Teen sinks shot on live TV to win $50,000

[Hum]

At the Nickelodeon Kids' Choice Sports" Awards Thursday, one lucky kid, Ricardo Jacobo Jr., had five chances in 60 seconds to make one half court shot and win $50,000? on live TV. No big deal, right? Ricardo missed his first three attempts, but remained cool, calm and collected. And on his fourth try he made the shot!

 

https://tv.yahoo.com/tv-in-no-time/kid-nails-shot-win-50k-045205920.html

 

 

[spacer]

Good for him. (Y)

[+Warwagon MVC]

How much does he get after uncle sam takes his chunk?

[Bigkaye]

How much does he get after uncle sam takes his chunk?

 

65%, uncle wants 35%. in 2012. http://www.forbes.com/sites/janetnovack/2013/03/23/tax-on-320-million-powerball-jackpot-millions-more-than-in-2012/

 

In Canada he'd have to answer what 20 + (30 / 15) * 2 is without using a calculator, then its all in the clear.

[Hum]

Shame if all the money wouldn't pay for college or job training.

[macoman]

65%, uncle wants 35%. in 2012. http://www.forbes.com/sites/janetnovack/2013/03/23/tax-on-320-million-powerball-jackpot-millions-more-than-in-2012/

In Canada he'd have to answer what 20 + (30 / 15) * 2 is without using a calculator, then its all in the clear.

$32,500 clean? Uncle Sam takes $17,500 to help pay the laziness of congress.

[rfirth]

65%, uncle wants 35%. in 2012.

 

You couldn't be any more wrong. That's the highest tax bracket in 2012. He'd have to have made more than $388,350. At $50,000, he's in the 25% tax bracket. However, his actual effective rate will only be 14% because only a small portion will be taxed at the highest rate.

 

$50,000 prize, and $5950 standard deduction... his adjusted income is $44,050.

 

$8,700 at 10%, $26,650 at 15%, $8,700 at 25%... or $870+$3,997+$2,175=$7,042

 

$7,042/$50,000*100 = 14.084% effective tax rate

 

 

$32,500 clean? Uncle Sam takes $17,500 to help pay the laziness of congress.

 

You're off by more than $10,000.

[sava700]

He's lucky...most only get one chance for that type of throw and win.