What Is the Tax Percentage on Cash Prizes?

Answer

Taxes on prizes refer to the amount of money that will be deducted to the government from a won prize. There is no fixed tax percentage on a cash prize. The percentage is calculated depending on the tax bracket you fall.
Q&A Related to "What Is the Tax Percentage on Cash Prizes?"
1. Note your adjusted gross income (AGI) listed on your 1040 tax form from last year. This amount will be listed on line 37. If you want a more accurate calculation of the tax owed
http://www.ehow.com/how_7587260_calculate-tax-priz...
I heard 28% but not sure; anyone know for sure?
http://wiki.answers.com/Q/What_are_the_taxes_on_a_...
Prize money is treated just like wages, so the ultimate tax liability may vary
http://www.chacha.com/question/how-much-are-lotter...
If you live in the United States, you need to pay taxes on your sweepstakes wins. Here are the steps you'll need to take to file your sweepstakes taxes.
http://taxtime.about.com/od/tipstricks/Tax_Tips_Tr...
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The tax rate for prize money includes federal, state and local tax. To calculate taxes on prize money, gather all of your income information, add the sum of your ...
The tax rate for prize money is 30-percent on the amount won. This is a standard amount and is easy to calculate. It will be added as income on your tax return ...
There is no standard income tax rate on cash prizes. The tax rate on any income depends on which tax bracket you fall. In 2011, for example, the IRS taxes the ...
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