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16 maintenance workers said to be New Jersey Powerball winners

Topic closed. 34 replies. Last post 9 years ago by RedStang.

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haymaker's avatar - Lottery-012.jpg
Egg Harbor twp.south Jersey shore
United States
Member #112963
June 29, 2011
4158 Posts
Offline

After taxes are taken out (the new higher Obama taxes along with the new 10 percent tax in NJ), they will only clear about 2.7 million.  Still not bad, but certainly that Minnesota guy is much better off.

Did'nt think about the bama taxes, my error was that I did'nt use the cash value as my basis.

The Jersey tax Is 10.8 %  and has been In effect for at least 4 years, most don't know about It B/C the law was passed In the middle of the night.

The lawmakers In Jersey don't have a "SET" but they are greedy.

 

If you look at JP analysis on USA mega you see 3% for Jersey, but that Is only the w/holding.

Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

    helpmewin's avatar - dandy
    100
    u$a
    United States
    Member #106660
    February 22, 2011
    19967 Posts
    Offline

    Congrats to all the winners spend wiselyDance

      haymaker's avatar - Lottery-012.jpg
      Egg Harbor twp.south Jersey shore
      United States
      Member #112963
      June 29, 2011
      4158 Posts
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      NJ instituted a 10% tax on lottery winnings that they applied retroactively to those Chubb jackpot winners.

      Thanks, nearly forgot that, that was the proof of Jersey's greed,

       the retro $ grab.

      And It's 10.8 % they probabaly wanted 11% but wanted to avoid appearing greedy so settled for 10.8%

      just like a retailer that price's everything at something 99

      Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

        haymaker's avatar - Lottery-012.jpg
        Egg Harbor twp.south Jersey shore
        United States
        Member #112963
        June 29, 2011
        4158 Posts
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        Where does the 10% NJ tax come from?  Their tax is 3% says USA Mega...

        It comes from greedy pols that run this state, they passed the law In the middle of the night,

        the complicit liberal press failed to mention It.

        I did'nt know about til I learned It on this site.

        As for USA mega that's just w/holding.

        All said and done It's 10.8 %

        Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

          Avatar
          * In hot pursuit of $ *
          White Shores- California
          United States
          Member #136471
          December 12, 2012
          6830 Posts
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          A win is a win and congrats to all of these hard working people. 

          Party

           

           

           

          * Still not inclined to join a pool no matter what.

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            United States
            Member #135798
            November 29, 2012
            418 Posts
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            State income tax counts as pre-tax deduction when calculating federal tax. So you figure out state amount first (10.8%) then subtract that amount from your prize for the balance use to calculate the up to 39.6% rate you'll pay on that ( the brackets before 39.6% are marginal really given the amount). It's also technically 258.2/3/16

              weshar75's avatar - Lottery-042.jpg
              Mcminnville, Oregon
              United States
              Member #3013
              December 13, 2003
              5834 Posts
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              Congrats to the 16 workers on winning the lotto.  Have fun spending the money.-weshar75

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                Avatar
                * In hot pursuit of $ *
                White Shores- California
                United States
                Member #136471
                December 12, 2012
                6830 Posts
                Offline

                It comes from greedy pols that run this state, they passed the law In the middle of the night,

                the complicit liberal press failed to mention It.

                I did'nt know about til I learned It on this site.

                As for USA mega that's just w/holding.

                All said and done It's 10.8 %

                if what you say is true Haymaker- you ought to follow this advice from the Powerball Jackpot analysis.

                "... If you are aware of a percentage being out of date, please  contact us to let us know, and we will update it.  Please only contact us about  lottery withholding rates, not the state income tax or sales tax rate.  See Note #3 for more information.

                  redhot7's avatar - SetforLifeLogo
                  California
                  United States
                  Member #112359
                  June 17, 2011
                  661 Posts
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                  That's a large pool of people. I wonder how much they will end up each taking home. Congrats to them on their win tho!

                  Incidentally, if they choose annuity, each one of they would get the following payment before taxes.

                  Year % of Prize Annuity b4 Taxes
                  1       1.78%     166,562
                  2       1.85%     173,223
                  3       1.93%     180,154
                  4       2.01%     187,356
                  5       2.09%     194,858
                  6       2.17%     202,649
                  7       2.26%     210,757
                  8       2.35%     219,184
                  9       2.44%     227,955
                  10     2.54%     237,073
                  11     2.64%     246,555
                  12     2.74%     256,419
                  13     2.85%     266,677
                  14     2.97%     277,335
                  15     3.09%     288,433
                  16     3.21%     299,970
                  17     3.34%     311,965
                  18     3.47%     324,445
                  19     3.61%     337,430
                  20     3.76%     350,920
                  21     3.91%     364,960
                  22     4.06%     379,561
                  23     4.23%     394,741
                  24     4.39%     410,529
                  25     4.57%     426,952
                  26     4.75%     444,028
                  27     4.94%     461,787
                  28     5.14%     480,264
                  29     5.35%     499,471
                  30     5.56%     519,453
                       100.00%  9,341,667


                    United States
                    Member #143925
                    June 18, 2013
                    14 Posts
                    Offline

                    Umm. Ladies and Gents: 

                    Don’t forget about the 3.8% Unearned Income Medicare Tax (UIMT) that went into effect 1/1/13. UIMT is part of the Affordable Care Act passed by Congress in 2010.

