General Question

tinamatthews's avatar

In california what is the tax amount on $30.000?

Asked by tinamatthews (1 points ) June 14th, 2010

I won a BMW vauled at $30.000 what will the tax amout be on this prize item.

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6 Answers

Coloma's avatar

First…congratulations!

How cool is that? lol

Whatever the amount, ( doubt it would exceed a 10–15% tops, but don’t know for sure )

A couple of grand for a 30k prize…..not a bad deal, if you can afford it.

LuckyGuy's avatar

Don’t forget Federal tax. you have to pay that as well. You will most likely get a 1099-MISC form in the mail some time in February 2011.
Congratulations!

Coloma's avatar

@worriedguy

Kinda rubs a bit of the shine off the grand prize ey? lol

YARNLADY's avatar

It’s impossible to answer without knowing where you bought the car. There are State Taxes, County Taxes, and City Taxes and they vary from place to place.

LuckyGuy's avatar

@Coloma Yes it does. But it’s still better than nothing.

YARNLADY's avatar

Correction: I meant won the car.

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