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$219. an hour!!

Topic closed. 9 replies. Last post 13 years ago by Loops.

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United States
Member #119
February 19, 2002
527 Posts
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Posted: October 22, 2003, 10:33 am - IP Logged

The Powerball CASH Jackpot after taxes is $57,000,000.

Over the next 30 years, that breaks down to:

$1,900,000 a year

or

$158,333. a month

or

$5277. a day

or

$219. an hour!

Take the CASH option!  :-)  Good luck everybody.

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    New Member
    Weston Florida
    United States
    Member #2575
    October 21, 2003
    1 Posts
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    Posted: October 22, 2003, 12:10 pm - IP Logged

    Yo Buddy did you do the right math its 25% taxes right? If so it should be  63 million

    BRBRBRBRBR

      Todd's avatar - Cylon 2.gif
      Chief Bottle Washer
      New Jersey
      United States
      Member #1
      May 31, 2000
      23260 Posts
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      Posted: October 22, 2003, 12:15 pm - IP Logged

      Maybe Greg is adding in his state taxes too?

       

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        Avatar

        United States
        Member #119
        February 19, 2002
        527 Posts
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        Posted: October 22, 2003, 1:34 pm - IP Logged

        MMcGee.

        27% Federal + 6% state taxes = 33% is the correct math as originally posted.

          hypersoniq's avatar - 8ball
          Pennsylvania
          United States
          Member #1340
          April 6, 2003
          2450 Posts
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          Posted: October 22, 2003, 1:54 pm - IP Logged

          35% is the going tax rate on that...

          NOT counting any state and /or local taxes

          if married/filing jointly, the after-tax haul you can expect is

          $54,845,414.65

          $1,828,180.49 for 30 years

          $152,348.37 for 360 months

          $5,008.71 for 10,950 days

          or

          $208.70 for 262,800 hours....

          I agree... take the CaSh

          Playing more than one ticket per game is betting against yourself.

            twisted's avatar - underground
            New Jersey
            United States
            Member #2376
            September 25, 2003
            582 Posts
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            Posted: October 22, 2003, 2:02 pm - IP Logged
            Quote: Originally posted by hypersoniq on October 22, 2003



            35% is the going tax rate on that...

            NOT counting any state and /or local taxes

            if married/filing jointly, the after-tax haul you can expect is

            $54,845,414.65

            $1,828,180.49 for 30 years

            $152,348.37 for 360 months

            $5,008.71 for 10,950 days

            or

            $208.70 for 262,800 hours....

            I agree... take the CaSh




            How is it 35% federal taxes?  I thought Powerball only withholds 27% federal tax?
              dvdiva's avatar - 8ball

              United States
              Member #2338
              September 17, 2003
              2063 Posts
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              Posted: October 22, 2003, 7:58 pm - IP Logged

              thats withholding. its 35% right off the top to the feds thats not including state, medicade, social security or other taxes. and that rate is only for 2003 2004 after that it might go up. even with good tax lawyers you will still hit the alternative minimum tax so make sure to get a good tax lawyer and remember trusts are taxed also.

                Todd's avatar - Cylon 2.gif
                Chief Bottle Washer
                New Jersey
                United States
                Member #1
                May 31, 2000
                23260 Posts
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                Posted: October 23, 2003, 8:12 am - IP Logged

                FOR THE RECORD, the lottery withholds 25% federal tax+ whatever your state tax is.  THAT'S IT.

                Many people will have to pay additional taxes at the end of the year, but that is not the point.  The question was, how much do you receive from the lottery after taxes.  The answer to that question is to subtract 25% + state tax.

                If you all are gonna pay 35% at the end of the year, that's your business.  Me, I'm going to subscribe to the Arriana Huffington approach and pay 0% extra.

                 

                Check the State Lottery Report Card
                What grade did your lottery earn?

                 

                Sign the Petition for True Lottery Drawings
                Help eliminate computerized drawings!

                  hypersoniq's avatar - 8ball
                  Pennsylvania
                  United States
                  Member #1340
                  April 6, 2003
                  2450 Posts
                  Offline
                  Posted: October 23, 2003, 9:07 am - IP Logged

                  last tax year, the federal top tax rate was something like 39.6%

                  YOU, after winning are responsible for paying the rest in installments during the rest of that tax year... choose annuity and do it EVERY year you get a check.

                  This is but one of the many reasons that 1/2 to 2/3 of winners of 1,000,000 or more end up WORSE off than they were before they won... within 2 years...

                  Playing more than one ticket per game is betting against yourself.

                    Loops's avatar - disney14
                    Louisiana
                    United States
                    Member #540
                    August 6, 2002
                    34 Posts
                    Offline
                    Posted: October 23, 2003, 9:26 am - IP Logged

                    Now it's 99m * 65%