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What is tax due on a 100,000 prize

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what is tax due on...
what is tax due on a 100,000 prize
Submitted: 10 years ago.Category: Tax
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Answered in 37 minutes by:
6/5/2007
Tax Professional: Ed Johnson, Tax Preparer replied 10 years ago
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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DearCustomer

This price will be withheld at 25% federal and state at 5.943%.

At the end of the year, you will pay total income tax based on your marginal rate, which for Federal could be as high as 35% and for state could be 7.5%.

At the end of the year, therefor, you may have to pay in if the withholding amount is not sufficient.

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