| Author: |
[Streak Survivor] Topic: Ever wondered what you would receive after taxes after the 100k? |
|
SALTY |
RSI   View Space | Blog | Friends | Playbook | My Sportsbook: Mirage | |
Veteran
Joined: Aug 2007
Posts: 4468
Location: Arkansas |
#1 Posted: 7/1/2011 12:42:28 AM
I will let you know soon.
I basically calling out the check writer to this contest like Babe Ruth pointing to the stands, then hitting the grand slam.
If you guess the amount of the check after taxes exactly I will share 3 G's with the lucky guesser
Only two rules are one.....
Guess ONLY on the amount and post must simply state the number.
Two....
Any negative comment trying to interrupt my flow will result in disqualification
Don't make me treat you like one of my hoes and deny you want or need in some cases for having a bad attitude.
|
|
quote |
|
Tuppy |
RSI |
Veteran
Joined: Jan 2004
Posts: 1241
Location: Japan |
#2 Posted: 7/1/2011 8:53:50 AM |
|
quote |
|
moneym8 |
RSI |
Prospect
Joined: Jul 2009
Posts: 387
Location: Manitoba |
#3 Posted: 7/1/2011 12:06:35 PM
No tax on contest or lottery winnings here.
When are you going to send me my $3000?
|
|
quote |
|
nyy0213 |
RSI |
Prospect
Joined: Jul 2010
Posts: 103
Location: Ontario |
#4 Posted: 7/1/2011 1:00:46 PM QUOTE Originally Posted by moneym8:
$100,000
No tax on contest or lottery winnings here.
When are you going to send me my $3000?
gotta love being from Canada
|
|
quote |
|
SALTY |
RSI |
Veteran
Joined: Aug 2007
Posts: 4468
Location: Arkansas |
#5 Posted: 7/1/2011 1:35:45 PM Well thats good for you if you think the trade off is worth it to freeze your behind off
And I when I cash my check it sure as hell wont be in Canada. The amount will be the amount minus the American tax I would claim.
moneym8 you are disqualified for adding a bitchy remark.
|
|
quote |
|
|
|
SALTY |
RSI |
Veteran
Joined: Aug 2007
Posts: 4468
Location: Arkansas |
#6 Posted: 7/1/2011 1:37:09 PM QUOTE Originally Posted by Tuppy:
What are you smoking?
The question is.
What am I not smoking? |
|
quote |
|
Chadnailz6 |
RSI |
Prospect
Joined: Sep 2007
Posts: 180
Location: Michigan |
#7 Posted: 7/1/2011 6:13:30 PM
Here is the simplified version. Gambling winnings are initially taxed at a 25% rate. Therefore, you would get $75,000.
BUT, a $100,000 pay day would put you in the 28% tax bracket as it pertains to gross income. And, all gambling winnings must be declared as income on your tax return. This is assuming you have no other significant income.
In 2010, that means you would pay $16,781.25 PLUS 28% of the amount over $82,400. $100,000-$82,400=$17,600.
$17,600 x .28 = $4,928.00 + $16,781.25= $21,709.25
$100,000 - $21,709.25 = $78,290.75
So technically speaking, if you made absolutely no other income, you may be entitled to a refund, as you would have initially been taxed $25,000 (received $75,000).
However, I don't know the fine fine details of the IRS and their regulations concerning gambling and overpaying.
Don't forget, you have to pay state taxes too... |
|
quote |
|
curtclaw |
View Space | Friends | Playbook | |
Veteran
Joined: Nov 2006
Posts: 1176
Location: Virginia |
#8 Posted: 7/2/2011 3:34:33 PM |
|
quote |
|
SALTY |
RSI |
Veteran
Joined: Aug 2007
Posts: 4468
Location: Arkansas |
#9 Posted: 7/2/2011 6:24:12 PM QUOTE Originally Posted by Chadnailz6: In the United States, the true answer is it depends on your gross income.
Here is the simplified version. Gambling winnings are initially taxed at a 25% rate. Therefore, you would get $75,000.
