Cause $1200 = taxes?
ie: today at Palms, fpdw progressive was at $1300 (WOW!) and all the
machines were being played.
fed + state taxes = ~40%, thus to make it worth while, the royal
should be > $2000?
OR is there something wrong with my logic?
THX
You are correct. You also have to meet other
guidelines of IRS before you can deduct any losses and
if you have Social Security Income it may also become
taxable. Therefore your tax rate maybe higher than
40%.
--- David <stut70@yahoo.com> wrote:
Cause $1200 = taxes?
ie: today at Palms, fpdw progressive was at $1300
(WOW!) and all the
machines were being played.fed + state taxes = ~40%, thus to make it worth
while, the royal
should be > $2000?OR is there something wrong with my logic?
THX
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I am not from Nevada, but I thought they didnt have state income tax?
And your gambling losses are deductable up to the amount you claim
in winnings. I cant imagine that 1 w2g for $1400 is going to tigger
a audit if you claimed (and did have) losses of $1400?
--- In vpFREE@yahoogroups.com, Andy Deuble <vet611@y...> wrote:
You are correct. You also have to meet other
guidelines of IRS before you can deduct any losses and
if you have Social Security Income it may also become
taxable. Therefore your tax rate maybe higher than
40%.
--- David <stut70@y...> wrote:
> Cause $1200 = taxes?
>
> ie: today at Palms, fpdw progressive was at $1300
> (WOW!) and all the
> machines were being played.
>
> fed + state taxes = ~40%, thus to make it worth
> while, the royal
> should be > $2000?
>
> OR is there something wrong with my logic?
>
> THX
>