How do you figure taxes as being at 45%?
If you are not a professional gambler, gambling income is reported on other income line 21. Its treated exactly the same as income from other sources. You pay the appropriate amount for your bracket. For somebody making $65000, with standard deductions, etc. that works out to about 15%. Arizona will hit you with another 4.25%. All told, you're looking at less than 20%.
That is assuming that you aren't filing as a professional gambler. If you do file as a professional gambler, you get to claim deductions for expenses, etc. From your description, it sounds like you would qualify as a pro.
I'm trying to figure out where the 45% number comes from.
How do you figure taxes as being at 45%?
If you are not a professional gambler, gambling income is reported on other income line 21. Its treated exactly the same as income from other sources. You pay the appropriate amount for your bracket. For somebody making $65000, with standard deductions, etc. that works out to about 15%. Arizona will hit you with another 4.25%. All told, you're looking at less than 20%.
That is assuming that you aren't filing as a professional gambler. If you do file as a professional gambler, you get to claim deductions for expenses, etc. From your description, it sounds like you would qualify as a pro.
I'm trying to figure out where the 45% number comes from.
Not day after day... i won last night on Phoenix big.
65k a year is big, even if you are living with your g.f and have 2 pets, you can survive...
you can or cant hope with insentives etc...
but sure thing if they gave it to you, you accept it. hehe.
HUNGRY YOU ARE A FULL OF CRAP AGAIN. I THOUGHT YOU ARE A CHANGE MAN. LOL
Not day after day... i won last night on Phoenix big.
65k a year is big, even if you are living with your g.f and have 2 pets, you can survive...
you can or cant hope with insentives etc...
but sure thing if they gave it to you, you accept it. hehe.
HUNGRY YOU ARE A FULL OF CRAP AGAIN. I THOUGHT YOU ARE A CHANGE MAN. LOL
Not day after day... i won last night on Phoenix big.
65k a year is big, even if you are living with your g.f and have 2 pets, you can survive...
you can or cant hope with insentives etc...
but sure thing if they gave it to you, you accept it. hehe.
HUNGRY YOU ARE A FULL OF CRAP AGAIN. I THOUGHT YOU ARE A CHANGE MAN. LOL
Not day after day... i won last night on Phoenix big.
65k a year is big, even if you are living with your g.f and have 2 pets, you can survive...
you can or cant hope with insentives etc...
but sure thing if they gave it to you, you accept it. hehe.
HUNGRY YOU ARE A FULL OF CRAP AGAIN. I THOUGHT YOU ARE A CHANGE MAN. LOL
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