Re: Taxes in California for Pro Gambler
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This is my first year as a pro gambler and I was told that I was going to have to owe 44%, 9% state tax, 35% income tax.
I will have deductions but this will not account for much and if this is true I will be getting torn a new one.
Is it really this bad?!?
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The numbers you quote are probably the top marginal rates. You would only pay that on any money above and beyond the top tier of income, probably around $100K or so. The money you make below that level is taxed at a lower rate.
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