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WSOP Winners To Pay Big Tax To US
Thursday November 1, 2012 : TAX MAN ALSO WINS IN WORLD SERIES OF POKER PAY-OUTS
US winners will lose a chunk of their prizes to the IRS
Las Vegas tax consultant Russ Fox dampened some of the big money hype around the recently concluded 2012 World Series of Poker main event this week, commenting on his blog that US winners take a significant tax hit from the IRS.
In an interesting post, Fox estimates that Greg Merson's first prize of $8.53 million will be reduced to just $4,838,327 after he's coughed up $3,693,526 in federal and state taxes.
Fox says that Merson faces a tax hit that includes self-employment tax ($247,424), state income tax to Maryland ($469,252) and federal income tax ($2,976,850).
Runner up Jesse Sylvia's $5,295,149 pay check will attract a tax debit of around $2 million, Fox calculates, part of an estimated $10 million the US tax authorities will 'win' from the mainly US players around this week's WSOP main event final table.
By contrast, the only foreigner on the table, Hungarian player Andras Koroknai, will keep most of his $1.6 million prize.
Gambling News :
US$30M DUBAI WORLD CUP -
Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines
NHL Odds: Forsberg Faces Elliott in Nashville -
The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.
NBA Odds: Hawks, Wiz in Southeast Showdown -
The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.
NBA Odds: Clippers Try to Slow Down Bucks in LA -
Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.
NHL Odds: Canadiens Welcome Islanders Tonight -
The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.
NHL Odds: Reeling Flyers Seek Relief in Pittsburgh -
#nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.
Dollars to Donuts Slot Launch -
Firstly, it's a classically styled, easy playing 3-reel with five pay lines featuring a traditional icon set of bars and sevens.
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