The winnings are taxed like any other income and therefore it depends on your own personal situation...as no 2 people, even with the same income, would likely pay the same tax.
It depends on many, many things...not the least of which is what you consider tax. Many people group all their withholdings as a type of tax, but many may not be. Workers Comp, Unemployment, even FICA are all really more an insurance payment than a withholding against an income tax. Some vary not just by State, but by company...or job in the company.
The amount (or percentage) of income tax withheld also depends on many other things...obviously which state (or even city) your in (although that may be a surprisingly small variable), the amount of income your projected on earning over the year (because that helps determine your tax bracket and the percent that may be needed), as well as your filing status, number of dependents and other deductions. And other possible income. And some things are taken out as a straight percentage up to a certain amount of income being earned in a year, and then stop (like FICA). All these things can be adjusted for your circumstances by properly and completely filling out (or changing) the Form W-4 all employers ask you to. Understand that the definition of income changes with each application...your income from your employer is one thing, but the taxable income is different for the IRS, the State, and each other.
Finally, there are a number of different legal ways for the payroll provider to calculate certain aspects of the amount to withhold...but overall they make only a small difference. Remember, anything withheld is just being done as an estimated installment payment toward whatever tax, if any, you do ultimately owe. If too much is withheld, it is refunded. (Too little, and you could pay a penalty). Again, adjusting your W-4 is the way to correct for any of these circumstances.
5,000
Yes, everyone pays taxes. Occupation has nothing to do with taxes except the amount you earn in pay. Taxes, state and federal, are taken out of everyone's pay check each month and once a year all of us fill out a tax form to pay more. Plus, we all pay gas taxes, property taxes, car taxes, and taxes when we buy an item in a store.
Yes, you can pay your property taxes with a credit card.
If you foreclose on a rental property and will be 1099, what percent are you taxed Lets say the mortgage is 90,000.00 and the bank sells for 40,000.00. You have to pay taxes on the remaining 50,000.00. What percent
Yes, even if your company is failing you still need to pay taxes. Unfortunately, everyone is required to pay taxes despite debt.
Unfortuneatly, the olympians from the USA do have to pay taxes on the winnings from the medals awarded.
You don't have to pay tax on gambling winnings in the UK.
In order to sell a vehicle for $50,000 in Michigan, you must pay transfer taxes. The total in transfer taxes you would have to pay would be $430.00.
It is ordinary income and the amount of tax you will eventually pay, if any, is entirely dependent on your own personal tax situation, amount of deductions, other income, etc., etc.
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.
the percent is 35%
5.76%
90%
Yes, Olympians must pay taxes on their medals as of now. However, they also receive money for winning medals too. Currently Congress is debating whether Olympians should have to pay taxes.
35 percent
The amount of taxes you will owe if you made $20,000 will depend on your deductions. On average, expect to pay about 20 percent of your pay in federal taxes.
taxes on lottery winning of 800,000 in the state of WA