The Game Show Forum > The Big Board

Taxes on winnings question

(1/4) > >>

cmjb13:
Suppose you win $10,000 on a game show.

How much on average would you have to pay on taxes? (Average because I think it varies depending on what tax bracket you are in, no?)

zachhoran:
[quote name=\'cmjb13\' date=\'Dec 25 2003, 09:34 AM\'] Suppose you win $10,000 on a game show.

How much on average would you have to pay on taxes? (Average because I think it varies depending on what tax bracket you are in, no?) [/quote]
 At the $10K level, it'd be roughly 30-35% of the winnings in taxes. For Million Dollar winners, from what I recall about how much the WWTBAM winners got to keep, it'd be about 45-50% of the winnings.

cmjb13:
Then suppose it's a car.

Would you just pay taxes based on the total dollar value of the car?

zachhoran:
[quote name=\'cmjb13\' date=\'Dec 25 2003, 10:42 AM\'] Then suppose it's a car.

Would you just pay taxes based on the total dollar value of the car? [/quote]
 You'd pay your state's sales tax, as well as California's sales tax at the least.

clemon79:
[quote name=\'zachhoran\' date=\'Dec 25 2003, 09:15 AM\'] [quote name=\'cmjb13\' date=\'Dec 25 2003, 10:42 AM\'] Then suppose it's a car.

Would you just pay taxes based on the total dollar value of the car? [/quote]
You'd pay your state's sales tax, as well as California's sales tax at the least. [/quote]
 No. You might have to declare it on your state and/or federal INCOME tax, but you are not going to be double-charged sales tax on it (assuming your state has a sales tax). My guess is you are liable for the list price of the car, related licence and emissions fees, and CA sales tax.

Navigation

[0] Message Index

[#] Next page