Lets say I won 100 million dollars.....how much would taxes take from me?
2007-04-17 18:02:24 · 7 answers · asked by Uncle Salty 3 in Business & Finance ➔ Taxes ➔ United States
35 million give or take a few.....
2007-04-17 18:10:48 · answer #1 · answered by Outside the box 6 · 0⤊ 0⤋
Is the 100 million dollars the lump sum or the grand prize jackpot.
If this is the grand prize jackpot, you have to find the present value of the winnings.
Since this will be over 1 million dollars, It will be at the 35% tax rate. Also, you need to know there are state income taxes to paid on the winnings. The state tax is depending on your residence.
2007-04-18 09:48:09 · answer #2 · answered by c1523456 6 · 0⤊ 0⤋
Close to $35 million for federal income taxes. If it's a state lottery, most states don't tax the winnings if it's your state.
You'd still have more than plenty left to enjoy.
2007-04-18 03:37:54 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
If you won $100 million in a lump-sum payment, you'd end up with about half that once you paid your federal and state taxes, assuming you live in a state that has state income tax.
2007-04-18 01:12:01 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Somewhere in the region of $32,000,000. Plus whatever your state takes.
At any rate, the grin on your face would still be pretty huge as you'd still have well over $55,000,000 in your pocket. Well, OK, in your truck really. OK, several pickup trucks full of $100 bills.
2007-04-18 03:17:39 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If I would win such a price I would never by happier to pay all the required tax !
2007-04-18 02:33:56 · answer #6 · answered by meiguanxi :) 4 · 0⤊ 0⤋
I dunno...but will you leave me in your will?
2007-04-18 01:10:06 · answer #7 · answered by dk 4 · 0⤊ 0⤋