BUT, a $100,000 pay day would put you in the 28% tax bracket as it pertains to gross income. And, all gambling winnings must be declared as income on your tax return. This is assuming you have no other significant income.
In 2010, that means you would pay $16,781.25 PLUS 28% of the amount over $82,400. $100,000-$82,400=$17,600.
$17,600 x .28 = $4,928.00 + $16,781.25= $21,709.25
$100,000 - $21,709.25 = $78,290.75
So technically speaking, if you made absolutely no other income, you may be entitled to a refund, as you would have initially been taxed $25,000 (received $75,000).
However, I don't know the fine fine details of the IRS and their regulations concerning gambling and overpaying.
Don't forget, you have to pay state taxes too...
Regardless of what the formula is there still will be a final dollar amount and thank you for typing that out for us
|
|
quote |
|
SALTY |
RSI |
Veteran
Joined: Aug 2007
Posts: 4468
Location: Arkansas |
#10 Posted: 7/2/2011 6:41:51 PM And to the hundreds of thousands of guys that follow my daily survivor pick already know.
My streak of 3 ended last night with a meaningless run in the bottom of the 9th. Big shocker.
Anyway it's just a matter of time......And in my case, 25 days. |
|
quote |
|
Tuppy |
RSI |
Veteran
Joined: Jan 2004
Posts: 1241
Location: Japan |
#11 Posted: 7/2/2011 8:45:24 PM |
|
quote |
|
SALTY |
RSI |
Veteran
Joined: Aug 2007
Posts: 4468
Location: Arkansas |
#12 Posted: 7/2/2011 11:24:50 PM QUOTE Originally Posted by Tuppy:
Hell will freeze over the day you get 25 right in a row.
Well I can tell you two things buster
One.
YOU ARE DISQUALIFIED FROM WINNING.
Two.
Nobody on covers could accuse me after winning the top prize of lurking and stalking the survivor forum. Go ahead Tuppy tup and find a thread that you have not taken a garbage in? You say I have no chance and thanks for your support It means a lot to me
If I remember correctly there was some idiot that won the top prize once? Do you recall who that was?
|
|
quote |
|
SALTY |
RSI |
Veteran
Joined: Aug 2007
Posts: 4468
Location: Arkansas |
#13 Posted: 7/2/2011 11:28:10 PM And I am guessing when that dude won. The fat lady sang.
|
|
quote |
|
moneym8 |
RSI |
Prospect
Joined: Jul 2009
Posts: 387
Location: Manitoba |
#14 Posted: 7/3/2011 9:03:23 PM QUOTE Originally Posted by SALTY: Well thats good for you if you think the trade off is worth it to freeze your behind off
And I when I cash my check it sure as hell wont be in Canada. The amount will be the amount minus the American tax I would claim.
moneym8 you are disqualified for adding a bitchy remark.
Disqualified 
 SALTY
|
|
quote |
|
Tuppy |
RSI |
Veteran
Joined: Jan 2004
Posts: 1241
Location: Japan |
#15 Posted: 7/4/2011 3:51:38 AM Damn i was so hoping i could still be eligible! |
|
quote |
|
Tuppy |
RSI |
Veteran
Joined: Jan 2004
Posts: 1241
Location: Japan |
#16 Posted: 7/4/2011 3:53:29 AM |
|
quote |
|
Rizzo |
RSI  |
Covers Referee
Joined: Aug 2001
Posts: 13178
Location: Nova Scotia |
#17 Posted: 7/5/2011 1:38:52 PM
GO SALTY GO!
-Rizz
|
|
quote |
|
SALTY |
RSI |
Veteran
Joined: Aug 2007
Posts: 4468
Location: Arkansas |
#18 Posted: 7/5/2011 1:49:23 PM
Nothing personal bro
Rules are rules. |
|
quote |
|
Classof78 |
RSI  |
Rookie
Joined: Dec 2006
Posts: 621
Location: New Jersey |
#19 Posted: 7/5/2011 2:34:54 PM  |
|
quote |