2007-09-11 19:40:07 · 11 answers · asked by Samuel 1 in Games & Recreation ➔ Gambling
It depends on where you live... Here in Canada, all lottery and casino winnings are tax free... I believe in the US, that it varies from state to state...
2007-09-15 15:24:46 · answer #1 · answered by HONORARIUS 7 · 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.
2016-04-04 16:31:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends where you live. If you live in texas then the tax is like 8% so out of a million you would have to pay $10,000 and you would have $990,000
2007-09-11 19:48:56 · answer #3 · answered by youngmec2008 3 · 0⤊ 0⤋
Federal is 20% and that is mandatory, any other taxes such as state taxes vary depending on which state you live in.
2007-09-14 09:11:15 · answer #4 · answered by Texas Holdem Christie, ChristieRN, ChristieP, bab 2 · 1⤊ 0⤋
my guess is more or less 8% so maybe $80,000. but if i won a million i would just spend a 25% of it, its probably a safe number to spend before you get taxed.
2007-09-11 19:51:48 · answer #5 · answered by THE GOOD NIGHT 6 · 0⤊ 0⤋
In Canada you don't pay taxes.. :)on your winnings I mean... but yeah heck we sure do pay taxes...lol
But you would probably get the answer by calling your taxation office..
2007-09-11 19:47:47 · answer #6 · answered by Rebel 5 · 0⤊ 0⤋
Mm Prove Me Wrong But isnt it tax free??
2007-09-11 19:45:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I beileve it would vary by state, I would say it would be as much as they would take out of your pay check every week if you were making a millon dollars, just like if you mad 40,000 a year. so really I have no idea
2007-09-11 19:45:10 · answer #8 · answered by Anonymous · 0⤊ 0⤋
about 30% up front and then you have to claim it on your taxes at the end of the year AGAIN, just in case they didn't get their hands deep enough in your pockets.
2007-09-11 19:47:10 · answer #9 · answered by Viola Shumski 3 · 0⤊ 0⤋
By the time Uncle Sam is finished with you probably close to half.
2007-09-15 14:54:34 · answer #10 · answered by paul s 4 · 1⤊ 0⤋