                    The tax brackets for UIMT are as follows:

                    Single filers: $200K

                    Married filing jointly: $250K

                    Married filing separately: $125K

                    For example:  If you file as a single taxpayer and your annual income is $150K with no investment income, you won’t be taxed b/c you fall below the bracket threshold for single taxpayers.

                    However, if you file single and your annual income is $250K plus you have $50K in investment income, you pay the 3.8% UIMT on $100K (or $250K + $50K - $200K = $100K). This tax also applies to trusts and estates, and it’s in addition to the federal and state income tax liabilities.

                    Consult your tax attorney/accountant for specifics about your situation.

                      redhot7's avatar - SetforLifeLogo
                      California
                      United States
                      Member #112359
                      June 17, 2011
                      661 Posts
                      Offline

                      Umm. Ladies and Gents: 

                      Don’t forget about the 3.8% Unearned Income Medicare Tax (UIMT) that went into effect 1/1/13. UIMT is part of the Affordable Care Act passed by Congress in 2010.

                      The tax brackets for UIMT are as follows:

                      Single filers: $200K

                      Married filing jointly: $250K

                      Married filing separately: $125K

                      For example:  If you file as a single taxpayer and your annual income is $150K with no investment income, you won’t be taxed b/c you fall below the bracket threshold for single taxpayers.

                      However, if you file single and your annual income is $250K plus you have $50K in investment income, you pay the 3.8% UIMT on $100K (or $250K + $50K - $200K = $100K). This tax also applies to trusts and estates, and it’s in addition to the federal and state income tax liabilities.

                      Consult your tax attorney/accountant for specifics about your situation.

                      > if you file single and your annual income is $250K plus you have $50K in investment income, you pay the 3.8% UIMT on $100K (or $250K + $50K - $200K = $100K).

                      I don't understand.

                      Shouldn't UIMT apply only on the 50K investment since only 50K investment income is unearned - the other 250K income is EARNED?

                      In other words, why should 250K income is included in the bracket if it is earned?

                        melodym34's avatar - Lottery-029.jpg
                        Cincinnati, Ohio
                        United States
                        Member #67287
                        November 22, 2008
                        415 Posts
                        Offline

                        Congrats to the winners... No matter what the taxes end up being you are richer than me! Congrats!!!!

                        "Im living so far beyond my income that we may almost be said to be living apart" Green laugh

                          Avatar

                          United States
                          Member #135798
                          November 29, 2012
                          418 Posts
                          Offline

                          Umm. Ladies and Gents: 

                          Don’t forget about the 3.8% Unearned Income Medicare Tax (UIMT) that went into effect 1/1/13. UIMT is part of the Affordable Care Act passed by Congress in 2010.

                          The tax brackets for UIMT are as follows:

                          Single filers: $200K

                          Married filing jointly: $250K

                          Married filing separately: $125K

                          For example:  If you file as a single taxpayer and your annual income is $150K with no investment income, you won’t be taxed b/c you fall below the bracket threshold for single taxpayers.

                          However, if you file single and your annual income is $250K plus you have $50K in investment income, you pay the 3.8% UIMT on $100K (or $250K + $50K - $200K = $100K). This tax also applies to trusts and estates, and it’s in addition to the federal and state income tax liabilities.

                          Consult your tax attorney/accountant for specifics about your situation.

                          Despite the lottery being unearned, it is taxed as ordinary/other income and doesn't fall under the definition of unearned income under the new Medicare tax. so no 3.8%


                            United States
                            Member #116263
                            September 7, 2011
                            20244 Posts
                            Offline

                            When will PB start putting "pool play" on their play slips?

                              HaveABall's avatar - rocket

                              United States
                              Member #72446
                              March 18, 2009
                              1391 Posts
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                              > if you file single and your annual income is $250K plus you have $50K in investment income, you pay the 3.8% UIMT on $100K (or $250K + $50K - $200K = $100K).

                              I don't understand.

                              Shouldn't UIMT apply only on the 50K investment since only 50K investment income is unearned - the other 250K income is EARNED?

                              In other words, why should 250K income is included in the bracket if it is earned?

                              This 3.8% UIMT was simply another poor naming choice that occurred 3 years ago.  Regardless, a multi-hundred-thousands+ lottery jackpot winner still gets to pay it ... in addition to their County, State, and Federal Income Taxes.

                              Regarding the New Jersey State's Total Maximum 10.8% tax that used to appear in USAmega, now New Jersey only reads as 3%.  So, which additional states show us only the State's lower "initial withholding" and not what the total/actual State's Maximum Tax will be? Now I'm wondering if Illinois is also showing a lower number than actual maximum possible?

                              Disapprove

                              Having several millions of dollars in my financial accounts means receiving several valuable services each day!

                              Disney