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So how much tax do I actually pay?

Topic closed. 10 replies. Last post 4 years ago by maximumfun.

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Inland Empire
United States
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October 22, 2011
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Posted: May 22, 2013, 1:57 pm - IP Logged

 There's no state tax obligation in CA. But people keep saying that winners will end up paying 35% of the winning by the next tax season. I am confused. The winner's guide clearly states that citizens and legal residents will pay 25% of federa; tax with no state tax. Why would anyone pay 10% of extra tax when there's no state tax obligation?

    haymaker's avatar - Lottery-012.jpg
    Egg Harbor twp.south Jersey shore
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    June 29, 2011
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    Posted: May 22, 2013, 2:39 pm - IP Logged

    The 25% is w/holding, just like your paycheck is not enough is w/held you will owe more.

    The top rate can be as high as 39.6%

     

     

    You are lucky in Jersey I will also pay 10.8% state tax.

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

      redhot7's avatar - SetforLifeLogo
      California
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      June 17, 2011
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      Posted: May 22, 2013, 3:35 pm - IP Logged

       There's no state tax obligation in CA. But people keep saying that winners will end up paying 35% of the winning by the next tax season. I am confused. The winner's guide clearly states that citizens and legal residents will pay 25% of federa; tax with no state tax. Why would anyone pay 10% of extra tax when there's no state tax obligation?

      please use this online calculator but subtract medicare taxes because lottery money is exempted from medicare and SS taxes

        rdgrnr's avatar - walt
        Way back up in them dadgum hills, son!
        United States
        Member #73904
        April 28, 2009
        14903 Posts
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        Posted: May 22, 2013, 9:51 pm - IP Logged

         There's no state tax obligation in CA. But people keep saying that winners will end up paying 35% of the winning by the next tax season. I am confused. The winner's guide clearly states that citizens and legal residents will pay 25% of federa; tax with no state tax. Why would anyone pay 10% of extra tax when there's no state tax obligation?

        "So how much tax do I actually pay?"

         

        The utmost farthing.

        Remember, under "Fundamental Change" we're now penalized for being successful or accomplishing anything.

        Understand that it's no longer fair for you to have all that money to yourself when there are other people who feel entitled to it because they don't have any.

        You will now be one of the hated "rich" and you will be a whipping boy.

        You will share with the downtrodden who, through no fault of their own, just don't like to work.

        Good luck!

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          Inland Empire
          United States
          Member #118116
          October 22, 2011
          322 Posts
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          Posted: May 22, 2013, 10:25 pm - IP Logged

          "So how much tax do I actually pay?"

           

          The utmost farthing.

          Remember, under "Fundamental Change" we're now penalized for being successful or accomplishing anything.

          Understand that it's no longer fair for you to have all that money to yourself when there are other people who feel entitled to it because they don't have any.

          You will now be one of the hated "rich" and you will be a whipping boy.

          You will share with the downtrodden who, through no fault of their own, just don't like to work.

          Good luck!

           If that's the case then I would hope the money goes to build another stealth destroyer for another F-22. Wink

            rdgrnr's avatar - walt
            Way back up in them dadgum hills, son!
            United States
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            Posted: May 22, 2013, 10:34 pm - IP Logged

             If that's the case then I would hope the money goes to build another stealth destroyer for another F-22. Wink

            I like that idea.

            But not a chance.

            Not in this environment.

            The military is on the enemies list too.

              noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
              Bay Area - California
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              December 12, 2012
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              Posted: May 22, 2013, 10:53 pm - IP Logged

               There's no state tax obligation in CA. But people keep saying that winners will end up paying 35% of the winning by the next tax season. I am confused. The winner's guide clearly states that citizens and legal residents will pay 25% of federa; tax with no state tax. Why would anyone pay 10% of extra tax when there's no state tax obligation?

              Just because california does not have state tax on the Lottery winnings does not mean that the Feds will let you off the hook from paying the " other" 14% tax because when you win, you climb into a higher tax bracket. There is always a price to pay when you running with the big dogs.

               

                maximumfun's avatar - Lottery-030.jpg
                Lavender Rocket

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                Posted: May 23, 2013, 8:46 am - IP Logged

                wont it actually be more than the 35% now?  what with the 3.8% obama-care tax?

                  BuyLow's avatar - palm tree.jpg
                  Florida
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                  Posted: May 23, 2013, 8:57 am - IP Logged

                  wont it actually be more than the 35% now?  what with the 3.8% obama-care tax?

                  The top tax rate is 39.6% and there is a question whether there will be MORE taxes levied via ObamaDeathCare

                    rdgrnr's avatar - walt
                    Way back up in them dadgum hills, son!
                    United States
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                    April 28, 2009
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                    Posted: May 23, 2013, 10:49 am - IP Logged

                    The top tax rate is 39.6% and there is a question whether there will be MORE taxes levied via ObamaDeathCare

                    Death Panels don't come cheap.

                      maximumfun's avatar - Lottery-030.jpg
                      Lavender Rocket

                      United States
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                      March 16, 2012
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                      Posted: May 24, 2013, 2:08 pm - IP Logged

                      Death Panels don't come cheap.

                      LOL