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Chance to win $11,000 shop from Popular Woodworking

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2K views 14 replies 9 participants last post by  AlaskaGuy 
#1 · (Edited by Moderator)
popularwoodworking.secondstreetapp.com/og/2fc15e16-ae6c-42ad-ada8-ed541f35ccbf/referrals/11cc26aa-d976-47b5-965c-ce2f6b1f76f5
 
#7 · (Edited by Moderator)
I would enter, but if I won I wouldn t know what to do with all of those power tools … LOL!

- Ron Aylor
You can add 11,000 dollars to your income and pay more taxes.

The downside of winning a high-priced item, like a car, is that you may have to sell it to pay the taxes or dip into savings intended for other purposes. You will have to pay tax on the fair market value of the item, so if you won a $50,000 car, you'll owe taxes on that amount. The company providing the winning item should send you a Form 1099 with its fair market value. Again, the prize may move you into a higher tax bracket, so make the same computations as if it were cash. For example, if you are in the 28 percent tax bracket with the car included, a bracket that currently ranges from $91,900 to $191,650, you'd pay $18,713.75 plus 28 percent of the excess over $91,900 for tax year 2017.
 
#8 ·
I would enter, but if I won I wouldn t know what to do with all of those power tools … LOL!

- Ron Aylor
You can add 11,000 dollars to your income and pay more taxes.

The downside of winning a high-priced item, like a car, is that you may have to sell it to pay the taxes or dip into savings intended for other purposes. You will have to pay tax on the fair market value of the item, so if you won a $50,000 car, you ll owe taxes on that amount. The company providing the winning item should send you a Form 1099 with its fair market value. Again, the prize may move you into a higher tax bracket, so make the same computations as if it were cash. For example, if you are in the 28 percent tax bracket with the car included, a bracket that currently ranges from $91,900 to $191,650, you'd pay $18,713.75 plus 28 percent of the excess over $91,900 for tax year 2017.

- AlaskaGuy
Then it's a good thing I didn't enter … LOL!
 
#9 ·
Bottom line is that if you are paying taxes your must be making good money so do your part to support the government because half the population pay no income tax at all and the top 20% pay 80% of the taxes.
Personally I think almost everyone should pay something even it it is just a token amount.
 
#10 ·
Bottom line is that if you are paying taxes your must be making good money so do your part to support the government because half the population pay no income tax at all and the top 20% pay 80% of the taxes.
Personally I think almost everyone should pay something even it it is just a token amount.

- LesB
+ 1 for a flat tax on all 10% boom done….
 
#12 · (Edited by Moderator)
Bottom line is that if you are paying taxes your must be making good money so do your part to support the government because half the population pay no income tax at all and the top 20% pay 80% of the taxes.
Personally I think almost everyone should pay something even it it is just a token amount.

- LesB

+ 1 for a flat tax on all 10% boom done….

- doubleG469
Ditto. wish it was that easy though.
 
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