3.8% medicare tax starting in 2013

Reply #7

Toronto — Tue, 04 Dec 2012 20:06:36 GMT

Thanks for the worthless post, maybe you should read the thread next time. Anyone with some actual understanding of the law have any input? The section of the law labels annuities and royalties, but would a prize from a casino fall under this? Wondering because precedent has shown that prizes are treated as other income rather than capital gains in many court cases.

Reply #6

KY Floyd — Tue, 04 Dec 2012 05:18:29 GMT

Look here: http://www.lmgtfy.com/?q=3.8%25+medicare+tax

Reply #5

Leadwise — Tue, 04 Dec 2012 05:12:50 GMT

Ain't that the truth? lol ... I need to get me one of them Obama Phones.

Reply #4

rdgrnr — Tue, 04 Dec 2012 04:44:52 GMT

Barrrraccccckkkk Obammmmmaaaa ----- (lazy people) (taxpayers

Reply #3

onlymoney — Tue, 04 Dec 2012 04:42:14 GMT

I know right? It's not fair that the majority gets to win. We need a another way.

Reply #2

Leadwise — Tue, 04 Dec 2012 04:18:32 GMT

Barrrraccccckkkk Obammmmmaaaa ----- (masses) (business

Reply #1

whiteballz — Tue, 04 Dec 2012 03:36:29 GMT

canadians are not taxed on lottery winnings.

3.8% medicare tax starting in 2013

Toronto — Tue, 04 Dec 2012 03:28:26 GMT

With the new taxes that are to come next year and assuming the top rate returns to 39.6% (and precedent in court cases have established they're income rather than capital gains on an asset), it seems like in most states, more than 1/2 of any large prize would end up going towards taxes if you include the new 3.8% medicare tax. Does anyone with some tax knowledge and who has read the new law know if this would apply to gambling prizes