Who else is doing the $125,000.00 Crit this week?



C

crit pro

Guest
You ain't a pro, unless you race for the cash.

I haven't seen all the teams listed yet for the Aug 7th $125k
criterium. Anyone know the names of the big euros coming over?

So why is the Cannibal the official starter for this US race? With an
offical cause of some cancer or another, shouldn't the best name in US
cycling be supporting the sport at events like this?

I booked my own flight and entry for this race. I sure hope they don't
have some formula for the $125k prize money, and only pay us working
stiffs $40k.

crit pro
 
S

Sonarrat

Guest
in article [email protected], crit pro at
[email protected] wrote on 8/2/04 8:48 PM:

> You ain't a pro, unless you race for the cash.
>
> I haven't seen all the teams listed yet for the Aug 7th $125k
> criterium. Anyone know the names of the big euros coming over?
>
> So why is the Cannibal the official starter for this US race? With an
> offical cause of some cancer or another, shouldn't the best name in US
> cycling be supporting the sport at events like this?
>
> I booked my own flight and entry for this race. I sure hope they don't
> have some formula for the $125k prize money, and only pay us working
> stiffs $40k.
>
> crit pro


I've been told that if you win any prize money for anything, in the United
States it's taxed the same as an inheritance is, which the same person said
was 50%...

-Sonarrat.
 
G

Gary

Guest
Sonarrat wrote:
>
> in article [email protected], crit pro at
> [email protected] wrote on 8/2/04 8:48 PM:


{snip}

> I've been told that if you win any prize money for anything, in the United
> States it's taxed the same as an inheritance is, which the same person said
> was 50%...
>
> -Sonarrat.



First, US inheritance taxes are not a flat 50%. They are quite
complicated and beyond the scope of this thread.

Second, prizes and awards are taxed as 'ordinary income' (as opposed to
capital gains, dividends, or other special classifications) and as such
the income tax rate is the same as it would be if the money were
received for wages, rents, or other 'ordinary income'. This tax rate
would be between 10% and 35%, depending on the taxable income of the
receiver. Also, the person could be liable for 'self employment tax'.
The rate for this tax is 15.3%. If they are in the business of racing,
they are subject to the tax. If the activity is carried on as a hobby,
they are not subject to the tax. Whether something is carried on as a
business or a hobby is often the subject of dispute between the IRS and
the taxpayer. There are regulations issued by the Treasury Department
and numerous court cases on the matter and it is also beyond the scope
of this thread.

Gary
Tax Geek
 
G

gwhite

Guest
Sonarrat wrote:
>


> I've been told that if you win any prize money for anything, in the United
> States it's taxed the same as an inheritance is, which the same person said
> was 50%...


You are probably right. The rich cold-hearted crit winner folks got a
tax break from Dubya, which lowered it to an obscenely generous 50%.
 
T

Tom Arsenault

Guest
gwhite <[email protected]> wrote in message news:<[email protected]>...
> Sonarrat wrote:
> >

>
> > I've been told that if you win any prize money for anything, in the United
> > States it's taxed the same as an inheritance is, which the same person said
> > was 50%...

>
> You are probably right. The rich cold-hearted crit winner folks got a
> tax break from Dubya, which lowered it to an obscenely generous 50%.


If you didn't get invited to the race, don't bother showing up to
race it. Invitational only.

Tom
 
D

Donald Munro

Guest
Sonarrat wrote:
>> I've been told that if you win any prize money for anything, in the United
>> States it's taxed the same as an inheritance is, which the same person said
>> was 50%...


gwhite wrote:
> You are probably right. The rich cold-hearted crit winner folks got a
> tax break from Dubya, which lowered it to an obscenely generous 50%.


I though Boy George only reduced taxes for the obscenely rich.
 
B

Bob Schwartz

Guest
gwhite <[email protected]> wrote:

> Sonarrat wrote:
>>


>> I've been told that if you win any prize money for anything, in the United
>> States it's taxed the same as an inheritance is, which the same person said
>> was 50%...


> You are probably right. The rich cold-hearted crit winner folks got a
> tax break from Dubya, which lowered it to an obscenely generous 50%.


I thought the inheritance tax was generally around 0% in this country.

Bob Schwartz
[email protected]
 
A

Alex Rodriguez

Guest
In article <BD345CFA.6FE0%[email protected]>, [email protected]ail says...

>I've been told that if you win any prize money for anything, in the United
>States it's taxed the same as an inheritance is, which the same person said
>was 50%...


