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Yes, you have to pay taxes on the total winnings, which would be $1,200 in this case. The IRS requires you to report all gambling winnings as income, regardless of whether they were won in separate transactions. It's important to keep accurate records of your wins and losses for tax purposes.
What else can I help you with?
How much money would you get after taxes on 1 million dollars winnings?
$500,000
How much taxes are paid on lottery winnings in Kansas?
Tax is withheld on all winnings in the Kansas lottery over 5,000 dollars. If less than that is won, the amount won should be claimed on tax forms.
What is the payout on 9 to 2 odds betting 10 dollars?
It means for every £2 that you bet, if the bet-upon thing/person/team wins, you will get £5 from the bookies in return (or whatever equivalent currency you may use).
How much money did secretarit get for winning the belmont?
The purse of the 1973 Kentucky Derby was $179,199.
What does 2-1 mean in betting?
For every one you bet, you get two back. So if you bet two dollars and won, you would get four dollars of winnings and you would also get your two dollars back.
How does betting 4-7 pay out?
For every seven you bet, you get four back. So if you bet fourteen dollars and won, you would get eight dollars of winnings and you would also get your fourteen dollars back.
What does twelve to seven mean in betting terms?
For every seven you bet, you get twelve back. So if you bet fourteen dollars and won, you would get twenty-four dollars of winnings and you would also get your fourteen dollars back.
What is Tiger Woods estimed wealth?
By 2010, Forbes estimate that he will have earned $1 billion dollars, from on course winnings and endorsements.
How much is Tiger Woods salary?
122 million dollars a year, 22 million from winnings and 100 million from off course
Do losers on jeopardy keep their winnings?
The winner keeps what he/she has won, the second place finisher receives $2000 and the third place finisher receives $1000. When the defending champion does not win a match, he/she gets to keep what he/she won in previous games, as well as the consolation prize for second or third place for that match.
How much is Tiger Woods average salary?
122 million dollars a year, 22 million from winnings and 100 million from off course
When was the first time Richard Petty won the Nascar championship?
The year 1964. He had 9 wins that year for a total of winnings of $98,810.00 dollars.
