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In the US, I believe there's also a 40% tax on winnings. It's on retail value for goods.
by chaostheory 7y ago
In the US, I believe there's also a 40% tax on winnings. It's on retail value for goods.
- toast0 7y ago> In the US, I believe there's also a 40% tax on winnings. It's on retail value for goods. Contest winnings are income, and therefore subject to income taxes. Contest winnings above a certain amount are subject to withholding, but the winner may need to provide the cash for withholding if the prize is non-monetary and the prize doesn't include an adjustment for taxes.
- stordoff 7y agoWorth noting not in the UK, where Coke lives.