I doubt it works this way for the pros. This is how they make a living,
so they should be taxed at the same rate as anyone else making the same
salary.
----------------
Alex
 
C

Curtis L. Russell

Guest
On Tue, 03 Aug 2004 12:48:24 -0400, Alex Rodriguez <[email protected]>
wrote:

>>I've been told that if you win any prize money for anything, in the United
>>States it's taxed the same as an inheritance is, which the same person said
>>was 50%...

>
>I doubt it works this way for the pros. This is how they make a living,
>so they should be taxed at the same rate as anyone else making the same
>salary.
>----------------
>Alex


I think the issue is not the taxation rate, which would vary, but the
withholding rate. They are simply being preemptive, grabbing more than
enough to make sure the person files all the necessary forms and, if
not, the tax people are ahead.

Probably not an issue if there is a local agent or payer that would be
responsible for the withholding and deposits that would remain
available. In any event, they would be responsible for making sure the
proper money was withheld.

Curtis L. Russell
Odenton, MD (USA)
Just someone on two wheels...
 
J

Jason Waddell

Guest
>Subject: Who else is doing the $125,000.00 Crit this week?
>From: [email protected] (crit pro)
>Date: 8/2/2004 10:48 PM Central Standard Time
>Message-id: <[email protected]>
>
>You ain't a pro, unless you race for the cash.
>
>I haven't seen all the teams listed yet for the Aug 7th $125k
>criterium. Anyone know the names of the big euros coming over?
>
>So why is the Cannibal the official starter for this US race? With an
>offical cause of some cancer or another, shouldn't the best name in US
>cycling be supporting the sport at events like this?
>
>I booked my own flight and entry for this race. I sure hope they don't
>have some formula for the $125k prize money, and only pay us working
>stiffs $40k.
>
>crit pro



I'll be there with 3 teammates...


thanks,
jason
 
G

gwhite

Guest
Bob Schwartz wrote:
>
> gwhite <[email protected]> wrote:
>
> > Sonarrat wrote:
> >>

>
> >> I've been told that if you win any prize money for anything, in the United
> >> States it's taxed the same as an inheritance is, which the same person said
> >> was 50%...

>
> > You are probably right. The rich cold-hearted crit winner folks got a
> > tax break from Dubya, which lowered it to an obscenely generous 50%.

>
> I thought the inheritance tax was generally around 0% in this country.


I have been fortunate enough to be ignorant of the actual facts
regarding inheritance.
 
C

Curtis L. Russell

Guest
On Tue, 03 Aug 2004 13:21:32 -0700, gwhite
<[email protected]> wrote:

>Bob Schwartz wrote:
>>
>> gwhite <[email protected]> wrote:
>>
>> > Sonarrat wrote:
>> >>

>>
>> >> I've been told that if you win any prize money for anything, in the United
>> >> States it's taxed the same as an inheritance is, which the same person said
>> >> was 50%...

>>
>> > You are probably right. The rich cold-hearted crit winner folks got a
>> > tax break from Dubya, which lowered it to an obscenely generous 50%.

>>
>> I thought the inheritance tax was generally around 0% in this country.

>
>I have been fortunate enough to be ignorant of the actual facts
>regarding inheritance.


If 'this country' is the U.S., once you get past the exclusions and
exceptions possible with husband and wife, you're probably looking at
40%, fed and state, at a miimum.

Curtis L. Russell
Odenton, MD (USA)
Just someone on two wheels...
 
W

William H. O'Hara, III

Guest

> If the activity is carried on as a hobby, they are not
> subject to the tax. Whether something is carried on as a


This is wrong. If you activity is considered a hobby, then
the direct deductions of expenses against revenue is gone.
All revenue is still taxed at your bracket.

Bill



--
William H. O'Hara KB1LEH
 
R

RonSonic

Guest
On Tue, 03 Aug 2004 14:27:34 +0200, Donald Munro <[email protected]> wrote:

>Sonarrat wrote:
>>> I've been told that if you win any prize money for anything, in the United
>>> States it's taxed the same as an inheritance is, which the same person said
>>> was 50%...

>
>gwhite wrote:
>> You are probably right. The rich cold-hearted crit winner folks got a
>> tax break from Dubya, which lowered it to an obscenely generous 50%.

>
>I though Boy George only reduced taxes for the obscenely rich.


