Tax question

[Halls]

What is the name of your state? Tx

Let's say someone makes around $60,000,000 dollars on a business deal. How much in taxes is he looking at paying on this in Texas?

Also, what are the percentages in Taxes that govt takes out of our paychecks?

 

[tranquility]

It depends on how much he spends to get his taxes done.

 

[Halls]

Well,I have no idea how much he will spend getting his taxes done but I'm sure he will spend whatever it takes to make sure it is done correctly.

 

[tranquility]

"Correctly" can mean many things. Also, with that kind of money, you can do some fancy law things which could create losses which would bring down the tax. There are a lot of standard things too. How big a house does the person have? How much medical expenses? How was the money earned? How much was contributed to retirement? Were there any passive losses to offset the income?

When you're talking about that kind of money, there are all kinds of things to do to change liability. Even the premise needs more information. "Business deal", what's that? What's that in great detail.

The point is that there is no way to calculate the tax owed. If all you're looking for is the amount to be paid on that amount, look on the internet for the tax tables.

 

[LdiJ]

The person in question needs to get themselves to a tax professional...ASAP. There is far too much money involved to not use the services of a professional.

However, as was suggested above, if you want to check it against the tax tables, then go to www.irs.gov and type "tax rate schedules" in the search engine.

 

[Halls]

thanks! The person who has made this money has all the resources and education to make sure it is done right, I was just curious myself how it works. It appears it can be quite a complicated thing of which there is no precise answer, cept for the one who made the money when all is said and done. But thanks for the links to the tax tables, it will help.