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As is often the case, federal and state governments single out casino winnings for unique taxes of their own.
Failure to properly report your haul may result in penalties and headaches, so be aware of these rules to stay on the safe side: Gamblers are lucky in that casino taxes are not progressive like income taxes are.
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I have lived my entire life, barring the past 5 years of course, in Southern California.
Personal income is an individual's total earnings from wages, investment interest, and other sources.
The Bureau of Labor Statistics reported a median personal income of 5 per week for all full-time workers in 2017.
The Census Bureau's statistics provide detail on income distribution and demographics and are used to produce the nation's official poverty statistics.
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After reading the horror stories of this page many men say they feel frustrated with the whole thing. As a volunteer editor of this little forum, I can say that nothing can be further from the truth.
That is, you will owe the same percentage to the IRS on a 0,000 jackpot as a ,000 one.
Yet, it’s important to know the thresholds that require reporting.
Winnings in the following amounts must be reported: All of these require giving the payer your Social Security number, as well as filling out IRS Form W2-G to report the full amount won.