Hatch goes away...

[catkins522]

Read here for more info...

Hatch was sentenced for tax evasion on Monday.  He will serve 51 months in jail.  He will move to a federal jail to OK to serve his punshiment.

Charles Atkins

[Kevin Prather]

[quote name=\'catkins522\' post=\'125009\' date=\'Jul 24 2006, 04:27 PM\']
Read here for more info...
[/quote]
Not until you summarize that article in three sentences.

[clemon79]

[quote name=\'whoserman\' post=\'125012\' date=\'Jul 24 2006, 04:56 PM\']
Not until you summarize that article in three sentences.
[/quote]
Wow. Kevin beat me to it.

[pownster]

Are all winnings from game/reality shows in the US taxable? Hatch wouldn't be in nearly as much strife if he had earned the winnings here (mind you.....when he did play "Millionaire" here 6 years ago, he could even win a brass razoo when given the chance........)

[BrandonFG]

[quote name=\'pownster\' post=\'125183\' date=\'Jul 25 2006, 11:32 PM\']
Are all winnings from game/reality shows in the US taxable?
[/quote]
Yes, and add the lottery and other contests as well (i.e. raffles). Generally, it's for cash and/or prizes over $600, such as a car or trip. Rich should've most definitely filed that $1 mil.

[Kevin Prather]

In the U.S., is there any exception to the over-$600 rule? What sort of income is tax exempt?

[DJDustman]

Another fun tax question, say during $ale, one of the lot winners leave with over $150,000. Percentage wise, how much would they have to pay for taxes? Was it like 15% or something?

[clemon79]

[quote name=\'DJDustman\' post=\'125197\' date=\'Jul 25 2006, 10:56 PM\']
Another fun tax question, say during $ale, one of the lot winners leave with over $150,000. Percentage wise, how much would they have to pay for taxes? Was it like 15% or something?
[/quote]
Prolly closer to 35-40%. About 25% to the federal gub'ment, and then another chunk to the state of California, since that's where they won the loot.

This is why prizes get refused.

[catkins522]

[quote name=\'clemon79\' post=\'125198\' date=\'Jul 26 2006, 02:06 AM\']
[quote name=\'DJDustman\' post=\'125197\' date=\'Jul 25 2006, 10:56 PM\']
Another fun tax question, say during $ale, one of the lot winners leave with over $150,000. Percentage wise, how much would they have to pay for taxes? Was it like 15% or something?
[/quote]
Prolly closer to 35-40%. About 25% to the federal gub'ment, and then another chunk to the state of California, since that's where they won the loot.
[/quote]

Federal- 28%, State- Whatever they charge for sales tax, ie CA- 8.25%

Charles Atkins

[chris319]

Richard, Richard, Richard.

This is the guy who could have gotten a MUCH LIGHTER SENTENCE had he but plea bargained and not lied on the witness stand. This inspires what I will call The Monty Hall Problem #2 with Richard Hatch as the contestant:

MONTY: You can have what's behind curtain number one, $10,000 in cash, or you can have what's behind curtain number two, an iron skillet with which I will beat you over the head. Which curtain do you want?

RICHARD: I'll take curtain number two.

"He should be in a camp," Minns said. "The camps are the most comfortable of the uncomfortable. They are still jails, but they get to see the sky and be outside. It's bad for Richard, who is an outdoor person."

No, he should be in a frickin asylum: the Home for the Happy, Nirvana for Nuts, Valium Village, Lunatic Lounge.

[clemon79]

[quote name=\'catkins522\' post=\'125203\' date=\'Jul 26 2006, 01:09 AM\']
Federal- 28%, State- Whatever they charge for sales tax, ie CA- 8.25%
[/quote]
I'm just gonna go ahead and call shenanigains on this, since there are states, like mine, which have a sales tax but no state income tax.

Would someone who actually knows like to step forward, as opposed to Atkins making a wild-assed guess?

[uncamark]

And technically, *any* winnings are taxable--it's just that a 1099 doesn't have to be filed by the producer if it's under $600.  Therefore, it's safe to say that winnings under $600 don't get filed in most peoples' income taxes--but is there any show out there these days besides "Playmania" where the minimum winnings are *under* $600?

[sshuffield70]

[quote name=\'clemon79\' post=\'125214\' date=\'Jul 26 2006, 08:28 AM\']
[quote name=\'catkins522\' post=\'125203\' date=\'Jul 26 2006, 01:09 AM\']
Federal- 28%, State- Whatever they charge for sales tax, ie CA- 8.25%
[/quote]
I'm just gonna go ahead and call shenanigains on this, since there are states, like mine, which have a sales tax but no state income tax.

Would someone who actually knows like to step forward, as opposed to Atkins making a wild-assed guess?
[/quote]

What about all those Canadians who come down here to win tax free dough?  Also what the hell does a sales tax have to do with this?  If I live in Texas (which I will for a little while longer), I only pay federal taxes, since we still don't have an income tax.

[Kevin Prather]

[quote name=\'clemon79\' post=\'125214\' date=\'Jul 26 2006, 06:28 AM\']
[quote name=\'catkins522\' post=\'125203\' date=\'Jul 26 2006, 01:09 AM\']
Federal- 28%, State- Whatever they charge for sales tax, ie CA- 8.25%
[/quote]
...there are states, like mine, which have a sales tax but no state income tax.
[/quote]
No state income tax in Washington? I didn't know that. HOT DAMN!

[clemon79]

[quote name=\'whoserman\' post=\'125265\' date=\'Jul 26 2006, 01:19 PM\']
No state income tax in Washington? I didn't know that. HOT DAMN!
[/quote]
Dude, you grew up here, I don't care if you're still in high school, how do you not know that?

(and why do you think you pay such insanely high sales tax? Used to be why car tabs were so high, too...I think I dropped almost $300 for mine when I first moved here.)