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View Full Version : random curiosity on prize money


JKN666
08-26-2007, 03:56 PM
soup

i heard somewhere that prize money won is taxed so how much would a pro actually receive if they won 1 million dollars if this is true?

JKN

Shahar26
08-26-2007, 04:37 PM
soup

i heard somewhere that prize money won is taxed so how much would a pro actually receive if they won 1 million dollars if this is true?

JKN

You are obviously young (I don't mean it as a bad thing...)

EVERYTHING is taxed


From your salary to money you win in a casino, win in a game show, or win in a tournament.

Below a certain threshold it's your responsibility to report it and pay taxes, but above a certain limit, the taxes will be taken off for you (it may also depend on the source that is giving you the money).

I would say that for a 1 million prize, you can be taxes around 30%-40% depending on how you files your taxes.

Welcome to the real world ;)

koopa_troopa
08-26-2007, 04:56 PM
Why did you say 'soup'? Is that the new young way of saying 'sup' or 'whats up'? I feel old...

Z-Man
08-26-2007, 06:11 PM
The government will get 30-40% of it that year, and 55% of what ever is left over when the player dies.

ThePro101
08-26-2007, 06:13 PM
http://en.wikipedia.org/wiki/Tax_haven
There are many personal tax free havens out there ---

JKN666
08-26-2007, 08:57 PM
i see thanks everybody i just never thought that taxes were 30-40 %=)
oh well i tend to have these random moments where i get pretty naive:p

JKN666
08-26-2007, 08:58 PM
i see thanks everybody i just never thought that taxes were 30-40 %:(
oh well i tend to have these random moments where i get pretty naive:p

JKN666
08-26-2007, 09:01 PM
http://en.wikipedia.org/wiki/Tax_haven
There are many personal tax free havens out there ---

Why did you say 'soup'? Is that the new young way of saying 'sup' or 'whats up'? I feel old...

aight thx for the link and i say soup cuz i feel its funny:D and not to offend those of older age than me

p.s sry about the double post thing(newbie mistake)