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Where do game shows get their prizes (money in particular?

How much money goes to the government that is won off of game shows/lottery?

  • My friend told me that half of the money you win off of a game show or lottery goes to the government. Like, if you won a million dollars on a game show, you only get $500,000 and the government receives that other half. Is this true? Does the governement get a different percentage other than 50%, or do they not get any at all?

  • Answer:

    The highest Federal tax bracket is 35%, which is where a $1 million win would put you. State income tax can vary. Here in Nevada, there is no state or local income tax, but in Ohio, for example, a person who made $1 million in one year would pay 7.5% income tax. So in Nevada, you would may a total of 35% in taxes, or $350,000, but in Ohio, you would pay 42.5%, or $425,000 in taxes (plus local taxes, which are small in comparison to State and Federal taxes). Not quite 50%, but a very large chunk of your winnings indeed.

Emilee. at Yahoo! Answers Visit the source

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It's not 50%, a little less, its whatever the highest income tax rate is. Everyone pays taxes on their money, this is no different.

LegFuJohnson

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The government will tax this at whatever the highest tax bracket is. usually around 35 percent, depends on where you live.

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