I had won over 15 thousand in casino money and I know that I will have to pay taxes on that How Much? My boss is trying to cover my butt by sending federal and state 6 thousand to try and make up for some of the taxes. I know that this is also considered income. I file for Earned income each yr as well. How much will I receive back or pay into about 15,000 in winnings. 8,000 in gross pay?
2007-01-17 08:29:00 · 5 answers · asked by lorry42766 2 in Business & Finance ➔ Taxes ➔ United States
First of all....Nice job.
Second, there are too many variables to consider with the information given. That being said here are some things to consider.
You said you won the money in a casino, chances are you may have some gambling losses to declare as well (if you can itemize)
You may want to try a tax estimator such as the one linked below.
I have also included the link the the IRS Tax Topic 419 - Gambling Income & Expenses that may be helpful as well.
2007-01-17 08:36:18 · answer #1 · answered by CPA 2 · 1⤊ 0⤋
As stated above, too many variables.
Need to know your age, filing status, number of dependents, total taxable pay, and total Federal Withholdings. THEN we can give you a quick estimate. If you email these things to me, it takes me about 2 minutes to do an estimate.
Tax Specialist
2007-01-17 21:43:55 · answer #2 · answered by WealthBuilder 4 · 0⤊ 0⤋
Since you can deduct all gambling losses on Schedule A if you itemize deductions it depends upon how much you lost during the year. Most gamblers deduct losses equal to or near their winnings. In this case you get back all taxes paid in.
2007-01-17 16:36:29 · answer #3 · answered by spicertax 5 · 0⤊ 1⤋
There are too many variables to give you an answer.
One thing to remember, EIC is calculated on your total income so this $15k may disqualify you from receiving it.
2007-01-17 16:33:49 · answer #4 · answered by Wayne Z 7 · 1⤊ 0⤋
They'll probably take about 30%. So, you'll probably keep around $10,000.
2007-01-17 16:45:49 · answer #5 · answered by Anonymous · 0⤊ 1⤋