Taxes on Lotto

2007-12-04 16:42:18

#1

Mason4Assassin444: retired; +552|7099|USA

Something that bugs me a little bit.

A close relative hit $200,000 dollars on a lottery scratch ticket. He got 142,000 after taxes. Not bad at all.

The taxes broke down like this.

50,000 to federal
8,000 to state

In my opinion, since this is a state lottery shouldn't it be 50,000 to state and 8,000 to federal?

2007-12-04 16:43:05

#2

Stingray24: Proud member of the vast right-wing conspiracy; +1,060|6882|The Land of Scott Walker

Who cares about the taxes, what's your cut of the 142K?!?!?!

2007-12-04 16:43:49

#3

twiistaaa: Member; +87|7106|mexico

how much does he have after his friends and family mooch of him?

2007-12-04 16:48:25

#4

GunSlinger OIF II: Banned.; +1,860|7081

depnds on state laws I guess. Uncle Sam has got to get his, after that, its up to the state tax law to decide how much is getting taken. It would have been a different amount if he were in another state but the federal tax would stay the same.

Last edited by GunSlinger OIF II (2007-12-04 16:48:38)

2007-12-04 16:49:46

#5

Locoloki: I got Mug 222 at Gritty's!!!!; +216|7077|Your moms bedroom

no

income tax for state is set at a percentage
federal tax is is set at higher percentage

however, if your friend lived in say, fl. or nh. he wouldnt have to pay any state tax

2007-12-04 16:50:55

#6

AirForce: Member; +2|6435

Uncle Sam has to get his gritty paws on some of that cash. After all, he is in debt...

2007-12-04 16:51:42

#7

mtb0minime: minimember; +2,418|7092

I would not mind getting taxed at all. $142,000 >> nothing.

2007-12-04 16:55:43

#8

Locoloki: I got Mug 222 at Gritty's!!!!; +216|7077|Your moms bedroom

uncle sam gets almost 1/3 of my bi-weekly check
than the state takes its cut

2007-12-04 16:59:01

#9

Mason4Assassin444: retired; +552|7099|USA

I just feel since it is a state lottery the state should get the bigger tax. I'd rather see a new bridge or road repair in my state than some greedy douchebag using it to pay for a haircut or a trip to golf in Scotland.

2007-12-04 17:00:58

#10

DesertFox-: The very model of a modern major general; +796|7122|United States of America

Pork barrel

2007-12-04 17:01:08

#11

GunSlinger OIF II: Banned.; +1,860|7081

did you know that the country's major credit companies are located in the states with the highest interest rates.

2007-12-04 17:03:57

#12

Locoloki: I got Mug 222 at Gritty's!!!!; +216|7077|Your moms bedroom

The state gets its cut, its called state lottery revenue. So win or lose the State gets paid everytime a ticket is bought

2007-12-04 17:06:30

#13

Flaming_Maniac: prince of insufficient light; +2,490|7144|67.222.138.85

Locoloki wrote:
The state gets its cut, its called state lottery revenue. So win or lose the State gets paid everytime a ticket is bought

Yeah haha. It's a state lottery, the state gets the profits off the actual lottery, then the taxes in addition.

2007-12-04 17:06:40

#14

Mason4Assassin444: retired; +552|7099|USA

GunSlinger OIF II wrote:
did you know that the country's major credit companies are located in the states with the highest interest rates.

Is that true?

2007-12-04 17:07:26

#15

GunSlinger OIF II: Banned.; +1,860|7081

yup, I know arizona is one of em.

2007-12-04 18:14:15

#16

Yellowman03: Once Again, We Meet at Last; +108|6672|Texas

the winnings are considered income...state income tax is lower than federal

2007-12-04 18:18:22

#17

UK|Hooligan: Seriously, fuck off.; +103|7125|"The Empire"

Mason4Assassin444 wrote:
In my opinion, since this is a state lottery shouldn't it be 50,000 to state and 8,000 to federal?

IMHO why the fuck should we even pay tax on it at all, it should all go to the winner of the money, we pay enough tax already!!!!

BF2S Forums Taxes on Lotto

Locoloki wrote:

GunSlinger OIF II wrote:

Mason4Assassin444 wrote:

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