@annamuneca highest tax rate is 37%
@elaineharris thank you. Things like this always make me glad I don’t gamble often.
@annamuneca oh yeah and the difference between 470 and 433 is attributable to STATE and local income taxes in Illinois.
@annamuneca highest tax rate is 37%
@elaineharris thank you. Things like this always make me glad I don’t gamble often.
@annamuneca oh yeah and the difference between 470 and 433 is attributable to STATE and local income taxes in Illinois.
@annamuneca The winner elected to take the lump sum of 747MM now instead of the annuity which overtime would payout the 1.28B. The withholding tax rate that applied to payout was 24%, so the guy received 567.7MM. Because most of the winnings will be taxed at the 37% rate when the winner files his return, however, he should plan to pay up to another $97MM, which is where you get $470MM.