Fishhead said:
they walk away with 15 million each after taxes all 8 of them
8 x15 = 90
powerball was 365 million ??? that's alot of taxes
http://www.kansascity.com/mld/kansascity/news/nation/13934321.htm
http://www.usatoday.com/news/nation/2006-02-21-record-jackpot_x.htm?POE=NEWISVA
KIDSLICK said:
Kid - 8*15 is 120 million, by the way.
Basically if you choose the cash option, you would get the annuity that the state would purchase to make the yearly payment option. That annuity is roughly 50% of the payout.
so.......50% of 365 million is around 180 million.
And assuming close to a 40% state and federal tax hit, you would be pretty close to 120 million.
it drives me a little crazy. everytime someone hits a big powerball like this they say this amount after taxes. that is only the amount after the 28% federal withholding for winning a lottery prize. there is more federal taxes when your in the top bracket like these people will be for tax year 2006.
