Welcome Guest. Sign in or Signup
Asked by: megan
PLEASE GIVE A SPECIFIC PRICE OR AROUND OF A PRICE
Samantha on Sep 20, 2011
0 Votes 0 Votes 0 Votes
Ring0Rosie on Sep 20, 2011
… In the end you’d only end up getting $ 9,000. Of course, many winners of large amounts (like lottery winners) off set the taxes by investing wisely to allow the money to grow, giving to charities and taking advantage of other tax deductions.
Bobbie on Sep 20, 2011
Gambling Winnings for the federal Income tax is withheld at a flat 25% rate from certain kinds of gambling winnings.
And if your state has or the state where you won this amount has any kind of charges fees or taxes on your winning amount that could be another possible 10% maybe for a total of 35% might be possible for this purpose.
15 000 X (35%) = 5250 MIGHT be withheld from the 15000 winnings amount
15 000 – 5 250 = 9 750 to use as you choose a the time that you are given your winning amount might be the possible amount.
Hope that you find the above enclosed information useful. 09/19/2011
rob on Sep 20, 2011
it depends on how you won the money.lottery,casino,game show, and so on.they have different taxes for different things.say you won the state lotto.that tax would be different from a casino tax.because the state gets their share.the game commission gets theirs.and if its a multi state lotto.you see where Im going with this.
tro on Sep 20, 2011
it all depends on your total income
if $ 15000 was your total income for the year, if you are single and no dependents, $ 5500 would be taxable, probably less than $ 1000
but if this was added to other income, maybe total $ 45000, your taxable income would be $ 35500 which would probably be something more than $ 5000
Existing User New User? Register Now
Arrangement the actual Functions Reported Page (MLA)
© 2011 Tax Discussion is powered by Yahoo! Answers.