After your normal tax of 29% The additional luxury tax during tax season for winnings is 40% OUCH!!!!
In the US
As answered at least a zillion times here and part of the databank: How much you pay ultimately depends on your own tax situation and tax rate. There is no specific rate or category for income from types of gambling.
The withholding (like from a payroll, as an estimate of the tax) required at the casino is normally a minimum of 20%, but can depend again on your situation too.
It is NOT the amount you pay...just a payment in advance to assure the amount
you owe is paid.
Lottery and Gambling winnings are taxed like any other income.
That amount, or percent, of course changes with everyones personal situation, other income, expenses, deductions, exemptions, STATE (and state income tax is a deduction to Federal taxable income, so that changes many things), dependents, etc.
It is fair to say that 2 people, winning the same lottery would normally pay different amount of taxes.
Proveable losses are deductible against winning, so keep those losing lottery tickets!
Many people have tried to claim the winnings as Capital in nature, for the lower tax rate. The courts have denied that in each case.
If you are a professional gambler, the tax handling may change, as it is income from self employment...there are both good and bad aspects to this. There is of course, no such thing as a luxury tax on an earnig...it being a surcharge on a luxury purchase of something only.
If you get 3 numbers on the lotto, you should first go to a store to confirm its a winner. If the prize is to much to be paid out by the store, you will have to go to a lottery office to get paid.
10 percent of purse winnings
It just depends on the number of winners that have 4 numbers. Camelot set aside a certain amount of money, and that money is divided equally among those winners. It may be as little as £30 or as much as £100.===It depends on which lotto you are entering. For Australian lotto, go to the Oz Lotteries website results page, and click on "View Dividends" for the draw you want to find out about. You will see the winnings paid out for each division in that draw.e.g. The most recent Monday Lotto (also called X Lotto, Gold Lotto or Tattslotto)Division 44 Main numbers11378 winnersPrize Pool: AUD $284,450.00Each winner received: AUD $25.00
Winnings from the casino are paid as they are at all casinos across the world, in cash or tokens from the casino which you turn in for cash. Winnings from the onboard games are paid in cash or ship memorabilia such as cups and T-shirts with the ship's name or logo on them.
Tax is withheld on all winnings in the Kansas lottery over 5,000 dollars. If less than that is won, the amount won should be claimed on tax forms.
All of the winnings, Johnson only gets paid bonuses and his salary, the owner keeps the winnings. Jimmie Johnson's car is co-owned by Jeff Gordon and Rick Hendrick.
Yes, the money contestants win is very much real. Contestants are paid their winnings by check 90-120 days after the show airs.
The taxes on prizes must be paid at the time you pay income tax for the year in which the prizes were awarded. If you have cash winnings, money is typically withheld from your winnings for taxes.
They are not paid right away and must wait until after the program has aired
Gambling winnings are ordinary income. You will pay taxes at whatever rate is determined by your total taxable income, after all deductions and credits, etc. If you can itemize, gambling losses are 100% deductible up to the amount of winnings. Don't forget those lotto tickets.The only way to recover the amount withheld, which is just an estimate to protect and assure the Gov't you report and pay, is to file your return and show the amount paid in as a pre-payment.
The rankings of the highest paid athletes can change from year to year. However, Floyd Mayweather was the highest paid athlete of 2013 with 105 million dollars in salary/winnings.
Unfortunately much of the money was borrowed and that era began the economic woes that led to the French Revolution.