Whoever is holding the winning ticket for the $432 million Mega Millions jackpot is about to discover what a huge tax bill really looks like.
Winners get to choose between taking their prize as either a lump sum or an annuity paid over 30 years. For the $432 million Mega Millions jackpot, the cash option — which most people go with — is about $315 million.
Bloomberg - Are you a robot?
Mind the (tax) gap: To fund new spending, people should pay the taxes they owe | TheHill
But there is one obvious way to help fund the package that won't raise anyone's taxes, won't shrink any spending programs and has an at least 40-year history of bipartisan support. It's called closing the tax gap.
The tax gap is the difference between the taxes people and businesses owe and how much they actually pay. That amount is massive — about 15 percent of all taxes paid, which comes to $7 trillion over the next decade.
Do I owe taxes on my gambling jackpot? - nj.com
Whether you will owe taxes to the IRS depends on whether you are required to file a tax return in 2021.
Assuming you are single, you need to file a tax return this year if your gross income is more than $12,400, or $14,040 if over age 65, said Gail Rosen, a Martinsville-based certified public accountant.
Yellen stressed importance of withdrawing digital services taxes in call with UK | Reuters
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U.S. Treasury Secretary Janet Yellen answers questions during the Senate Appropriations Subcommittee hearing to examine the FY22 budget request for the Treasury Department on Capitol Hill in Washington, DC, U.S., June 23, 2021. Greg Nash/Pool via REUTERS/File Photo
WASHINGTON, Sept 22 (Reuters) - U.S. Treasury Secretary Janet Yellen spoke with British finance minister Rishi Sunak on Wednesday about ongoing global tax reform efforts, and underscored the need for a compromise on withdrawal of digital services taxes, the Treasury said.
Juno Beach budget, taxes for 2022 boosted by COVID relief funding
At that meeting, town council members will decide whether to reduce its tax rate to the rollback rate, which would keep tax bills the same as the previous year despite rising property values.
Juno Beach has the one of the lowest tax rates in northern Palm Beach County this past year at $1.92 per $1,000 of assessed property value. The town's staff said they can manage with the rollback rate for the upcoming year due to thousands in federal funding provided by the American Rescue Plan.
Bill to refund Oregon taxes on stimulus checks was ‘held hostage’ | KOIN.com
PORTLAND, Ore. (KOIN) — An effort to refund hundreds of millions of dollars in personal income taxes collected by Oregon on federal stimulus checks appears to have reached a standstill.
A quirk in Oregon’s tax law meant nearly 900,000 Oregonians ended up paying an extra $300 million in state taxes on their 2020 tax returns.
LETTER: Villnave responds to back taxes flyer – Eagle News Online
I’ve applied for jobs to supplement my income, but have not been able to secure a job that works around my other responsibilities.
With a promotion and annual salary increases, I’m now in a position to be able to pay on the arrears. I have paid off the amount due on one of the parcels and am working on the other.
Happening on Twitter
Winning $432 million Mega Millions ticket was bought in a Manhattan pizza joint https://t.co/XkCCLgodno https://t.co/nnvYtMHUOX nypost (from New York, NY) Wed Sep 22 10:57:20 +0000 2021
Rolling in the dough! New York City ticket wins $432 million in the Mega Millions jackpot. @ErielleReshef has the s… https://t.co/63LCxucZw1 GMA (from New York, NY) Wed Sep 22 11:20:27 +0000 2021
JACKPOT! Mega Millions ticket worth $432 million sold at New York City pizzeria https://t.co/w0dPeV9Dml ABC7 Wed Sep 22 06:24:06 +0000 2021
Winning ticket for $432 million Mega Millions jackpot sold at New York City pizza shop https://t.co/JRfXbXeFzY CBSNews (from New York, NY) Wed Sep 22 16:40:00 +0000 2021
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