2007-11-07 16:16:47 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Figure that you're going to half to pay half of the amount less the refund that you would have ordinarily gotten.
Figure 48%.
2007-11-07 16:25:28 · answer #1 · answered by saberhilt 4 · 0⤊ 0⤋
You must include all your winnings in income on Form 1040, line 21. If you itemize your deductions on Schedule A (Form 1040), you can deduct winnings/gambling losses you had during the year, but only up to the amount of your winnings.
So winnings is ordinary income that will be taxed at your tax rate. It is not subject to employment taxes.
2007-11-08 00:56:35 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
It depends how much other income you have. The more you make, the higher tax bracket you are in.
Rough estimate: figure 25% will go for taxes.
2007-11-08 00:22:01 · answer #3 · answered by Computer Guy 7 · 0⤊ 0⤋
probably around 12,500 of it will go to taxes.
2007-11-08 01:24:00 · answer #4 · answered by thepinkpipster 3 · 0⤊ 0⤋