Originally Posted by Mobo123

well, i'm not a cpa but i can guess what he might pay in taxes. Start off with rounding his winnings to 2.5M.

#1. He's a Mormon. 10% of the gross goes to the church. (250,000)

#2. He jumped up to the 39% federal tax bracket. (975,000)

#3. I dont live in Utah and have no idea what the state taxes are. However, since the money was earned in California and he is NOT a resident of the State of California, he may have to pay California individual earners tax. That's approximately 14%. My favorite tax. The joys of being self employed in California. Arnold promised to do something about this but he lied.
So take off another (350,000).

#4. I have no idea what his deductions are. I think he said he was married with two kids. For the feds, that's a small deduction. He can also write off the $250,000 the Mormon church taxes him for breathing.

So, we start with:

$2,500,000
(250,000)
(975,000)
(350,000)
__________
(1,575,000)


$925,000.00 is what he has lef BEFORE his deductions. Sucks, doesnt it?