"Obscenely rich" is a very flexible thing depending on what group of voters you
are attempting to persuade. The tax cuts were across the board. Since rich
people pay more, they saved more with the cut. I make squat, but I saw it on my
return.

Ron
 
R

Richard Adams

Guest
RonSonic wrote:

> On Tue, 03 Aug 2004 14:27:34 +0200, Donald Munro <[email protected]> wrote:
>
>
>>Sonarrat wrote:
>>
>>>>I've been told that if you win any prize money for anything, in the United
>>>>States it's taxed the same as an inheritance is, which the same person said
>>>>was 50%...

>>
>>gwhite wrote:
>>
>>>You are probably right. The rich cold-hearted crit winner folks got a
>>>tax break from Dubya, which lowered it to an obscenely generous 50%.

>>
>>I though Boy George only reduced taxes for the obscenely rich.

>
>
> "Obscenely rich" is a very flexible thing depending on what group of voters you
> are attempting to persuade. The tax cuts were across the board. Since rich
> people pay more, they saved more with the cut. I make squat, but I saw it on my
> return.
>
> Ron
>


'Obscenely rich' - has $1 and can't think of a single need for it.
 
G

GaryQ

Guest
"William H. O'Hara, III" wrote:
>
>
>
> > If the activity is carried on as a hobby, they are not
> > subject to the tax. Whether something is carried on as a

>
> This is wrong. If you activity is considered a hobby, then
> the direct deductions of expenses against revenue is gone.
> All revenue is still taxed at your bracket.
>
> Bill
>
> --
> William H. O'Hara KB1LEH


Bill,
Perhaps I muddied the waters unnecessarily. What I meant by the
sentence you quoted was that activities carried on as a trade or
business are subject to Self Employment Tax while hobbies are not. Also
I was only discussing the income side of the issue. Your point on
expenses is well taken. If the activity is a business, the expenses to
produce the income are deducted directly against it while hobby expenses
are deducted in such a Byzantine manner as to render the deduction meaningless.

Gary
Defamer of Byzantines
 
S

Stewart Fleming

Guest
In the Amgen Hemahto Criterium, if more than 50% of the invitational
field turns up, the race is cancelled.
 
F

Fake name goes here

Guest
In article <[email protected]>,
[email protected] (Tom Arsenault) wrote:

> If you didn't get invited to the race, don't bother showing up to
> race it. Invitational only.


And if your team was invited you may not be allowed to race...because
you're too young or old. This happened to Hincapie sports, they're only
allowed one rider.
 
H

Hyllus

Guest
I think the taxation question brought up here is moot.

Whatever percentage you want times zero still works out to zero.

My guess is the whole thing is a sham and aint noone getting paid
nuttin. But that's just my guess, I'm not making any firm
substantiated ( or sueable) accusations.

We'll see in a couple of days.


[email protected] (crit pro) wrote in message news:<[email protected]>...
> You ain't a pro, unless you race for the cash.
>
> I haven't seen all the teams listed yet for the Aug 7th $125k
> criterium. Anyone know the names of the big euros coming over?
>
> So why is the Cannibal the official starter for this US race? With an
> offical cause of some cancer or another, shouldn't the best name in US
> cycling be supporting the sport at events like this?
>
> I booked my own flight and entry for this race. I sure hope they don't
> have some formula for the $125k prize money, and only pay us working
> stiffs $40k.
>
> crit pro
 
G

gwhite

Guest
Richard Adams wrote:
>
> RonSonic wrote:
>
> > On Tue, 03 Aug 2004 14:27:34 +0200, Donald Munro <[email protected]> wrote:
> >
> >
> >>Sonarrat wrote:
> >>
> >>>>I've been told that if you win any prize money for anything, in the United
> >>>>States it's taxed the same as an inheritance is, which the same person said
> >>>>was 50%...
> >>
> >>gwhite wrote:
> >>
> >>>You are probably right. The rich cold-hearted crit winner folks got a
> >>>tax break from Dubya, which lowered it to an obscenely generous 50%.
> >>
> >>I though Boy George only reduced taxes for the obscenely rich.

> >
> >
> > "Obscenely rich" is a very flexible thing depending on what group of voters you
> > are attempting to persuade. The tax cuts were across the board. Since rich
> > people pay more, they saved more with the cut. I make squat, but I saw it on my
> > return.
> >
> > Ron
> >

>
> 'Obscenely rich' - has $1 and can't think of a single need for it.


No, that's stupid rich.