If I win a jackpot of 55 million dollars in Texas how much will taxes take?
If you are referring to one of the “state lotteries” then you will be responsible for up to 37% in federal taxes. As this question is insufficient in its detail, it calls for many variables to be contended with ….Assuming you are playing a “state lottery” and are a resident of Texas and the advertised jackpot is $55 million, you have two options (1) take the lump sum, or (2) take the tiered annuity over 30 years*. You decided on the lump sum, which is approximately 60% of the advertised jackpot (this amount represents the amount of money earned by ticket sales that the state commission would invest in bonds in order to make the full lottery payments over time). Although 20–25% will be withheld automatically for federal taxes, this is not the full tax on your winnings. Like any other income, the lump sum will be reported on your federal income taxes and you will pay normal taxes on the total income. Having been awarded $33 million (60% of $55M), the federal income tax will be approximately $12.21M. One of the first things to do is make sure this full amount has been paid so you don’t come up short at filing time. $20,790,000 would be your net winnings.Assuming the same as above, but the lump sum is $55M then you would have an estimated tax payment of $20.35M. Your net winnings would be $34,650,000.If this question refers to any other type of jackpot (Vegas or other gambling) the second answer would normally apply if a lump sum is allowed. Many multi-million-dollar jackpots that are not “state lotteries” usually don’t give a lump sum option as the awarding agency makes money off the long-term investment as well.*For this answer I will focus on the lump sum, which is the better choice. The annuity with pay out the full $55 million over the 30 years, but the amounts start small and 2/3’s of the jackpot will be paid in the last 10 years; therefore, it really isn’t a good financial idea.
Have you read the Texas state constitution?
I have read the Texas Constitution. It is the longest state constitution in the world. There is nothing, however, about secession. Even if there were, secession is illegal. Two Supreme Court cases in 1868 and 1975 declared any references of secession in the Texas Annexation Treaty to be unconstitutional.
What is your worst “it’s a business decision” moment?
Taking on a business partner that was not near as dedicated as I was.Although I had a baby when I opened my antique shop I was doing business daily with my son in tow.My business partner would get into an argument with her boyfriend and say she was not feeling up to coming in.After a year I took my kids on a trip for two weeks. When I got back I was surprised to see the business buying funds depleated. My partner told me she borrowed it. She didn’t contact me once to tell me she was going to do that. This was our funds to purchase more antiques for inventory.The car museum my store was in was relocating to a larger place. Although they did have space for us to come along; I told my business partner they didn’t and closed down.
What's a FREE or at least cheap homeschool program in Texas?
I have Yahoo'd, Google'd and Dogpile'd "free texas home school", "cheap texas home school", "home school programs," and several other versions of that, and I can't find anything that is less than 2500 bucks. I can't spend that much cash on home school. Can anybody help me out? Anything would be great.
How much did you spend on the last item you bought for yourself?
The last thing I bought from myself was a loaf of store brand wheat bread.I spent 88¢ and quite a bit of angst on it. I had $60.82 in my pocket. That is was what remained of my weekly lunch/snack and goof off budget from 7/20–7/27 of this year at roughly 22:30 on 7/24. I was on my way home from work in front of the grocery store. I was craving a bit of strawberry jam on bread. I knew the bread at my house was stale and not wanting to bake more decided to stop and grab a loaf. I get into the store grab the bread.. start heading to the line. Reach into my pocket and realize that I am a nickel and a penny short of the purchase price. I could have sworn I received more change earlier in the day and week. Standing in line I see 9 cents including a nickel in the need a penny tray. Decided that I am not personally hurting for money. Break a $20 bill to pay… That sadly means I will spend the remaining bit of said 20 before Thursday pay day. I also need to fuel my vehicle probably Wednesday. So I will be putting only a $20 and some change in my new graphics card fund jar again this week. Get out to the car see 55¢ sitting on the drivers seat where it fell out of my pocket, have a dollar plus in change in my center console, and get home need the truck keys out of my work jeans from Sunday and pull out $2.37 in a bill a quarter dime and two pennies along with them.
Can I increase my wealth simply by moving into a state (USA) with lower income taxes?
Yes. I’ve done it myself in moving from Massachusetts to New Hampshire. Sure, the property tax is a little higher in NH (around $10 per $1K assessed value more), but that is more than compensated for by the absence of a state sales tax, a state personal income tax and a state capital gains tax.You’ll find on the web various sites giving average “tax burdens” by state, e.g.:2016’s States with the Highest & Lowest Tax RatesOf course, do the math for yourself and your own circumstances, for your tax bracket, your income mix and your property size, since you are probably not average. It is not a hard calculation to do, but potentially quite lucrative.For example, with a moderate house, say $300K, property tax in my town in NH is around $8000 compared to around $5000 where I was in MA. But MA has a 5.1% income tax. So taxable income of more than around $60,000 would leave you net wealthier in NH, even before you factor in savings from having no sales tax and no capital gains tax.Note: this assumes your job is (or can be or will be) in the state with lower income tax. Living in one state while working over the border in another state would complicate the analysis and lessen or even eliminate the advantage.
My insurance company is holding back money for totaled car?
My insurance company sent me a check for the value of my car that was totaled. They sent me a check for the total amount minus 500 dollars. They say they will send me the rest when I send them the title. I do have the title of the car and it's going out in the mail tomorrow. I am irritated because now I have to wait for the remainder of the amount they gave me before I go car shopping if I want to get a car of similar value. Now I have to either go into my own personal funds, find another way to get to work until they send me the remainder, or buy a car of lesser value than my previous one. After the car has been appraised and we have agreed on the price aren't they required to send me the full amount we agreed on? Are they allowed to hold back money like this?