earnings: truck + winnings = $34,000 + 97,000 = $131,000
federal taxes (39.6%) plus medicare (1.9%)
then he needs to pay state taxes, which should only be arizona since he earned that money in arizona. that’s another 4.54% on what’s left after fed taxes.
federal tax: $51,876
medicare tax: $2,489
gift tax: $5,000
arizona state tax: $3,280
—
total tax: $ 62,645
total tax rate: 47.8%
of course, that’s not including the 6.1% 0bamacare tax i’ve heard about. i’m unsure how that would factor in.
people wanted a flat tax... well, we have it
If he claims MA residence, he would pay the state tax rate of 5.5% less whatever he paid to AZ. But I think he might be in CA, so I am sure they get a piece.
These guys have to be paid $100 million, just to make $20 million.
Taxes aside I don't have any sympathy for someone earning $70,000 after taxes for less than 60 minutes of little to no effort.