An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
Shares of defense companies rose on Monday after the United States military was put on alert by President Donald Trump.Marketsread more
Stocks fell on Monday amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
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An attack on Saudi Aramco's key oil facility raises questions about whether the schedule for the company's initial public stock offering will go ahead as planned.Energyread more
President Donald Trump signaled Iran is not telling the truth about the drone attacks on Saudi Arabia's largest oil facilities.Oilread more
U.S. Secretary of Energy Rick Perry spoke to CNBC's "Squawk on the Street" on Monday following a series of drone attacks on Saudi Arabia's oil facilities caused the largest...Oilread more
Perry says it's too soon to say whether the U.S. will need to use its emergency crude reserves to offset the surge in oil prices.Oilread more
Consumers in the U.S. prefer Apple's more expensive models, while the standard iPhone 11 appears to be more attractive to buyers in China, according to analyst Ming-Chi Kuo.Technologyread more
The Times updated an article detailing a previously unreported accusation against Supreme Court Justice Kavanaugh from when he was a Yale University student, noting that "the...Politicsread more
With no one hitting all winning numbers in Saturday night's Powerball drawing, the top prize has jumped above the half-billion-dollar mark.
Now at a whopping $550 million for Wednesday night's drawing, the jackpot has been growing for more than two months of twice-weekly drawings. And while the odds are stacked against players winning it — your chance is about 1 in 292 million — the IRS is always a guaranteed eventual winner.
"The big impact on winnings is taxes," said certified financial planner Dan Routh, a wealth advisor at Exencial Wealth Advisors in Oklahoma City. "If you win, just realize how big the tax bill can be and make sure you're ready to handle it."
Whether the winner takes their prize as an annuity spread out over three decades or as an immediate reduced lump sum, lottery officials are required to withhold 24 percent for federal taxes.
However, the top federal tax rate of 37 percent means the winner would owe a lot more at tax time.
For Wednesday night's drawing, the cash option — which most winners go with — is $335 million. The 24 percent withholding would reduce that by $80.4 million.
Assuming the winner had no reduction to their taxable income, another 13 percent, or $43.6 million, would be due to the IRS ($124 million in all).
That would leave the winner with $211 million before state taxes. That levy ranges from zero to more than 8 percent, depending on where the ticket was purchased and where the winner lives.
In other words, federal and state taxes combined could eat up more than 45 percent of winnings.
However, there are strategies you can employ that reduce your taxable income, and therefore the amount you pay in taxes.
For example, you could make a cash donation of up to 60 percent of your adjusted gross income and carry forward, up to five years, any excess amount. Some lottery winners set up their own charitable foundation and donate a portion of their windfall to it.