Home / Poker News / Tax Burdens Dull 2016 WSOP Main Event Final Table Winnings

Tax Burdens Dull 2016 WSOP Main Event Final Table Winnings

money

Tax burdens can cut poker winnings in half. And that’s exactly what they’ll do, even in tournaments as large, and with as big a payout, as the 2016 World Series of Poker final table.

Then, once you move into tournament backers who receive a part of the action from investors to lower player risk, players only see a portion of their winnings.

In a post titled, “The 2016 Real Winners of the World Series of Poker,” Russ Fox of Clayton Financial and Tax in Las Vegas, divvies out the winnings, based on how much is taken out, location and what the player will receive after taxes.

Player Location Place Percentage Lost Winnings Before Taxes Winnings Lost Estimated total
Qui Nguyen Las Vegas, NV 1st 41.51% $8,005,310 $3,324,157 $4,681,153
Gordon Vayo San Francisco, CA 2nd 51.46% $4,661,228 $2,398,800 $2,262,428
Cliff Josephy Long Island, NY 3rd 48.40% $3,453,568 $1,674,568 $1,779,000
Michael Ruane Maywood, NJ 4th 45.75% $2,576,003 $1,178,525 $1,397,478
Vojtech Ruzicka Prague, Czech Republic 5th exempt, flat 15% income tax $1,935,288 $290,293 $1,644,995
Kenny Hallaert Hansbeke, Belgium 6th 0% (no tax on gambling wins) $1,464,258 $0 $1,464,258
Griffin Benger Toronto, Ontario, Canada 7th 30% withheld for U.S. income tax $1,250,190 $370,057 $875,133 (can file return to recover losses)
Jerry Wong Margate, Florida 8th 38.16% $1,100,076 $419,776 $680,300
Fernando Pons Palma, Spain 9th 45% $1,000,000 $449,584 $550,416

Here’s a table from the post:

Amount won at the final table $25,445,388
Tax to IRS $8,108,024
Tax to Franchise Tax Board (CA) $623,262
Tax to Agencia Tributeria (Spain) $449,584
Tax to New York Dept. of Taxation and Finance $422,752
Tax to Finanční Správa (Czech Republic) $290,293
Tax to New Jersey Division of Taxation $215,845
Total Tax $10,109,760

Read the full report here.

Be sure to complete your PokerNews experience by checking out an overview of our mobile and tablet apps here. Stay on top of the poker world from your phone with our mobile iOS and Android app, or fire up our iPad app on your tablet. You can also update your own chip counts from poker tournaments around the world with MyStack on both Android and iOS.

blackjackballroom.eu
Source link

About Casino

Check Also

Penn National snaps up Pinnacle for $2.8B | 2018-01-10

Penn National Gaming and Pinnacle Entertainment have entered into a definitive agreement under which Penn …

Leave a Reply

Powered by keepvid themefull earn money