2007-09-11 19:38:20 · 7 answers · asked by Samuel 1 in Business & Finance ➔ Taxes ➔ United States
This is ordinary unearned income that you add in your total income on Form 1040. So you pay Federal tax and state tax as per your income. Most of your income will be in the highest tax stab, which is 35% for federal and 10% for many states (depends upon your state).
You don't pay social security and medicare taxes on the game show income.
2007-09-11 20:06:38 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
You could figure on at least a 1/3 in federal taxes and possibly more depending on your state.
2007-09-11 19:46:51 · answer #2 · answered by tooyoung2bagrannybabe 7 · 0⤊ 0⤋
as much as 35% of your winnings, and that is just federal taxes. if you live in a state that have state taxes, or even cities that have local taxes, you have to pay an extra certain percent in addition to federal.
2007-09-11 19:48:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
That idea is absolutely ridiculous. Sounds like you might have caught an ad for Richard Bachman's (Stephen King) Running Man. That was a book and then made into a movie starring Arnold Swarchenegger.
2016-05-17 13:20:48 · answer #4 · answered by ? 3 · 0⤊ 0⤋
A little under $350,000 for federal, plus some for your state if they have an income tax.
2007-09-13 20:12:12 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
Figure just under 35% in Federal taxes, plus whatever your state's levy is.
2007-09-11 22:45:53 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
if you have no other income then the federal tax would be 390,000.
2007-09-12 02:00:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