. I don't think that applies to winnings. For income tax purposes, the $100,000 would be added to any other income and taxed as regular income. If you are asking about withholding, the IRS specifies 25% withholding for gambling winnings. I think this would apply to game shows. If your state has an income tax, they would probably withhold some as well.
2006-11-14 22:01:24 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
That depends on how much you earn in general and if you hit the FICA max. When writing you the check, they will probably take out taxes based on whatever tax bracket that falls in, but whether you have to pay more or get a refund at the end of the year depends on your total income.
2006-11-14 14:00:39 · answer #4 · answered by Phoenix, Wise Guru 7 · 0⤊ 2⤋
the amount minus taxes then minus 57% luxuary tax so you pretty much get screwed over oh heres your (5 cents) after all the BS taxes but its less than 1/2 of the total amount of money
2006-11-14 13:35:35 · answer #5 · answered by rives 6 · 0⤊ 3⤋
that depends on the government
2006-11-14 14:49:54 · answer #6 · answered by rodriguez m 3 · 0⤊ 0⤋
The gov. takes @50% at the 1.000.000 mark.
2006-11-14 13:29:19 · answer #7 · answered by Anonymous · 0⤊ 3⤋
Only about half.... sad huh?
2006-11-14 13:26:04 · answer #8 · answered by Queen of Kings 4 · 0⤊ 3⤋