The Game Show Forum
The Game Show Forum => The Big Board => Topic started by: catkins522 on July 24, 2006, 07:27:06 PM
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Read here for more info... (http://\"http://apnews1.iwon.com//article/20060724/D8J2II509.html?PG=home&SEC=news\")
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
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[quote name=\'catkins522\' post=\'125009\' date=\'Jul 24 2006, 04:27 PM\']
Read here for more info...
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Not until you summarize that article in three sentences.
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[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.
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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........)
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[quote name=\'pownster\' post=\'125183\' date=\'Jul 25 2006, 11:32 PM\']
Are all winnings from game/reality shows in the US taxable?
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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.
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In the U.S., is there any exception to the over-$600 rule? What sort of income is tax exempt?
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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?
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[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?
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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.
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[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
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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.
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[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%
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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?
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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?
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[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?
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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.
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[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%
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...there are states, like mine, which have a sales tax but no state income tax.
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No state income tax in Washington? I didn't know that. HOT DAMN! :)
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[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! :)
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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.)
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I know that on Price, winnings are subject to federal tax and California state tax, since the prize was won in California. Out-of-state winners are encouraged to talk to their accountants about how to avoid paying their own state's income tax on their winnings, since they've already paid California tax.
(Which leads me to wonder... if you're a contestant on Wheel when they tape in, say, Florida, are the winnings still subject to California tax as opposed to Florida tax?)
[quote name=\'sshuffield70\' post=\'125234\' date=\'Jul 26 2006, 12:02 PM\']What about all those Canadians who come down here to win tax free dough?[/quote]
They also have to pay U.S. federal and California taxes.
[quote name=\'uncamark\' post=\'125226\' date=\'Jul 26 2006, 11:26 AM\']but is there any show out there these days besides "Playmania" where the minimum winnings are *under* $600?[/quote]
On Price, you could win a sub-$600 One Bid and then lose your pricing game. If a Family Feud family loses Fast Money, each member will receive less than $600. But that's all I can think of.
--
Scott Robinson
(Okay, in theory, Millionaire could have a sub-$600 winner, but really...)
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[quote name=\'MSTieScott\' post=\'125267\' date=\'Jul 26 2006, 01:46 PM\']
(Which leads me to wonder... if you're a contestant on Wheel when they tape in, say, Florida, are the winnings still subject to California tax as opposed to Florida tax?)
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I'm gonna guess yes. (I don't think Florida has a state income tax, which is one of the reasons so many professional athletes and so forth maintain residences there.) The reason I'm gonna make this guess is that regardless of whether they tape in California, Florida, or on the moon, the checks are still being cut out of the production offices, which are in California, and that's what the IRS is interested in.
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[quote name=\'clemon79\' post=\'125266\' date=\'Jul 26 2006, 01:46 PM\']
Dude, you grew up here, I don't care if you're still in high school, how do you not know that? :)
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Hey, I'm still trying to figure out why Medicare tax gets deducted from my paycheck. I'm sixteen! I don't need flippin' Medicare! :)
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[quote name=\'whoserman\' post=\'125270\' date=\'Jul 26 2006, 02:25 PM\']
Hey, I'm still trying to figure out why Medicare tax gets deducted from my paycheck. I'm sixteen! I don't need flippin' Medicare! :)
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Wait until you figure out which part of your check is going into the Social Security pool that you'll never see a dime of. ;)
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[quote name=\'MSTieScott\' post=\'125267\' date=\'Jul 26 2006, 04:46 PM\'][quote name=\'uncamark\' post=\'125226\' date=\'Jul 26 2006, 11:26 AM\']but is there any show out there these days besides "Playmania" where the minimum winnings are *under* $600?[/quote]
On Price, you could win a sub-$600 One Bid and then lose your pricing game. If a Family Feud family loses Fast Money, each member will receive less than $600. But that's all I can think of.[/quote]
You're not trying very hard. Aside from Jeopardy, whose third-place contestant gets $1000, I'm finding it hard to come up with any game shows where it's not at least possible to win something less than $600. (Unless Wheel upped its minimum from $500 when I wasn't looking.) Lovely Parting Gifts count, you know.
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Wheel did raise the consolation cash to $1000, actually.
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[quote name=\'Matt Ottinger\' post=\'125291\' date=\'Jul 26 2006, 08:04 PM\']Lovely Parting Gifts count, you know.[/quote]
True, though I left out Price because it would have been awkward to list that sometimes, though not always, the consolation prizes total less than $600. And I don't know whether Feud even gives consolation prizes to its contestants.
I realize now that I forgot about GSN, so there are also I've Got a Secret contestants whose secrets are guessed and Lingo contestants who don't make a Lingo in the end game.
Oh, and Deal or No Deal. On very rare occasions.
--
Scott Robinson
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Question: What about cumulative winnings?
Say you're on 2 shows and win a total of less than $1,200. That would have to be claimed, yes?
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[quote name=\'JayDLewis\' post=\'125433\' date=\'Jul 27 2006, 07:31 PM\']
Say you're on 2 shows and win a total of less than $1,200. That would have to be claimed, yes?
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Yes.
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I don't know what the rates are nowadays, but on Wheel I paide 7% Calif state tax and 30% federal - which were taken off the top for my conviencence. Any reason why they don't do this for everyone? Or maybe they do?
FWIW, I got a good chunk of the state tax back about 3 months past the initial prize cheque, and then the federal came four years later...
R.
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[quote name=\'vtown7\' date=\'Jul 27 2006, 07:59 PM\']I don't know what the rates are nowadays, but on Wheel I paide 7% Calif state tax and 30% federal - which were taken off the top for my conviencence. Any reason why they don't do this for everyone? Or maybe they do?[/quote]
To my knowledge, US residents outside of California only have the California tax withheld, and I believe Californians have none withheld. So, it appears that you only have taxes taken out from jurisdictions in which you don't live and otherwise wouldn't have to file in.
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[quote name=\'MSTieScott\' post=\'125376\' date=\'Jul 27 2006, 03:11 PM\']
And I don't know whether Feud even gives consolation prizes to its contestants.
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I seem to recall reading from a losing contestant's family on another message board that they get some kind of "goody pak" with T-shirts, etc. in it.
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To my knowledge, US residents outside of California only have the California tax withheld, and I believe Californians have none withheld.
You are correct...:). I did have the CA state tax taken out of my Wheel winnings, but they did not take out the federal taxes; however, they made sure to let me know in many ways that I'm responsible for them.
Anthony
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Well it looks like itparanoid has a new neighbor. Yep, they moved Hatch to Morgantown, West Virginia.
A certain group of people have another activity for themselves. They got signs with the word FREE on them, now they have to figure out how to get the name MARTHA STEWART off the signs.
Now Morgantown is really hoping for that statue of Don Knotts.
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You're not making a single friggin' ounce of sense.
No, don't bother explaining.
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[quote name=\'clemon79\' post=\'126264\' date=\'Aug 4 2006, 12:14 AM\']
You're not making a single friggin' ounce of sense.
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That's alright. You have to be from West Virginia to get my post.
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[quote name=\'rebelwrest\' post=\'126268\' date=\'Aug 4 2006, 12:33 AM\']
[quote name=\'clemon79\' post=\'126264\' date=\'Aug 4 2006, 12:14 AM\']
You're not making a single friggin' ounce of sense.
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That's alright. You have to be from West Virginia to get my post.
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Considering that the game show fan contingent in WV runs the gamut from Adam Nedeff all the way down to Grant Bartram, that statement proves nothing.