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How much would I receive on $5,000 a week for life after taxes?

If I was to win...

If I was to win Publishers Clearing House by $5,000 per week for life how much would the taxes be?

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Answered in 1 hour by:
7/17/2013
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,024
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

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.

    Ask Your Own Tax Question
    Customer reply replied 4 years 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.

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

    Thank you and best regards,

    Barbara
    Barbara, Enrolled Agent
    Category: Tax
    Satisfied Customers: 4,024
    Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
    Verified
    Barbara and 87 other Tax Specialists are ready to help you
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