Need Your Opinion Do You Think They Tax you again after you get the check

Reply #12

psykomo — Wed, 12 Mar 2014 00:06:53 GMT

STAK:

can Yo work out something simple??????????and post it 2D bottom line 2 explain!!!

It appear's UR an accountant therefore, U must be able 2 give us an EXAMPLE: ???!

(a) Ohio tax rate based on sum (b) something, depending on income? !!!

thank U STAK:

U have served LP member'ssssssssssssssssssssssssssssssssssssssss WELL!!!!

so she may git a refund THANK GOD

Reply #11

Artist77 — Thu, 06 Mar 2014 22:04:05 GMT

Me too

Reply #10

Drenick1 — Thu, 06 Mar 2014 17:30:11 GMT

Thank you for the breakdown Jill

Reply #9

Stack47 — Thu, 06 Mar 2014 15:24:10 GMT

The Ohio tax rate was 5.5% in January 2013, they always withhold a flat 25% for prizes over $5000 so 30.5% should be withheld. Depending on other income, the 25% Federal tax withheld should cover those taxes. I'm not sure about the state tax because the rate changed to 5.75% in September 2013 and again it depends on other income and deductions.

If the $50,000 was her only income, the Federal tax is about $6000 for a single filer so she may even get a refund.

Reply #8

Shelby Mustang — Thu, 06 Mar 2014 12:19:50 GMT

Whether they did or not I'd still set some money aside for the JUST IN CASE scenario. Cause there are 2 things in this country that's inevitible DEATH and TAXES. And I believe it's actually easier to escape DEATH LOL

Reply #7

Jill34786 — Thu, 06 Mar 2014 11:29:51 GMT

Without knowing her filing status or income it is impossible to determine whether Ethel will owe additional taxes. If she is employed and makes over $100k there is a good chance she may owe a little bit more in taxes, any income less than that and she would most likely receive a refund once deductions/exemptions/credits are factored.

Reply #6

savagegoose — Thu, 06 Mar 2014 10:33:46 GMT

to find the effective tax rate, divide the amount paid by the total earned

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Reply #5

mikeintexas — Thu, 06 Mar 2014 04:14:43 GMT

IF I ever win the lottery, I'm going to PM a few of the good folks on here to let them know of my good fortune, then I'm going to send a msg. to Jill and ask her how much she'd charge for financial advice.

Reply #4

Jill34786 — Thu, 06 Mar 2014 03:41:28 GMT

I will go with the assumption that Ethel Martin is single to be simplistic. Using a salary of 35k and the winning ticket of $50,417, her gross income would be $85,417 and the AGI(adjusted gross income) would most likely be substantially lower after deductions/exemptions but I will use the $85,417 for this example.

The 25% rate is applied from $36,251 to $85,417 incurring a tax of $12,291.50

The 15% rate is applied from $8,926 to $36,250 incurring a tax of $ 4,098.60

The 10% rate is app... [ More ]

Reply #3

maringoman — Thu, 06 Mar 2014 03:18:55 GMT

2013 Tax Brackets (for taxes due April 15, 2014)

Tax rate Single filers Married filing jointly or qualifying widow/widower Married filing separately Head of household

10% Up to $8,925 Up to $17,850 Up to $8,925 Up to $12,750

15% $8,926 to $36,250 $17,851 to $72,500 $8,926 to $36,250 $12,751 to $48,600

25% $36,251 to $87,850 $72,501 to $146,400 $36,251 to $73,200 $48,601 to $125,450

28% $87,851 to $183,250 $146,401 to $223,050 $73,201 to $111,525 $125,451 to $203,150

Reply #2

PrisonerSix — Thu, 06 Mar 2014 03:12:59 GMT

In my state, Louisiana, the lottery will withhold 25% for federal income tax and 5% for state income tax. If the jackpot pushes the winner into a higher tax bracket, they'll most likely have to pay more taxes on the money they already receive through work or other sources, so it is possible to owe more even with the money held back from the jackpot.

Reply #1

mightwin — Thu, 06 Mar 2014 03:05:27 GMT

Depends on the person's income bracket.

Need Your Opinion Do You Think They Tax you again after you get the check

Jani Norman — Thu, 06 Mar 2014 03:00:41 GMT

Pick 5 Winner in Cincinnati

Friday, January 25, 2013

CINCINNATI - A resident of Hamilton County won after playing the Ohio Lottery s Pick 5 game. Ethel Martin won $50,417 for betting one dollar straight and boxed on 1-5-9-2-3 in the January 16, 2013 evening draw.

After mandatory federal and state taxes totaling 29 percent are withheld Martin receives a check for $35,796.

was wondering if they took out the 29 percent, gave you the check would you have to pay taxes again when you file