australia single winner grabs $58 mill powerball

Reply #9

savagegoose — Sat, 14 Jun 2008 17:25:38 GMT

ok i worked it out.

a 58 mill australian jackpot is equal to a us 182 mill jackpot.

calculated by,

1st converting the in your pocket amount to us$ thats $55 mill

2nd taking into account tax of %40, so iit would need a lump sum of $91 mill.

3rd taking into account the halving affect of going lump sum , would need an annulity of $182 mill.

Reply #8

savagegoose — Fri, 13 Jun 2008 16:04:17 GMT

what i was trying to work out was how much a win in usa would equal in your pocket $58 mill, after the cut for going lumpsum and after taxes.

i used 50% tax, 50% for taking a lumpsum cuz thats a nice easy calcualtion. i spose 40% is closer to real.

BTW the winners collected the prize, they want to remain anon, but did state it was 4 workmates.

14.5 mill ea

Reply #7

DC81 — Tue, 10 Jun 2008 12:44:00 GMT

Yeah at around 35% Federal, might be more though the top bracket currently seems to be at 35% I wouldn't be surprised if there was something that would result in paying more and whatever state and local taxes there may be. In Michign I guess it'd be about 40% with the added 4.35% state tax, other income tax would depend on the area of course. So 27.1M would be around 16.26M and 58 million at about 34.8M.

Reply #6

savagegoose — Tue, 10 Jun 2008 12:03:01 GMT

then its taxed

Reply #5

RJOh — Mon, 09 Jun 2008 07:19:00 GMT

MegaMillions now has a $45M jackpot which is worth $27.1M cash so a MegaMillions $96.3M jackpot would be worth $58M cash.

Reply #4

savagegoose — Mon, 09 Jun 2008 06:33:59 GMT

oh hi a reply :)

nah i was working on the theory that what would a USA jackpot have to be to get $58mill your pocket

yeah exchange rate is rather good now, 1 oz $ used to buy 65c US , now its like 95c.

say a us winner won 58 mill jackpot and decided to take lump sum? str8 off its halved to $29 mill

then there is tax? another %50 off so lucky to get 15$ mill.

i basically doubled it twice to figure how much a USA win so ok on new info of it being

Reply #3

Todd — Fri, 06 Jun 2008 15:56:35 GMT

Reply #2

DC81 — Fri, 06 Jun 2008 11:53:20 GMT

Don't think they were doing a currency conversion, probably going by how many times it rolled over there against what it would be here if it rolled as many times and how many people would have bought tickets.

Reply #1

AuntiePat — Fri, 06 Jun 2008 11:28:06 GMT

Have you checked this currency conversion lately--when I use my Universal Currency Converter--$58,000,000 AUD Australian) converts to $55,557,476.35 US. Even allowing for no taxes, your figure seems a little ambitious--but like you--I wish I had been the winner in any currency--LOL

australia single winner grabs $58 mill powerball

savagegoose — Fri, 06 Jun 2008 09:59:07 GMT

if it was usa, it would equal 232 mill, as its lump sum no tax. :P it wasnt me