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A... |
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Additional Details
I have four children and they are safe in in, not some crappy ford ka that would crumple like paper in ... |
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steve s | What is the highest tax paid on unearned income? |
What is the highest tax paid on unearned income? Is Lottery winnings considered unearned income? |
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PepsiLime
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Highest tax rate is 35% on unearned income (same rate on earned income also). Lottery winnings are considered unearned income. Need to also take into account state income tax on lottery winnings as well. |
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ninasgramma
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Some unearned income has favorable tax treatment compared to earned income, and some does not. Your example of lottery winnings would be taxed at your regular tax rate.
The lottery winnings would be reported as "other income" and added to all other income. |
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T D
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The highest tax bracket is 35%.
Gambling winnings are taxed and it depends on how much is won and what tax bracket it puts you in. Lets say you normally have a taxable income of $15,000 a year which puts you in the 10% tax bracket then lets say you win a lottery worth $20,000 (20,000 + 15,000) the $35,000 taxable income you have now puts you into the 25% tax bracket.
That means the first $15,650 is taxed at 10% and the remainder is taxed at 25%. (per 2007 tax rates, this is for the Federal Income Tax you must also consider state taxes if you live in a state that collects taxes) |
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bostonianinmo
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The top Federal rate is 35%. It applies to both earned and unearned income. |
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Barkley Hound
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The highest rate is 35%. Same for earned and unearned income. |
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Judy1
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In the US, the highest federal tax rate is currently 35%, whether on earned or unearned income. Lottery winnings would be considered unearned. |
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MukatA
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The tax rate on earned income or unearned income (interest, ordinary dividends, winnings) is same.
For 2007, for Single status income
From 0 to $7825 is taxed at 10%.
From $7,825 to $31,850 is taxed at 15%;
From $31,850 to $77,100 is taxed at 25%;
From $77,100 to $160,850 is taxed at 28%;
From $160,850 to $349,700 is taxed at 33%;
From $349,700 to no limit is taxed at 35%, which is the highest tax rate. |
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pepper
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You may be required to withhold 25% of gambling winnings for federal income tax. This is referred to as regular gambling withholding. Withhold at the 25% rate if the winnings are more than $5,000 and are from lotteries.
http://www.irs.gov/instructions/iw2g/ar02.html |
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Mere
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are you asking about the US? lottery winnings are taxed here...32% i believe. though i do believe there is a different tax rate for capital gains (somewhere around 18%) and winnings (which matches the highest income tax bracket) it would be nice to live in a country where winnings weren't taxed (Canada, i believe is one) |
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Richy
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I duno bout income but lottery winnings aren't taxed. |
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