Member of the Month

PartyBullshiit
March, 2024

Online

Welcome to the Newschoolers forums! You may read the forums as a guest, however you must be a registered member to post. Register to become a member today!

X games cashprize ?

profile picture
Yan_skiing
Posts: 86 - Karma: 368
Weird question but, are they getting a lots of money with their medals, and how much ?
Apr 7 2020 12:12PM
4 0
profile picture
eheath
Posts: 61102 - Karma: 118,264
25,000 american currency for 1st, both mens and womens. I cant remember the pay scale, but top 3 get paid.
Apr 7 2020 12:14PM
11 0
profile picture
CalumSKI
Posts: 4121 - Karma: 23,046
eheath25,000 american currency for 1st, both mens and womens. I cant remember the pay scale, but top 3 get paid.


that actually a hefty amount
Colby achieved the bag this year
Apr 7 2020 1:22PM
12 0
profile picture
Yan_skiing
Posts: 86 - Karma: 368
CalumSKIthat actually a hefty amount
Colby achieved the bag this year

His talent & hard work paid off
Apr 7 2020 1:25PM
7 0
profile picture
CalumSKI
Posts: 4121 - Karma: 23,046
Yan_skiingHis talent & hard work paid off


he is so good its actually nutz
Apr 7 2020 1:28PM
6 0
profile picture
jwilly
Posts: 487 - Karma: 2,681
Pretty sure Wallisch got like 500 bucks for 5th in knuckle huck lol
Apr 7 2020 10:37PM
2 0
profile picture
r00kie
Posts: 5194 - Karma: 58,789
jwillyPretty sure Wallisch got like 500 bucks for 5th in knuckle huck lol


Probably had a guaranteed amount since he was part of the broadcast team.
Apr 7 2020 10:48PM
0 0
profile picture
ReturnToMonkey
Posts: 6168 - Karma: 66,433
Do they get taxed on their winnings? Like income tax or whatever? Not talking bout the 10 percent rule, if they even do that anymore
Apr 8 2020 1:09AM
1 0
profile picture
eheath
Posts: 61102 - Karma: 118,264
ConesForBreakfastDo they get taxed on their winnings? Like income tax or whatever? Not talking bout the 10 percent rule, if they even do that anymore


lol bro everyone pays taxes on income.
Apr 8 2020 11:44AM
8 0
profile picture
Yan_skiing
Posts: 86 - Karma: 368
eheathlol bro everyone pays taxes on income.


That’s sad tho lol
Apr 8 2020 11:48AM
0 5
profile picture
eheath
Posts: 61102 - Karma: 118,264
Yan_skiingThat’s sad tho lol


Someday you'll learn the importance of taxes.
Apr 8 2020 11:52AM
7 6
profile picture
ASSholebomber22
Posts: 6594 - Karma: 69,705
eheathSomeday you'll learn the importance of taxes.


Lmao
Apr 8 2020 12:01PM
10 0
profile picture
ReturnToMonkey
Posts: 6168 - Karma: 66,433
eheathlol bro everyone pays taxes on income.


Well no shit they get taxed on stuff they get from sponsors prolly but like of the 25k, are they only getting 75% percent of it? My understanding is any prize over 5k, 25% gets withheld, but are hard earned contest winnings considered the same?
Apr 8 2020 12:39PM
1 0
profile picture
eheath
Posts: 61102 - Karma: 118,264
ConesForBreakfastWell no shit they get taxed on stuff they get from sponsors prolly but like of the 25k, are they only getting 75% percent of it? My understanding is any prize over 5k, 25% gets withheld, but are hard earned contest winnings considered the same?


maybe even less than 75% depending on how much they make. Anything won as a "prize" is more like 40% tax, not 25. For most of these athletes making money, they have managers/accountants/agents that take care of their finances and most of them have a business they use to pay themselves, etc. so they can pay less taxes, but in the end most skiers winning contests are paying 20-30% of their income to uncle sam and im not 100% sure but contest winnings might not qualify as earned income, but I would imagine most of these guys have it setup the best they can tax wise.
Apr 8 2020 12:46PM
2 0
profile picture
Yan_skiing
Posts: 86 - Karma: 368
eheathSomeday you'll learn the importance of taxes.


I’m not talking about taxes in general, just about giving away the price that you won , but I feel you

**This post was edited on Apr 8th 2020 at 1:03:55pm

**This post was edited on Apr 9th 2020 at 4:09:00am
Apr 8 2020 1:03PM
3 0
profile picture
ScaryDumpTruck
Posts: 584 - Karma: 3,392
ConesForBreakfastDo they get taxed on their winnings? Like income tax or whatever? Not talking bout the 10 percent rule, if they even do that anymore

If you make money you get taxed.
Apr 8 2020 1:48PM
3 0
profile picture
ReturnToMonkey
Posts: 6168 - Karma: 66,433
ScaryDumpTruckIf you make money you get taxed.

Not always. Bank robber comes to mind
Apr 8 2020 8:28PM
2 0
profile picture
SammyDubz
Posts: 2168 - Karma: 7,216
I thought x gold was a fifty k cash prize a couple years back have things changed since its heyday
Apr 9 2020 2:31PM
2 0
profile picture
eheath
Posts: 61102 - Karma: 118,264
ConesForBreakfastNot always. Bank robber comes to mind


Thats called being a criminal...
Apr 9 2020 2:57PM
1 2
profile picture
SkiBum.
Posts: 3597 - Karma: 3,895
You’ll always pay tax on any money you earn. But in this case there’s some ways to pay less.

You could call yourself an independent contractor. I think there is some tax Benefit there possibly.

Also you can deduct a lot. I’d think you could deduct all expenses - so anything from car to fuel to meals and hotels while traveling to any of the comps.
Apr 9 2020 3:57PM
1 0
profile picture
Static
Posts: 8491 - Karma: 4,063
ConesForBreakfastNot always. Bank robber comes to mind


You are required to declare illegal income on your federal taxes on form 1040.
Apr 9 2020 3:58PM
6 0
profile picture
Darc
Posts: 138 - Karma: 669
StaticYou are required to declare illegal income on your federal taxes on form 1040.


Isnt tax fraud how they put away alot of crims when they cant prove to a court level they commited the crime beyond reasonable doubt?
Apr 9 2020 5:02PM
1 0
All times are Eastern (-4)