gf42 Posted October 1, 2016 #26 Share Posted October 1, 2016 The post was not meant to complain or be negative. Just know what to expect and there are no surprises. Good Luck to everyone. Link to comment Share on other sites More sharing options...
cruiserlove Posted October 1, 2016 #27 Share Posted October 1, 2016 Thanks Andy! Sent from my iPhone using Forums mobile app Link to comment Share on other sites More sharing options...
eastsider57 Posted October 1, 2016 #28 Share Posted October 1, 2016 Thanks Andy!!!!!! Good Luck to all!!!!! Link to comment Share on other sites More sharing options...
fshagan Posted October 1, 2016 #29 Share Posted October 1, 2016 sorry to late to edit. The taxes will be much cheaper than $2000. I thought I saw the grand prize was valued at $10,000. Just entered the contest, and I'll gladly pay the income taxes if I win! They could be high for some people. Americans can pay up to 38% - 40% depending on their income, so some people could owe up to $4,000 for the prize or just over $4,100 if they live in a high tax state. When you are in that bracket it sometimes is cheaper just to pay for things than win them, as the prize is almost always stated at full list price and the same thing can be bought on sale for 50 - 60% off. I am not in that bracket, and like most Americans, my marginal rate falls in the range of 15% to 25% if I'm having a good year. So it's still a good deal for me ... unfortunately! :) :) :( :( Link to comment Share on other sites More sharing options...
dandee2 Posted October 3, 2016 #30 Share Posted October 3, 2016 Bonus to be Canadian. We don't pay income taxes on lottery or contest. :-) Cheers! Link to comment Share on other sites More sharing options...
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now