$219. an hour!!

Reply #9

Loops — Thu, 23 Oct 2003 13:26:24 GMT

Now it's 99m * 65

Reply #8

hypersoniq — Thu, 23 Oct 2003 13:07:09 GMT

last tax year, the federal top tax rate was something like 39.6%YOU, after winning are responsible for paying the rest in installments during the rest of that tax year... choose annuity and do it EVERY year you get a check.This is but one of the many reasons that 1/2 to 2/3 of winners of 1,000,000 or more end up WORSE off than they were before they won... within 2 years...

Reply #7

Todd — Thu, 23 Oct 2003 12:12:35 GMT

FOR THE RECORD, the lottery withholds 25% federal tax+ whatever your state tax is. THAT'S IT.Many people will have to pay additional taxes at the end of the year, but that is not the point. The question was, how much do you receive from the lottery after taxes. The answer to that question is to subtract 25% + state tax.If you all are gonna pay 35% at the end of the year, that's your business. Me, I'm going to subscribe to the Arriana Huffington approach and pay 0% extra.

Reply #6

dvdiva — Wed, 22 Oct 2003 23:58:46 GMT

thats withholding. its 35% right off the top to the feds thats not including state, medicade, social security or other taxes. and that rate is only for 2003 2004 after that it might go up. even with good tax lawyers you will still hit the alternative minimum tax so make sure to get a good tax lawyer and remember trusts are taxed also.

Reply #5

twisted — Wed, 22 Oct 2003 18:02:28 GMT

Quote: Originally posted by hypersoniq on October 22, 2003 35% is the going tax rate on that...NOT counting any state and /or local taxesif married/filing jointly, the after-tax haul you can expect is$54,845,414.65$1,828,180.49 for 30 years$152,348.37 for 360 months$5,008.71 for 10,950 daysor$208.70 for 262,800 hours....I agree... take the CaShHow is it 35% federal taxes? I thought Powerball only withholds 27% federal tax

Reply #4

hypersoniq — Wed, 22 Oct 2003 17:54:37 GMT

35% is the going tax rate on that...NOT counting any state and /or local taxesif married/filing jointly, the after-tax haul you can expect is$54,845,414.65$1,828,180.49 for 30 years$152,348.37 for 360 months$5,008.71 for 10,950 daysor$208.70 for 262,800 hours....I agree... take the CaSh

Reply #3

Greg — Wed, 22 Oct 2003 17:34:44 GMT

MMcGee.27% Federal + 6% state taxes = 33% is the correct math as originally posted.

Reply #2

Todd — Wed, 22 Oct 2003 16:15:24 GMT

Maybe Greg is adding in his state taxes too

Reply #1

mmcgee — Wed, 22 Oct 2003 16:10:39 GMT

Yo Buddy did you do the right math its 25% taxes right? If so it should be 63 millionBRBRBRBRBR

$219. an hour!!

Greg — Wed, 22 Oct 2003 14:33:45 GMT

The Powerball CASH Jackpot after taxes is $57,000,000.Over the next 30 years, that breaks down to:$1,900,000 a yearor$158,333. a monthor$5277. a dayor$219. an hour!Take the CASH option! :-) Good luck everybody.