Kamakura wrote:I guess you'd have to fling all your production chops in there to stand a chance... Yep. Much like here really.
Not to mention pay them $10 to submit a song, unlike here. Seriously. Click on one of the "Submit to Challenge" buttons. On the left side is a price list.
Winners are responsible for all taxes, etc. Keep in mind that contest prizes are typically taxed as earnings, not as if it was a sale. So, you win that $10,000 trip, you pay income tax on that baby.
At least Oprah took care of all taxes on those cars she gave away.
roymond.com | songfights | covers
"Any more chromaticism and you'll have to change your last name to Wagner!" - Frankie Big Face
I thought the whole point of winning was to win, not to pay taxes. In the UK if by some bloody miracle you win the lottery, it's tax free. I just assumed it would be the same over yonder as well.
As to the $10 fee, I didn't get that far, so I guess that's me out unless I start busking, sell my 1st edition Octothorpe, or win the lottery (in which case SF Hawaii is on me).
Kamakura wrote:In the UK if by some bloody miracle you win the lottery, it's tax free. I just assumed it would be the same over yonder as well.
Hahahahahahahahahahaha. That's funny. Here's some basic info I found.
"For every Lottery prize over $5,000, 32.25 percent is deducted for federal and state withholding. Federal law requires the Lottery to withhold 25 percent of each payment for federal income tax and state law requires that 7.25 percent be withheld for Minnesota personal income tax."
I found it here but I thought I would cut to the chase.
Yeah, but winning the Lottery is winning CASH, so you're just taking home less. Winning prizes (like a car, or an awesome audio production system) means you get gear, but then have to pay out all that tax, which unless you were planning on purchasing the stuff you just won to begin with, is a huge burden. A friend of mine won a $74k video editing system. He couldn't sell it fast enough to raise the tax monies and ended up paying loads of taxes on something he never needed, didn't really want and couldn't sell.
roymond.com | songfights | covers
"Any more chromaticism and you'll have to change your last name to Wagner!" - Frankie Big Face
roymond wrote:Yeah, but winning the Lottery is winning CASH, so you're just taking home less. Winning prizes (like a car, or an awesome audio production system) means you get gear, but then have to pay out all that tax, which unless you were planning on purchasing the stuff you just won to begin with, is a huge burden. A friend of mine won a $74k video editing system. He couldn't sell it fast enough to raise the tax monies and ended up paying loads of taxes on something he never needed, didn't really want and couldn't sell.
Yes, you do! There will be NO turning down a prize. My god, what would happen to the world if people didn't accept gifts????
Of course, but it's all about expectations and all that. "Ooooo I'm gonna enter this contest and win all the shit". I don't know if they require you to accept the prize in order to "win" the contest...I don't really care at this point so I'll leave the fine print to someone else.
roymond.com | songfights | covers
"Any more chromaticism and you'll have to change your last name to Wagner!" - Frankie Big Face
So Roymond, please tell me your friend was able to recover his initial investment and sell the equipment for a profit. Even shelling out 24k in taxes, he had a lot of room to make at least something for himself. Obviously I don't know the specifics about the equipment, the market for said equipment, etc., but man there's a 50k gap between taxes and value. I would think there was a buck to be made somewhere there, at least I hope there was.
Me too! I never realised there was such a thing a prize taxing.
All that and, Michael Jackson! What a weird little country!
But how does the prize thing work if you're a resident of the Civilised World and you win a prize in the USA? Can't you tell them to jam their tax up their arse - or will that involve some sort or armed reprisal?
I was a semi-finalist in a country/gospel songwriting competition in Texas a few years ago - now I'm glad I didn't go any further and actually win the $100 first prize.
Caravan Ray wrote:But how does the prize thing work if you're a resident of the Civilised World and you win a prize in the USA? Can't you tell them to jam their tax up their arse - or will that involve some sort or armed reprisal?
No that's generally reserved for countries that have something of value that we want to take from them. Clearly you're island doesn't qualify. Besides, England has the right of first refusal anyway.
Mr. I-Use-A-Maple-Leaf-As-My-Fucking-Avatar-And-Probably-As-My-Album-Cover-And-Probably-Have-Maple-Leaf-Shaped-Toilet-Paper-Deshead wrote:
Hang on dude, it's not all socialism and lotteries. We also have Celine and Bryan.
Dan-O from Five-O wrote:So Roymond, please tell me your friend was able to recover his initial investment and sell the equipment for a profit. Even shelling out 24k in taxes, he had a lot of room to make at least something for himself.
He got screwed that tax season. I believe he sold the stuff and perhaps made it up, but he took a loan to cover the taxes initially. This was the early 90s and the equipment was basically pretty proprietary and obscure enough that there's not a big market for it. Afterall, pro operations are going to buy that stuff through dealers with support packages, etc. and not from some 20 something kid. Sure, he brought it on himself, and didn't think it all through. And I don't have all the pieces of the puzzle here, years later. I'm just saying...read the fine print.
roymond.com | songfights | covers
"Any more chromaticism and you'll have to change your last name to Wagner!" - Frankie Big Face
