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:
[Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)]
[Tax Rate Schedule Y-2, Internal Revenue Code section 1(d)]
[Tax Rate Schedule Z, Internal Revenue Code section 1(b)]
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.
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.
If you are single, you would fall into the 33% range. I hope this information is helpful to you.
Thank you and best regards,
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!