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pat m | In the US, how much % of tax do game shows winners have to pay out their earnings? |
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 |
 
smci
 |
Same as regular income tax.
See tables on www.irs.gov
Article: http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2005/01/20/BUGCEAT2KE1.DTL&type=business
And don't do like Richard Hatch. |
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Shofix
|
Here's more than you probably wanted to know, includes a section on what amounts are reported and mentions that you can deduct losses:
http://rose.casinocitytimes.com/articles/977.html
Winnings count as income,the maximum federal tax brakcet is 35% - although setting off the Alternative Minimum Tax could theoretically drive this higher.
http://en.wikipedia.org/wiki/Progressive_tax#Personal_Income_Tax_Brackets
Plus state taxes, which vary depending on where you are.
Hope this helps!
Oh, and PS: If winners win an item, they have to pay taxes on the cash value of that item. So winning an expensive car could put you in the poorhouse when April rolls around. |
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WheeeeWhaaaaa
|
Same as for any income.
If they are in the higher tax brackets, almost 40% goes to taxes. |
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HONORARIUS
 |
Are you serious??? I can't believe that.. |
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finaldx
|
Depends on their winnings, up to 31% is my understanding. |
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Reality
 |
That was a long time ago. |
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Mary
|
its like 10 % |
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miss_shyenne
 |
I am not sure about game shows, but if you win the lottery you will pay about 33% to taxes. The more money that is being taxed, the higher the tax rate. |
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Kaotik29
|
Hmmm, I like that quote "You don't need that so we'll take it off your hands..." Sounds like what they do to my paycheck every week.
But seriously, I hear it is around 40%, but it depends on what tax bracket it would put you in, as well. |
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Ha! Invisible!
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Usually about 1/3rd. "You don't really NEED it so we'll just take it off your hands." |
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isthisthingon79
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its like 10% |
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