How much in taxes in taken away from contestants on game shows?

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How much in taxes in taken away from contestants on game shows?

Anybody watch Deal or no Deal?

2007-04-01 15:03:46 · 3 answers · asked by oneof7men 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

The standard withholding for those is 25% by law. They probably can ask to have more withheld, but not less.

2007-04-01 15:08:33 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋

Basically they take out the taxes based upon estimates which include their regular earnings so the exact answer will of course vary considerably based on theindiviudals in question and the ammount won.

2007-04-01 22:10:33 · answer #2 · answered by Crighton 3 · 0⤊ 1⤋

I would guess that it would depend on how much money they won and their personal tax bracket. For example if they won over $100k I bet it's about 50% of taxes.

2007-04-01 22:07:03 · answer #3 · answered by CuriousOne 3 · 0⤊ 3⤋