are Olympia prices cutted with tax???

[CREALMADRID]

Kai won 100k,how much will he receive after tax???
i heard in nevada you dont pay that much taxes

[Powerlift66]

They may have a low state tax, but I'm guessing the federal gov't will take their share.. It's income..
He'll probably get like 65K..

[OneMoreRep]

They may have a low state tax, but I'm guessing the federal gov't will take their share.. It's income..
He'll probably get like 65K..

Correct.

Rule of thumb, whatever you make Uncle Sam gets a 1/3 of your earnings via taxes.

"1"

[Emmortal]

They may have a low state tax, but I'm guessing the federal gov't will take their share.. It's income..
He'll probably get like 65K..

With a good CPA he could get away with taking a lot more than that, closer to 90k.

[El Diablo Blanco]

Depends where he lives.  I believe his residence is in NY so he'll pay state tax there and of course federal tax.  Now if he had steroids and GH prescriptions he could actually write it off as part of his job expense.  Same for other things.  With a smart accountant he can keep almost all of it

[littledumbells]

Kai won 100k,how much will he receive after tax???
i heard in nevada you dont pay that much taxes

  Its already spent. He will owe taxes and penalties

[BB]

Yes, offhand, the the top 5 lose around a 1/4 to 1/3 of the prize money to federal taxes, 6 - 10 will lose about 15%, the rest about 10%.

Plus there are state and local that still will have to get deducted.

[Conker]

i would imagine BBers would be classed as self employed. so all outgoings and expenses will be deducted before he is taxed. self employed if you have a good accountant you will pay far less tax than someone earning the same but regularly employed.

[doison]

Does how much is cutted?

[POB]

Depends where he lives.  I believe his residence is in NY so he'll pay state tax there and of course federal tax.  Now if he had steroids and GH prescriptions he could actually write it off as part of his job expense.  Same for other things.  With a smart accountant he can keep almost all of it

If you could write off the prescriptions and food you could get that tax liability a lot lower. Can u do that for sure?

[arce1988]

  Can you really write off PED? 

[MB]

If you're a pro bodybuilder and can live anywhere, why in the world would you live in a state with state income tax?  To give away an extra 5-9% of your income? 

[BIG ACH]

If you're a pro bodybuilder and can live anywhere, why in the world would you live in a state with state income tax?  To give away an extra 5-9% of your income? 

 A lot of people can live anywhere but still live in states with income taxes??   Its all about quality of life, opportunity, etc.

[Wisc1983]

A lot of people can live anywhere but still live in states with income taxes??   Its all about quality of life, opportunity, etc.

Correct.  Wouldn't want to visit or live here...

•Alaska
 •Florida
 •Nevada
 •South Dakota
 •Texas
 •Washington
 •Wyoming

[99 Bananas]

Does how much is cutted?

hahahahaah

[BIG ACH]

I live in Florida right now and there are no state income taxes.  But, by choice, I may not neccessarily stay here forever!   And that all good 

[CREALMADRID]

I live in Florida right now and there are no state income taxes.  But, by choice, I may not neccessarily stay here forever!   And that all good 

what does it mean,when you get for example a price of 100k in florida how much you get after the tax??