Lets say that there is a sweepstakes that offers 5,000 amount of money per week, with a minimum payout of $10,000,000.
How would the income tax on that work?
Does the IRS count that as a $10,000,000 income for year one? In which you would be taxed 35% on the whole $10,000,000 and expected to pay $3,500,000 year one?
Or would you be taxed on the $260,000 at 35% and expected to pay $91,000 per year?
How does money over time Sweepstakes Taxing work?
2010-11-02 10:12 am
回答 (3)
2010-11-02 12:03 pm
✔ 最佳答案
You'd be taxed as you received the money.Even if you were a single individual with no dependents and took the standard deduction, the tax on $260k would be considerably less than 35% net unless you already had nearly that much income to begin with. If it was your only income the net rate on $260k would be around 27%, not 35%.
2010-11-03 12:13 am
you will be taxed on what you receive
if that is $5000/wk then that times 52 weeks would be your income that is taxable(less your personal exemptions and standard or itemized deductions)
if that is $5000/wk then that times 52 weeks would be your income that is taxable(less your personal exemptions and standard or itemized deductions)
2010-11-02 6:31 pm
The amounts that are received each year would be added to all of your other gross worldwide income from all sources and the taxable amounts would be subject to the income tax at your marginal tax rate after your 1040 federal income tax return is correctly completed.
Hope that you find the above enclosed information useful and good luck to you.
Hope that you find the above enclosed information useful and good luck to you.
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