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Gooch, Ouch
Posted on 5/1/23 at 9:07 am
Posted on 5/1/23 at 9:07 am
Before expenses,
Gooch appeared on the ‘Fore The People’ Podcast and revealed that $1.9 million of his winnings never even made it to his bank account.
“It was a little bit disheartening seeing 47 and a half percent because Australian taxes [do] not enter the account.”
“It comes, you know, almost it sometimes it’s like 48 hours, but it’s usually 24 hours after it direct deposit hits. It was a big one this last week, but yeah, it sucked that 47 and a half percent was withheld for Australian taxes, unfortunately.”
“I am by no means complaining, but the four [million dollars], once you cut it all up, let’s just say that it’s lot less than four.”
Gooch appeared on the ‘Fore The People’ Podcast and revealed that $1.9 million of his winnings never even made it to his bank account.
“It was a little bit disheartening seeing 47 and a half percent because Australian taxes [do] not enter the account.”
“It comes, you know, almost it sometimes it’s like 48 hours, but it’s usually 24 hours after it direct deposit hits. It was a big one this last week, but yeah, it sucked that 47 and a half percent was withheld for Australian taxes, unfortunately.”
“I am by no means complaining, but the four [million dollars], once you cut it all up, let’s just say that it’s lot less than four.”
3
Posted on 5/1/23 at 12:30 pm to bopper50
Wonder what a winner of an event in California gets deducted?
Posted on 5/1/23 at 3:50 pm to AirbusDawg
quote:
Wonder what a winner of an event in California gets deducted?
Don’t know exactly how the withholding tables would work but the vast majority of $4m would be taxed at 52% if I’m remembering correctly (39%+13% state). Income tax only.
Posted on 5/1/23 at 7:26 pm to bopper50
quote:
It was a little bit disheartening seeing 47 and a half percent because Australian taxes [do] not enter the account.”
Same deal if he won in California.
Posted on 5/1/23 at 7:27 pm to Cocotheape
I see this has already been addressed
Posted on 5/8/23 at 9:31 am to bopper50
This is one big reason to not live ins a socialist country!
Posted on 5/8/23 at 12:29 pm to Muahahaha
quote:
This is one big reason to not live ins a socialist country!
If you are making money in a foreign country, absent some exemption, they are going to withhold taxes at a very high rate as a rule of thumb. Don’t want people making a bunch of money then leaving the country with no tax paid, never to return again.
Posted on 5/9/23 at 2:09 pm to Cocotheape
California has tried in the past to get a hold of my payroll taxes for merely piloting an aircraft in to and out of an outstation located within their borders.
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