The Amazing Race > The Amazing Race Discussion
Amazing Race Questions
theschnauzers:
The point I'm trying to make is that, for instance, married winning teams pay less taxes than other teams. Teams that use their winnings in a smart way can end up paying less in taxes than other teams. And teams living in states with no personal income tax end up paying less in overall taxes than those who have to pay state and federal income taxes. Lastly, teams whose winnings were since early 2009 don't have to pay as much of the "payroll" taxes for Social Security and Medicare due to that tax credit that the Congress has been playing games with. All those are just some of the factors that come into pay. And if the winners somehow have their own business and have higher cost of business expenses, even that can be offset by the winnings and reduce the amount of taxes paid.
It is not a certain amount that fits in all cases.
Prophet:
So if you donate $200,000 to charity you could recoup that in an income tax refund which may help to pay for the money you lost to taxes and you end up closer to a million dollars in the end?
Prophet:
I've also heard something about WRP having to pay them and call them "employees" for the duration. It helps to solve some legal issues I think. I wonder if you are forced to take an unpaid leave from your job for that reason and because if you take paid vacation then you don't need a stipend.
theschnauzers:
Prophet, it would depend on the individual tax situation, but they would be able to claim a deduction, and if they can't deduct all of it that same year, it "carries forward" until the total amount that is donated to a qualified charitable entity (that qualify under federal tax rules) is claimed in subsequent years.
Now you know why so many people want tax reform. Even that one sentence gives some people a headache!
SuperTux:
What is WRP?
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