Americans will legally wager an estimated $2.72 billion on the men’s and women’s NCAA basketball tournaments; if you profit off your bracket, the IRS wants its cut.
You can’t borrow your way to wealth. Learn how to save, spend mindfully and talk about money with your family and friends.to the person who predicted the winner of every game during March Madness. The prize could come in 40 annual payments or a $500 million lump sum.But if your wagers pay off during March Madness, Uncle Sam wants in on the game. Here are four reasonsThe IRS uses an automated system to compare such information against what people report on their tax returns.
To qualify for benefits, you must earn at least 40 Social Security credits. You earn credits when you work and pay Social Security taxes.one Social Security or Medicare credit for every $1,730 of earnings, up to a maximum of four credits per year. If you are self-employed, you earn credits the same way as an employee. This means you have to earn $6,920 to get the maximum four credits for the year.Extra credits don’t increase your Social Security benefit. But your earnings make a difference.
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