That would mean its not possible to win a million bux. Cheap.
2006-12-11 11:28:40 · 8 answers · asked by lysette.oxo 4 in Entertainment & Music ➔ Television
yeah taxes....so YES the person can win the million dollars, but they will get a tax bill.
i wouldn't be complaining if i had $500,000!
2006-12-12 02:58:21 · answer #1 · answered by Jenn 5 · 0⤊ 0⤋
Any game show, lottery casino, etc winnings are considered income and are therefor taxed. How much you pay is based on how much you win and how much you've earned at your job. For the $1,000,000 prize, I believe that that falls in the highest tax bracket, which means you pay 40% just to the federal government, then you have to pay out to state and possibly local as well. But hey, if you only take home $400,000, that's still a lot more than $0.
2006-12-11 11:40:01 · answer #2 · answered by Uther Aurelianus 6 · 0⤊ 0⤋
Taxes
2006-12-11 11:35:52 · answer #3 · answered by tazz102 2 · 1⤊ 0⤋
With any winnings in the States, you must pay tax. (Richard Hatch is spending 4 years in prison because he didn't pay tax on his winnings from Survivor). So the gov't takes a pretty big chunk. I doubt it's half though.
2006-12-11 11:33:59 · answer #4 · answered by Anonymous · 1⤊ 0⤋
I doubt it's 50%, but the taxes on it would probably be 30 to 40%.
2006-12-11 11:36:10 · answer #5 · answered by GirlsRGamers2 7 · 0⤊ 0⤋
No you just pay the taxs on it.
2006-12-11 11:37:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
hummm i dont think they take half of it but they take taxes for sure LOL
2006-12-11 11:35:44 · answer #7 · answered by Anonymous · 1⤊ 0⤋
YES ITS CALLED TAXES!
2006-12-11 11:31:38 · answer #8 · answered by Ben 2 · 2⤊ 1⤋