random curiosity on prize money

Discussion in 'Odds & Ends' started by JKN666, Aug 26, 2007.

  1. JKN666

    JKN666 Rookie

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    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
     
    #1
  2. Shahar26

    Shahar26 Rookie

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    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 ;)
     
    #2
  3. koopa_troopa

    koopa_troopa Rookie

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

    Z-Man Professional

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    The government will get 30-40% of it that year, and 55% of what ever is left over when the player dies.
     
    #4
  5. ThePro101

    ThePro101 Rookie

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    Last edited: Aug 26, 2007
    #5
  6. JKN666

    JKN666 Rookie

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    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
     
    #6
  7. JKN666

    JKN666 Rookie

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    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
     
    #7
  8. JKN666

    JKN666 Rookie

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    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)
     
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