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Do They Take (SS)FICA & Medicare?

Topic closed. 16 replies. Last post 3 years ago by zerxfi.

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THRUST's avatar - f35l

United States
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March 16, 2010
397 Posts
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Posted: January 26, 2011, 1:30 am - IP Logged

Like if you win a Jackpot or a large enough prize...do they take out Social Security(FICA) & Medicare along with Federal Taxes & State Taxes?

Like if I won $1,000,000...I would owe 35% Federal Tax & 4% State(VA) Tax...but then would SS(FICA) & Medicare be taken out too??? Cause that would leave even less out of my million dollars. Confused

$1,000,000

    ameriken's avatar - 33ojew2
    Denver, Co
    United States
    Member #103049
    December 29, 2010
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    Posted: January 26, 2011, 2:33 am - IP Logged

     No, SS and medicare are only on wages. You only have to worry about Fed/state taxes.

      sully16's avatar - sharan
      Listens to the wind

      United States
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      October 28, 2009
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      Posted: January 26, 2011, 8:30 am - IP Logged

      Like if you win a Jackpot or a large enough prize...do they take out Social Security(FICA) & Medicare along with Federal Taxes & State Taxes?

      Like if I won $1,000,000...I would owe 35% Federal Tax & 4% State(VA) Tax...but then would SS(FICA) & Medicare be taken out too??? Cause that would leave even less out of my million dollars. Confused

      But, they may take any child support or overdue student loans and in some states any welfare assistance.

      You can contact your state lottery office and they will give you a list of all exceptions.

      There's only one US Flag


        United States
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        June 1, 2009
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        Posted: January 26, 2011, 9:40 am - IP Logged

        Like if you win a Jackpot or a large enough prize...do they take out Social Security(FICA) & Medicare along with Federal Taxes & State Taxes?

        Like if I won $1,000,000...I would owe 35% Federal Tax & 4% State(VA) Tax...but then would SS(FICA) & Medicare be taken out too??? Cause that would leave even less out of my million dollars. Confused

        Thanx for the laughs this morning....I'm sorry, I just can't help it...

        The first thing that popped in my head when I started reading your post was Shaggy from Scooby-Doo.....lol

        Green laugh


          United States
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          January 23, 2011
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          Posted: January 26, 2011, 10:33 am - IP Logged

          don't worry. you'll still have enough money left over to pimp out the Mystery Machine

            THRUST's avatar - f35l

            United States
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            March 16, 2010
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            Posted: January 26, 2011, 12:12 pm - IP Logged
            Why do people always end up with less than half out of a $1,000,000?
            Even in my state minus Fed/State taxes will leave you with more than half...but I have read about a few people getting less than half??
            Money is no joke. No No
            LOL
            Seriously...why does it always seem people get less and less???

            $1,000,000

              Avatar
              NY
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              October 16, 2005
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              Posted: January 26, 2011, 2:38 pm - IP Logged

              You're probably looking at games where that $1 million prize doesn't really exist. The real prize for the vast majority of games that advertise a $1 million is your choice of about $500k now or $50k every year for 20 years.  The maximum federal tax is 35% and the highest state tax would bring the total to about 45%, so you net at least 55% of whatever you win.

               

              The Bill of Rights offers many fairly explicit rights to the public, but we've still spent a great deal of time arguing over the exact limits of those rights over the past 200 years. That's not much different than our arguments pro and con over whether a given waterways is navigable. The outcome of this case will almost certainly offer some guidelines, but there will always be some issues that remain.

              I think that past legislative efforts to clarify the law have failed in part due to the perception by some that allowing pubic access is a taking away of property right of those whose land borders the water. Despite that perception, it's simply not the case. The public has always had that right of access, so the landowners never had the right of exclusion that some would argue is being taken away. I certainly don't see similar problems for legislative efforts to prevent abuse arising from that access. I think that's a good argument in favor of having the DEC go forward with their long-unfinished list of navigable waterways, but I think that list should offer some categorization that's similar to the distinctions applied of various types of state land. Many large lakes and rivers should obviously be open to large powered vessels, and I think it's obvious that many smaller waterways could fairly exclude them.
                Avatar
                Kentucky
                United States
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                February 14, 2006
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                Posted: January 26, 2011, 3:14 pm - IP Logged

                You're probably looking at games where that $1 million prize doesn't really exist. The real prize for the vast majority of games that advertise a $1 million is your choice of about $500k now or $50k every year for 20 years.  The maximum federal tax is 35% and the highest state tax would bring the total to about 45%, so you net at least 55% of whatever you win.

                 

                The Bill of Rights offers many fairly explicit rights to the public, but we've still spent a great deal of time arguing over the exact limits of those rights over the past 200 years. That's not much different than our arguments pro and con over whether a given waterways is navigable. The outcome of this case will almost certainly offer some guidelines, but there will always be some issues that remain.

