I'm planning to win the Powerball jackpot tonight... After splitting it 50/50 with my lottery partner (another Duke grad), I'll have slightly over $10Million before taxes, $~6Million after taxes. That would do very nicely.
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Actually your net payout in North Carolina would be: $14,144,000. You would get over $7,000,000. (You can send the excess to me!:))
You can get the payout number here.
They withhold 25% Federal and 7% State (NC) for taxes, but wouldn't one actually owe the highest tax bracket amounts, over and above the withholding? Or is the tax on lottery winnings capped by those amounts? Inquiring minds want to know.
OK, I was right. I read to the bottom of the Analysis page.
Quote:
- All of the tax amounts listed above are the taxes withheld at the time of the prize award, not your exact final tax burden. Since every individual winner's situation differs, and every winner chooses to dispense their winnings in a different manner, there is no way for us to determine what your final tax burden will be. For example, someone who gives away a large amount to charities would have a vastly different tax burden than someone who buys new cars and houses. The chart above provides the information that we know for sure: the money that you will initially receive from the lottery.
- We are fully aware that the tax rates listed for some states on this page are different than the states' current income and sales tax rates. The state tax rate withheld by the lottery at the time the prize is awarded is oftentimes different than what you would expect to be withheld ("standard" state tax rates). Because of the reason discussed in Note #2, states often try to keep from withholding too much, because they know that many lottery winners do not end up paying a flat (insert highest tax rate here) percent of their winnings in taxes. There are many ways to reduce the tax burden, which is why it is so important to obtain the services of a top-notch professional accountant before claiming the big prize.
I just bought tickets to the Harvard - George Washington basketball game on December 30th. I'm taking the whole family, 6 tickets, for $51. Go Crimson!
After watching a movie, a friend of mine is considering doing a house swap with another friend of hers for a week this summer.
Funny, I'm watching a cheesy Lifetime movie about a 40 year old woman who's on vacation in Hawaii & has a fling with her much younger surf instructor... thought I'd try that instead. :D :D :D
Now if I could only get to Hawaii...
Ah yes, and then my friend, the dear that she is, reminded me that the reason that the older woman got the hot, younger surf instructor is because she's (played by) Heather Locklear.
My friend is such a killjoy. ;)
Want to get her back?
Tell her she's more likely to end up with Jack Black than Jude Law. :D:D
http://us.imdb.com/title/tt0457939/
I think it's time to watch Love Actually.
Just to let you know - it is cold and grey outside in Kansas today. No precipitation today but just a dull, dreary day. I would prefer some sun.
anyone else see where Iverson's gonna be starting tonight for the Sixers
I saw The Men Who Stare At Goats over the weekend. The mixed reviews had lowered my expectations enough that I really enjoyed it. I was laughing a lot, sometimes I was the only one in the theater laughing, but still, I enjoyed it. And George isn't even giving us the sexy.