million poker

Of the 8 million that the kid in the world series of poker,what amount will he likely get to pocket?

If the kid had won that in Canada,would he have gotten to keep the whole amount tax free?

You asked this question in the "United States" category, so I'll only address the US tax issues. The amount of tax he would pay depends on where he lives and if he has other income. Another big issue is whether or not he has declared himself to be a professional gambler.

If he had no other income or gambling losses, is single with no dependents and lives in a state without a personal income tax, of the $8,546,435 he won, he would pay $2,923,716 in federal income taxes and $242,129 in self-employment taxes. His winnings would be $5,380,590, slightly less than 63% of his gross winnings.

This site has a lot of information about taxes for professional gamblers:

http://www.pokernews.com/news/2006/03/tax-tips-poker-players.htm

I hope this helps.
Gary

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Poker - the King of Casino Games

Poker is one of the most popular casino games around the world. The availability of different versions of the game is evidence of its popularity in different parts of the world. According to a recent research, online search engines receive more than one million poker related searches over the Internet every month. Basically, it is a card game which has different ways of forming hands and dealing cards. Whether the low hand or high hand wins the pot, there are limits on the bets and on how many betting rounds can be allowed. Many poker fans believe that the betting system of the game distinguishes it from other gambling games.

There are many variations of the game and the following are largely grouped as per their betting and card dealing procedures: Straight, Stud, Draw and Community. Video poker is also a variation of poker game but it is a single-player game played on a computer and functions like slot machines. Most of the poker machines allow the players to place bets, hands are dealt and the players are allowed to replace and discard the cards. The payout received depends upon the initial bet made by the player and the hand received after the draw. Another poker game is the red dog poker game which is more like as a blackjack game. Some of the other popular versions of the poker game are Texas Hold’em poker, Omaha Hold’em poker, seven-card stud, draw poker or lawball and razz.

There are thousands of websites that offer online poker game including both free and money involving. The beginner’s version of the game allows getting expertise on skills and strategies of winning poker while advanced versions of the game usually involve real money in them. If you want to play poker online, you will have to become member of one of these sites and pay some initial fee. Some of the websites also allow free poker play which neither involves any fees nor any rewards or bonuses for the players. These online games are only for the entertainment of the players but some people with a positive frame of mind can use these games to develop their skills at the game.

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