[Response below, after the spoiler filler]
From: [email protected] [mailto:[email protected]] On Behalf Of Joe Hass Sent: Monday, December 30, 2013 5:13 PM To: TV Or Not TV Subject: [TV orNotTV] Woman gets socked with about $60K tax bill... This is the text for a spoiler The text for a spoiler Sometimes Google puts those single letters all together I'm heading off to YouTube To check that the text matches So this make sense for a spoiler alert. This is the text for a spoiler The opening text for a spoiler This the copy I'm using when I just might need it We're almost to the part Of where I start to tell you Then you'll go off to read the spoiler thing. (whistling) This was the cover text for a spoiler. ...after winning a $157,000 Audi on TPIR. It's intriguing that they chose Gas Money as the game to play, since in theory it's an easier game to play for a big amount. But according to those wacky folks over at Golden Road, they chose five brutally-close prices. http://jalopnik.com/woman-wins-157-000-audi-r8-on-price-is-right-biggest-149 1775167 Why is this story presented as if it were a surprise? Are there still people who don't realize that prize winnings are considered taxable income, and the IRS is going to want their pound of flesh? Assuming the contestant is taxed on the IRS's Individual Taxpayer table, even if she were unemployed and showed no other income this year, a $167,000 windfall is going to put her in the 28% tax bracket. If she's making the median U.S. income of around $50k, her $217,000 taxable income is going to bump her up into the 33% bracket. And 33% of $167,000 is slightly more than $55k. Carve out some FICA, Social Security and state income tax, and she's very easily at the $60k level for her tax liability. I would've already computed my tax bill before the closing commercials ran. J Doug Fields Tampa, FL (son of a retired blood-sucking IRS auditor) -- -- TV or Not TV .... The Smartest (TV) People! You received this message because you are subscribed to the Google Groups "TV or Not TV" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/tvornottv?hl=en --- You received this message because you are subscribed to the Google Groups "TVorNotTV" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/groups/opt_out.
