Find solution
Can you still be a contestant on the Family Feud?

What percentage of taxes would a winning contestant from a game show pay the government?

  • A game show contestant from any game show (i.e. Jeopardy, Price Is Right, Family Feud, etc.) wins thousands of dollars for participating in the game. Approximately, what percentage of taxes would that winning contestant have to pay the government? I assume the tax amount varies depending on the state the contestant lives in.

  • Answer:

    Federal taxes depends on your tax bracket and how much you win. State taxes depends on what state you live in.

Roderick C at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

taxes would a winning contestant from a game show pay the government is fixed amount for certain, these are fixed after that even

Game show prizes are subject to regular income tax. Cash is taxed at the normal rate, non-cash prizes are taxed on their retail value. A certain amount will be withheld when you receive the prize, but the exact amount you owe depends on your total income, including the value of the prize(s) won. Honestly, if you win a large prize, you should consult a tax attorney ASAP. Many, many people have had to sell prizes won on game shows (like cars, boats, etc) because they could not afford to pay the taxes.

Vegas Matt

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.