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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 1059
Experience:  Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
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if I was to win Publishers Clearing House by$5,000. per week

Customer Question

if I was to win Publishers Clearing House by$5,000. per week for life how much would the taxes be?
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

Welcome and thank you for giving me the opportunity to assist you with your tax question.

 

The following are the 2013 tax rates:

 

Single Filing Status:

 

  • 10% on taxable income from $0 to $8,925, plus
  • 15% on taxable income over $8,925 to $36,250, plus
  • 25% on taxable income over $36,250 to $87,850, plus
  • 28% on taxable income over $87,850 to $183,250, plus
  • 33% on taxable income over $183,250 to $398,350, plus
  • 35% on taxable income over $398,350 to $400,000, plus
  • 39.6% on taxable income over $400,000.
  • Married Filing Jointly or Qualifying Widow(er) Filing Status

    [Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)]

    • 10% on taxable income from $0 to $17,850, plus
    • 15% on taxable income over $17,850 to $72,500, plus
    • 25% on taxable income over $72,500 to $146,400, plus
    • 28% on taxable income over $146,400 to $223,050, plus
    • 33% on taxable income over $223,050 to $398,350, plus
    • 35% on taxable income over $398,350 to $450,000, plus
    • 39.6% on taxable income over $450,000.

    Married Filing Separately Filing Status

    [Tax Rate Schedule Y-2, Internal Revenue Code section 1(d)]

    • 10% on taxable income from $0 to $8,925, plus
    • 15% on taxable income over $8,925 to $36,250, plus
    • 25% on taxable income over $36,250 to $73,200, plus
    • 28% on taxable income over $73,200 to $111,525, plus
    • 33% on taxable income over $111,525 to $199,175, plus
    • 35% on taxable income over $199,175 to $225,000, plus
    • 39.6% on taxable income over $225,000.

    Head of Household Filing Status

    [Tax Rate Schedule Z, Internal Revenue Code section 1(b)]

    • 10% on taxable income from $0 to $12,750, plus
    • 15% on taxable income over $12,750 to $48,600, plus
    • 25% on taxable income over $48,600 to $125,450, plus
    • 28% on taxable income over $125,450 to $203,150, plus
    • 33% on taxable income over $203,150 to $398,350, plus
    • 35% on taxable income over $398,350 to $425,000, plus
    • 39.6% on taxable income over $425,000.

    Since you did not provide your filing status, I gave you the information for all filing statuses. If you were to win $5,000 per week in 2013, the amount would be $260,000, but please remember that the above percentages pertain to taxable income.

     

    Please let me know if you require further information or clarification.

     

    Thank you.

    Customer: replied 1 year ago.


    I file as a single person with a taxable income of about $17,000. I didn't know if there is a different tax rate for winnings as opposed to earned income.

    Expert:  Barbara replied 1 year ago.

    Hi, Barbara.

     

    If you are single, you would fall into the 33% range. I hope this information is helpful to you.

     

    Thank you and best regards,

    Barb

    Barbara, Enrolled Agent
    Category: Tax
    Satisfied Customers: 1059
    Experience: Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
    Barbara and 2 other Tax Specialists are ready to help you
    Expert:  Barbara replied 1 year ago.

    Hello again, Barbara.

     

    Just a short note to thank you for the "excellent" rating. If you have any questions in the future, please feel free to put "for bkb1956 or Barb" in the subject line, and I will be happy to assist you. Recommendations to family and friends are always appreciated.

     

    Good luck with winning the Publishers Clearing House contest!

     

    Barb

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