 $600 tax return true?!?!? |
| Is it true the government is issuing every person a $600 tax return for this year to boost the economy?? Please give me a reliable source!... |
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 UK Question. When do Tax Credits send out renewal forms? |
Additional Details
To Crispy, thanks for your input but I do work as a full time mum and housewife and my husband works 45 hours a week. We get £40 a month from tax credits as a top up,... |
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 My friend has never filed taxes, will he owe money? |
| He is 23 and this will be his first year filing. Will he owe a lot of money, and can he still get refund money from past years?... |
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 Can my husband claim one of his two kids on his taxes? |
he pays at just about 10,000 in support a year and his ex-wife works part time, and from what I have read her income has to be double what his support is.
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When I went ... |
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 **HELP!! My mom is trying to claim me!!!? |
| I am 19 yrs old (since 12-12-07.) I got my income tax, and my federal withholding is 1,800. If my mom claims me im only getting 535 returned. If she doesnt I get likw 1,200. I pay her $200/mo rent...W... |
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 What will most Americans spend their tax rebate checks on? |
| What do you predict the population will spend its check on?... |
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 Should i be able to claim one child onmy taxes...? |
| I have been divorced since august, i have not seen my kids this year, cuz of car breaking down adn so on, i know its excuses. Now my x says that she should claim both kids on her taxes. Is that fair ... |
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 Should fat people be taxed more? |
Should there be a tax incentive to lose weight? Should fatties have to pay more tax? Would this help prevent the fat epidemic in the west?
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A good number f answerers ... |
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 I want to give my children $10,000 as a gift this year.? |
| Will they have to pay taxes on it? How would I report it on my income tax? This is all new to me but they are of an age I can now do it for them. From what I understand they won't but how do I ... |
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 Why do we pay so much in this country? |
| My sister returned from Seattle this xmas and was shocked at how expensive it is to live here, the price of petrol, food, dining out etc. Why do we pay so much on ... |
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 My husband and I were gifted $15,000 a piece this year by parents. Do we have to pay taxes on this $.? |
I know the "gifters" will not be penalized, but do we also get a one time gift of up to $15000.00 without paying taxes?
Additional Details
So, say the limit is $10,000.00 on a ... |
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 Why is fuel so expensive in the UK when most other countries are paying less ? |
Bearing in mind we do actually produce some oil ourselves.
The Answer I believe is because taxing the motorist is the easy (lazy) option, whick requires no thought process at all and is a quick ... |
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kewtber | Is it true that if you won one million dollars, that the government would get half of it because of taxes? |
If you won the lottery or who wants to be a millionaire or the amazing race, etc. is it true you would owe 50 percent to the U.S. government as tax...? |
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Sonic is trying to stay Retired
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It is true that if you gave me 50% of the winnings, you would become my best friend and love of my life! :-P
But, no. It's not true. It would be taxed at whatever tax bracket you are in.
Say you got the full million in 2006, then you would be taxed at 35% of it.
Say you got $250k each year for the next 4 years. Each year the $250k would be taxed at an effective rate of about 28%.
How much the IRS taxes on the $1million really depends upon how much of it you get each year.
Finally, if this is lottery winnings, your state may not tax you on it at all. Some states do not tax you on lottery winnings from your own state, but if you won a different state's lottery, your home state does tax you on it. |
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cryllie
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It will, I think, count as income and be added to your yearly income, and then you will be taxed according to your new bracket. So a welfare person would thus get to keep a bit more, and someone who was already rich perhaps not so much.
I say, win it first and then worry! Except, you know, lotteries are just a tax on the stupid anyway...
blessings,
cryllie |
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Judy1
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No, the maximum rate is 35%, and unless you're already in that bracket, some of it would be taxed less than that.
State tax, even in expensive states, wouldn't take that to 50%. And in most states, if the win is on the state lottery, the state doesn't take tax from it. If the win is from Vegas gambling though, state tax would enter in, with the amount if any dependent on the state of residence. |
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sm4125
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No , the maximum tax rate is less than 50%. |
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Danny K
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not 50%, but yes, a certain amount of your winnings go to the United States Government in the form of taxes. although, you do still get a LOT of money |
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ramjet
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not if you flee the country first.....
jk
Yes a certain amount will be taxed, and as I am from Canada, I don' t know the exact amount, but I'm sure someone here will tell you straight up.
blessings. |
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Brian V
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If you WIN money, it is taxed at a different rate than your income. This goes for all types of winnings that you mentioned, and yes the rate does get pretty close to 50% even if your "real" income places you into a lower tax bracket. Taxes are similar for bonuses that you get from an employer. Not quite as high, but much more than normal earnings. |
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me, myself and I
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it is true that the gov. gets a large percentage from taxes but it doesn't win 50%. close to that but i think it is somthing in between to 25%-45% or somthing. sucks doesn't it? |
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landersonjr1958
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Welcome to land of the free home of the brave. Or as we say in NH born free taxed to death. |
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jgrover175
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I believe its something around 40%, because when you get that money., it's not income at the time, I has something to do with a federal gift tax. Then the remainder- goes onto your income, for when you file your taxes at the end of the year. |
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somewherein72
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It would more likely be about 33% of it and not half of it. So you'd probably walk away with about 600,000 bucks and some change, because of taxes. |
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truth4u
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not quite 50%...you'd probably see about 700-750,000 of it. |
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ed201283
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Yes, part of the tax the rich philosophy. |
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marcos c
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about that amount suck huh |
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joyceeleann
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Just about |
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fredthedog52
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It's more like 20% |
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zellparis
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yeah and the rest to your ex-wife |
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physicshlp
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The government would take about 38% in taxes. Special rule applies to bonuses and lottery/casino winnings. |
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lucky
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yep , almost half...
moreover , if you pay for lottery ticket with credit card, Govt will pay your money in like 30 years...
so, always choose "cash option" |
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♥ Lauren ♥
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I think it takes a third |
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masha
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Yes - in fact, I think it's even more than 50%. |
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christy
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pretty much... |
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jes_23@sbcglobal.net
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yes thats about right... but i think its more like 40% of what u won |
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tonalc1
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Close to it. |
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River Girl
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No they wouldn't.
They would get 40%.... just as bad! |
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It's Me
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It could actually be a little more than that. My friend's wife got a buyout from a bank for 2 million and they only got to keep $900,000 of it. The idea is to find as many tax breaks as you can - many of them being things where you can incorporate yourself and invest in something that makes money with the money you win, such as rental properties, etc. |
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chiapet159
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Yes, about 40-50% goes to the IRS. |
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