Fastyellow wrote:
TheRealStarky wrote:
monty wrote:
Too cool, way to go kid. Now time to take this sucker past the first place money!!!If you consider the taxes/withholding for the $5,000 prize for first, $3,000 "cash" is looking pretty, pretty, pretty good. It's close to being even depending on the tax bracket.
Whomever gets the money should technically still pay taxes on it....and you might have to issue them a 10-99....might wanna do some research on it to avoid problems. Don't wanna get some poor triathlete audited.
And if it's taxed as regular income or prize money might also make a difference in what their net is. I would imagine WTC 1099's pro's for any earnings. Perhaps Brandon can chime back in. If it's regular income, for a pro, that might be a low bracket. It's it's prize money, like from a contest or lottery or game show, the effective tax rate can be much higher rate, upwards of 40%.
-Of course it's 'effing hard, it's IRONMAN!
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