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#11
05-18-2006, 02:46 PM
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Re: \"25% of your action\" and the high hand jackpot -- story + poll
Thanks for the replies and votes. Not surprisingly, the overwhelming majority believes in doing the right thing. This is particularly non-surprising since none of it is your money.
The high hand was $933. This isn't a life changing amount of money, but it is the most money i have ever won at anything, ever. I cashed out for the night with $1352, which is by far the most chips i have ever lugged across a poker room floor. +36BB in 2 hours in addition to the jackpot. Poker is easy. Because the jackpot is over $600, i had to fill out a W2-G and will have to pay taxes on the monies. Clearly, some amount of the jackpot needs to be removed for tax purposes before Slim gets his cut. What do y'all think is a reasonable amount to withhold? I also decided long ago that 5% is a reasonable amount to tip on jackpots. In this case, i pushed the dealer $53 (5% + round it up + the extra 3 browns). Soon after, this old guy starts berating me for being "cheap, cheap, cheap. Almost $1000 and that's all you gave her. You're a cheap bastard." I told him i was going to be polite and ignore him, so he continued to berate me for a bit then walked over to the dealer in question (who was now on her break) and presumably berated me there for a while. I am a veteran (or at least an old hand) at the Gold Cizzle, so i'm used to dealing with cranky nits, but taking the piss out of an elderly fellow while i've got two racks of red sitting next to my 6-deep pyramid of browns wouldn't exactly be gracious winning. Still, the Brick & Mortar Forum seems like a good place to enjoy hypothetical Slings & Arrows that i could have slung at him. Who has good ones? 
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#12
05-18-2006, 02:48 PM
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Re: \"25% of your action\" and the high hand jackpot -- story + poll
[ QUOTE ]
[ QUOTE ] [ QUOTE ] slim is paying the rake that feeds the high hand jackpot. 25% of it is his. [/ QUOTE ] [/ QUOTE ] [/ QUOTE ]
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#13
05-18-2006, 03:05 PM
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Re: \"25% of your action\" and the high hand jackpot -- story + poll
[ QUOTE ]
Because the jackpot is over $600, i had to fill out a W2-G and will have to pay taxes on the monies. Clearly, some amount of the jackpot needs to be removed for tax purposes before Slim gets his cut. What do y'all think is a reasonable amount to withhold? [/ QUOTE ] 25% of total jackpot you won - 25% of tip you paid - 25% of tax you paid = Slim's cut.
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#14
05-18-2006, 03:14 PM
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Re: \"25% of your action\" and the high hand jackpot -- story + poll
[ QUOTE ]
25% of total jackpot you won - 25% of tip you paid - 25% of tax you paid = Slim's cut. [/ QUOTE ] Edit: i read this wrong initially. You aren't actually saying anything at all, because: 25% (jackpot - tip - tax) == 25% jackpot - 25% tip - 25% tax. Thanks to the distributive property of multiplication, it doesn't matter when you extract his 25%. Regardless, i'm trying to get a sense for how much $tax should be. Care to address that issue?
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#15
05-18-2006, 03:16 PM
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Re: \"25% of your action\" and the high hand jackpot -- story + poll
[ QUOTE ]
Thanks for the replies and votes. Not surprisingly, the overwhelming majority believes in doing the right thing. This is particularly non-surprising since none of it is your money. The high hand was $933. This isn't a life changing amount of money, but it is the most money i have ever won at anything, ever. I cashed out for the night with $1352, which is by far the most chips i have ever lugged across a poker room floor. +36BB in 2 hours in addition to the jackpot. Poker is easy. Because the jackpot is over $600, i had to fill out a W2-G and will have to pay taxes on the monies. Clearly, some amount of the jackpot needs to be removed for tax purposes before Slim gets his cut. What do y'all think is a reasonable amount to withhold? [/ QUOTE ] What's with the snark? You ask us a question, we give you an answer. I can't speak for everyone else, but if a buddy stakes me 25 %, then anything I win is included in the stake. This obviously includes jackpots, because, as others have mentioned, part of the rake is going for the jackpot. Now if I had to pay for gas as part of the trip, or any other direct expenses, I would probably deduct this from my gross winnings before paying out 25 %. So if you've paid a tip and will also have to pay taxes on your jackpot winnings, these amounts should be deducted before you pay out 25 %. If you're unsure how much money in taxes you'll end up paying, take the net amount you're supposed to be paying taxes on and take off 30 %. Obviously, if you were actually declaring all your poker winnings each year on your taxes, the tax issue wouldn't be a problem, as you'd just subtract the amount paid out to your buddy from your net winnings. But I'm doubting you do this.
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#16
05-18-2006, 03:21 PM
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Re: \"25% of your action\" and the high hand jackpot -- story + poll
[ QUOTE ]
What's with the snark? [/ QUOTE ] It was a joke. [ QUOTE ] If you're unsure how much money in taxes you'll end up paying, take the net amount you're supposed to be paying taxes on and take off 30 %. [/ QUOTE ] Where does the figure 30% come from?
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#17
05-18-2006, 03:26 PM
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Re: \"25% of your action\" and the high hand jackpot -- story + poll
[ QUOTE ]
[ QUOTE ] What's with the snark? [/ QUOTE ] It was a joke. [ QUOTE ] If you're unsure how much money in taxes you'll end up paying, take the net amount you're supposed to be paying taxes on and take off 30 %. [/ QUOTE ] Where does the figure 30% come from? [/ QUOTE ] A basic average of federal tax + state-to-state tax. Some states have no gambling tax, others have a rate as high as 10 percent, I think. I am not a CPA, but from what I've read 30 % is a good baseline.
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#18
05-18-2006, 03:34 PM
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Re: \"25% of your action\" and the high hand jackpot -- story + poll
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] slim is paying the rake that feeds the high hand jackpot. 25% of it is his. [/ QUOTE ] [/ QUOTE ] [/ QUOTE ] [/ QUOTE ]
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#19
05-18-2006, 03:35 PM
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Re: \"25% of your action\" and the high hand jackpot -- story + poll
[ QUOTE ]
[ QUOTE ] What's with the snark? [/ QUOTE ] It was a joke. [ QUOTE ] If you're unsure how much money in taxes you'll end up paying, take the net amount you're supposed to be paying taxes on and take off 30 %. [/ QUOTE ] Where does the figure 30% come from? [/ QUOTE ] tyler, It should be pretty easy to figure out the % you owe by looking at a tax schedule w/ the income you brought in last year. Even easier if you filled out a return last year.
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#20
05-18-2006, 04:34 PM
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Re: \"25% of your action\" and the high hand jackpot -- story + poll
[ QUOTE ]
[ QUOTE ] 25% of total jackpot you won - 25% of tip you paid - 25% of tax you paid = Slim's cut. [/ QUOTE ] Edit: i read this wrong initially. You aren't actually saying anything at all, because: 25% (jackpot - tip - tax) == 25% jackpot - 25% tip - 25% tax. Thanks to the distributive property of multiplication, it doesn't matter when you extract his 25%. Regardless, i'm trying to get a sense for how much $tax should be. Care to address that issue? [/ QUOTE ] Well that was basically what I was saying. Anyway, the $933 probably isn't enough to shift you into a new tax bracket, so you could probably just use the % income tax you paid last year. Otherwise, wait until file your taxes to determine how much you owe him.
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