The Amazing Race > The Amazing Race Discussion
Amazing Race Questions
GeKKou:
i have a question.
How much can you exactly get after you pay the tax for 1m dollars?
The reason I want to ask this question is I always feel sorry for those runner ups.
Then I heard, you could actually pay 50% tax for it. I feel not so sorry. It's ok to lose the money :lol: as long as there are good memories!
Mug Costanza:
I think I've heard somewhere that after taxes, it's only about $600,000, or $300K per teammate.
theschnauzers:
It depends on the individual's tax situation and whether their home state also collects an income tax. The top marginal federal tax rate is 35%, but a portion of the $1 million may be at the lower tax rates, depending on how much other income the team members had. It also depends on whether the team members had sufficient deductions to itemize those deductions and reduce the amount of taxable income (and how much) and there may also be tax credits to offset the actual taxes owed.
All of that would explain the different answers you'll see; and of course, the tax rates themselves (federal and state) have changed over the past decade.
Coutzy:
For AusTAR, the winners will pay no tax on their winnings. Gameshow winnings (and lottery winnings) are exempt from income tax in Australia.
georgiapeach:
Richard Hatch so needs to move there. :lol:
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version