                I think that past legislative efforts to clarify the law have failed in part due to the perception by some that allowing pubic access is a taking away of property right of those whose land borders the water. Despite that perception, it's simply not the case. The public has always had that right of access, so the landowners never had the right of exclusion that some would argue is being taken away. I certainly don't see similar problems for legislative efforts to prevent abuse arising from that access. I think that's a good argument in favor of having the DEC go forward with their long-unfinished list of navigable waterways, but I think that list should offer some categorization that's similar to the distinctions applied of various types of state land. Many large lakes and rivers should obviously be open to large powered vessels, and I think it's obvious that many smaller waterways could fairly exclude them.

                Glad you checked in because I was asked a question about winning a jackpot that I'm not sure how to answer. Some people say the lottery will check for judgments against jackpot winners and deduct it from the winnings.

                I can understand legislation that requires the lottery to check for unpaid child support or unpaid state taxes, but I don't think there are any laws or rules requiring state lotteries to act as a collection agency.

                  Tarzan's avatar - yesnurse
                  free2_be virgo
                  South Carolina
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                  Posted: January 26, 2011, 3:22 pm - IP Logged

                  Okay--what if you are totally disabled,and win ---at what amount can it affect your check?

                    " No matter what you make,all that you can take is what you give away"

                    four4me's avatar - gate1
                    MD
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                    June 18, 2003
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                    Posted: January 26, 2011, 4:36 pm - IP Logged

                    Okay--what if you are totally disabled,and win ---at what amount can it affect your check?

                    you still owe the feds and state their share.

                    Now heres a kicker for you to ponder if your totally disabled and they catch you playing volley ball on the beach. riding motorycles or doing any wacky activity, your disibility checks might stop and you'll be in court posibly having to pay back every penny you received.

                    Big John says. You don't hit the number. The number hits you!!!!

                                   I'm not Big John, I'm Four4me, Big John's a friend.
                      ca-dreamin*'s avatar - Lottery-065.jpg
                      Chicago
                      United States
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                      February 8, 2009
                      889 Posts
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                      Posted: January 26, 2011, 8:44 pm - IP Logged

                      Thanx for the laughs this morning....I'm sorry, I just can't help it...

                      The first thing that popped in my head when I started reading your post was Shaggy from Scooby-Doo.....lol

                      Green laugh

                      Like.........totally HAHAHAHA!!!!!!!!!!

                      Just get me thru this so called life......

                        Tarzan's avatar - yesnurse
                        free2_be virgo
                        South Carolina
                        United States
                        Member #3458
                        January 22, 2004
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                        Posted: January 26, 2011, 8:51 pm - IP Logged

                        you still owe the feds and state their share.

                        Now heres a kicker for you to ponder if your totally disabled and they catch you playing volley ball on the beach. riding motorycles or doing any wacky activity, your disibility checks might stop and you'll be in court posibly having to pay back every penny you received.

                        You can lose it if convicted of a crime-but these things? I never heard of such.

                          " No matter what you make,all that you can take is what you give away"

                          four4me's avatar - gate1
                          MD
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                          June 18, 2003
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                          Posted: January 27, 2011, 2:35 pm - IP Logged

                          You can lose it if convicted of a crime-but these things? I never heard of such.

                          Ok so your saying if i am listed as being 100% physically disabled and they catch me unloading a truck and building a house with cinder blocks. That its ok and i should be able to keep my disability checks.

                          It's fraud if you get caught.

                          Big John says. You don't hit the number. The number hits you!!!!

                                         I'm not Big John, I'm Four4me, Big John's a friend.
                            ca-dreamin*'s avatar - Lottery-065.jpg
                            Chicago
                            United States
                            Member #70678
                            February 8, 2009
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                            Posted: January 27, 2011, 3:00 pm - IP Logged

                            Okay--what if you are totally disabled,and win ---at what amount can it affect your check?

                            I think what Tarzan is asking is if you receive disability checks (I'm assuming thru SSI) how big of a jackpot could you win before SSI says sorry your no longer eligible for benefits.

                            Just get me thru this so called life......

                              four4me's avatar - gate1
                              MD
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                              June 18, 2003
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                              Posted: January 27, 2011, 3:52 pm - IP Logged

                              I think what Tarzan is asking is if you receive disability checks (I'm assuming thru SSI) how big of a jackpot could you win before SSI says sorry your no longer eligible for benefits.

                              I hear someone won like a million bucks and ssi cut off their checks even though the guy owed more than what he received after taxes. This was like 20 yrs ago.

                              VA disability checks might suffer the same loss if you win big.

                              This is another reason to have a lawyer go over your finances before you claim your winnings.

                              The laws and rules change often enough that it's should be a requirement to have your personal finances looked over before you claim a jackpot. Since winning a jackpot of less than 5 million might put someone in a dire predicament a few years afterwards. 

                              Big John says. You don't hit the number. The number hits you!!!!

                                             I'm not Big John, I'm Four4me, Big John's a friend.