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How much percentage wise does the US government tax on game show winnings?
Missy7
Absolutely. Yes. *** Too elaborate on the previous answer [above- thanks for the effort!], you must report all cash winnings from gameshows, along with casino on your taxes as "other income." The IRS is always sure, depending on what form you use, to let you know where to put gambling winnings, etc. Making things more depressing for 'lucky winners' are how prizes are handled. Because you dont actually pay anything for the prize, the 'suggested retail value' is usually reported by the game show as your winnings. So basically, a Ford with a SRV of $15,000, which you could probably buy for 12/13k, is added to your income. So while you dont actually pay for the car, expect to pay 20ish per cent on it, depending on your normal income level and the sales tax due for your state. Basically, if you remember that nothing is free, you will get the picture. The whole time you are 'winning' that car on Tv, the car company is getting free advertising, and you are being enriched financially. It seems pretty obvious that you are going to be taxed.
Wiki User
∙ 16y ago
Wiki User
∙ 15y agoIn the US, the taxes are going to be pretty much the same as you pay on your basic income. Normally you can expect to pay somewhere between 25% and 30%, but it will vary based on your other income, how much you actually won and what deductions you have. Also your state and city taxes will factor in.
Max tax rate will work out to 50%, but you have to be way up there to get to that level. If you win more than a few hundred thousand, the government may require you to deposit up to 50% to insure you pay the taxes.
Wiki User
∙ 15y agoIt is taxed the same as any other "ordinary" income. Hence, how much they ultimately pay depends on many factors, including their other income, losses, deductions, state of residence, etc.
Wiki User
∙ 15y agoThe income is ordinary income and taxed at your own individual rate
Wiki User
∙ 11y agoPeople pay tax based on income. You might be asking how much do they withhold for taxes from your winning and it is normally 20%.
Wiki User
∙ 11y agoPeople pay tax based on income. You might be asking how much do they withhold for taxes from your winning and it is normally 20%.
Wiki User
∙ 9y agoYes, any winnings over $600 are taxable. Contestants are responsible for paying taxes on prizes that they win.
Kris Kieffer
Wiki User
∙ 13y agoThe person winning the prize
Wiki User
∙ 15y agoIRS takes away 60% of all Winnings.
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What are the rules for the game show jeopardy how much do they win?
Of the three contestants, the one who finishes with the most money wins the game and gets to keep the money. The contestant who finishes in second place receives $2000 and the third place finisher receives $1000. The winner of the show gets to return to play two new challengers. If the returning champion wins, that day's winnings are added to his previous winnings. If he finishes in second place, he receives $2000 for that game in addition to his previous winnings, if he finishes in third place, he receives $1000 plus previous winnings.
Cadel evans how much does he earn?
2009 contract worth 400 million plus winnings and free bikes extra
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Depending on how you play a Pick 4 Game in NYC will determine your winnings. You can choose to play straigh; a 4way box,6 way box or pair. Winnings will depend on how much is in the pot.
What are the rules for the game show jeopardy how much do they win?
Of the three contestants, the one who finishes with the most money wins the game and gets to keep the money. The contestant who finishes in second place receives $2000 and the third place finisher receives $1000. The winner of the show gets to return to play two new challengers. If the returning champion wins, that day's winnings are added to his previous winnings. If he finishes in second place, he receives $2000 for that game in addition to his previous winnings, if he finishes in third place, he receives $1000 plus previous winnings.
How much taxes do you have to pay on your ca lottery winnings?
California does not tax have a state income tax on lottery winnings. The federal withholding rate amount is 25 % to be withheld from the winnings amount.
How much in taxes do you pay on 2400 gambling winnings?
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How much money does felipe massa get?
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Is winning money in game sHow is real?
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How much of lottery winnings can be written off?
Only the amount that is equal to your gambling losses.
How much does Steve Williams get paid tigers cady?
10 percent of purse winnings
If employees pay the same percentage of their income to the government no matter how much they make this is known as .?
Flat taxation
Is employees pay the same percentage of their income to the government no matter how much they make this is known as?
Flat taxation
