What's the, VERY most the government can take out on taxes no matter how small or large the a dollar amount is won wether it's from a game show on national TV or from a very big MegaBucks jackpot from Las Vegas?
WHAT'S THE VERY MOST THEY CAN TAKE OUT IN TAXES? AND I'M TALKING ALL OF THEM, FEDERAL, STATE, AM I MISSING ANYTHING?? JUST ALL POSSIBLE SO I CAN GET A DIRECT ANSWER AS POSSIBLE SO IF I WERE TO TO WIN $102,000 FROM DEAL OR NO DEAL, I'D KNOW EXACTLY , AT LEAST HOW MUCH I HAVE FREE AND CLEAR.
Thanks.
2007-04-26 14:14:11 · 6 answers · asked by Anonymous in Politics & Government ➔ Government
More or less 30 percent of the prize will go to the government for taxes to be imposed by the local and national governments depending on your income because the prize will be added to your other income derived from other sources.
2007-04-26 14:20:48 · answer #1 · answered by FRAGINAL, JTM 7 · 0⤊ 0⤋
it incredibly is quite commonplace to withhold forty% for federal taxes, social risk-free practices, medicare. If that's in simple terms too plenty you get it returned with your tax return here 365 days. (Why you do is to regulate the withholding on your different income so as that it comes out even at then end till you delight in giving the government an activity unfastened very own loan). State and local taxes are actually not withheld as far as i comprehend.
2016-10-30 09:46:00 · answer #2 · answered by boamah 4 · 0⤊ 0⤋
Theoretically, they could pass enough creepy laws that you'd be left penniless even if you won a ten-billion-dollar jackpot. Realistically... Well, I suppose it's the same way! I really don't know, because there are all sorts of hidden fees the state and the Fed could slap on you... My best guess, though, is that you can kiss about $2000 of that good-bye.
2007-04-26 14:51:40 · answer #3 · answered by Richard S 5 · 0⤊ 0⤋
They could take it all! Yes they could take 100% if you show there are back taxes due that exceed the amount of the prize. Vegas and other prize givers must notify the IRS and if they are on top of it and see a large sum is owed they will take 100% - that is the most they could take - which is your answer.
2007-04-26 14:17:12 · answer #4 · answered by netjr 6 · 0⤊ 0⤋
Assume you live in New York City (taxes are through the roof here...) and you are in the highest tax bracket, you will pay
46,408
and keep,
55,592
of the 102k that you win on the show. That's 45.5% to the man.
Good luck! (and save a few hundred for an accountant ;) )
2007-04-28 20:59:57 · answer #5 · answered by borat_almaty 2 · 0⤊ 0⤋
Well, if you ignored all the taxes and not paid them.....Then you would likely lose most of your money to taxes and penalties. Otherwise,a good general rule of thumb would be about 1/3 of your winnings overall.For example,if you won 1 million bucks,you would probably take home around 660,000 of it. Good luck!
2007-04-28 19:25:29 · answer #6 · answered by Coffeeman 4 · 0⤊ 0⤋