No, sir . . . thank YOU. For the opportunity and for the rail . . . happy to have bought in, and would do so any time the opportunity presents in the future.
So 1% action equals a payout of $92.99 USD which I will just payout $93 USD for every 1%
Those that I usually see I will give in person.
Those that I will be sending EMT to, I will get done this weekend. The exchange rate I am getting is 1.1039 so $93 USD is $102.66 CDN
Thanks again for your support.
Nice work, congrats to you and your BAPers. Was curious to the withholding on this size cash, it's not as bad as I would have expected. Thanks for the long math, my curiosity now curbed
Can anybody confirm that if the cash was <$10K, e.g., $9,999, the WSOP won't deduct any taxes because the net profit after the buy-in is less than the $5K tax threshold?
Can anybody confirm that if the cash was <$10K, e.g., $9,999, the WSOP won't deduct any taxes because the net profit after the buy-in is less than the $5K tax threshold?
Pretty sure is has been net profits all along, ie winnings after deduction of buyin.. This link seems to explain it plainly..
So the 30% withholding tax can really screw up Canadians in trying to maximize their $EV! I'm having one of those "AHA" moments (or maybe it's just gas!), so I'm going to put on my thinking cap for the possibly big strategic implications when I play my first US tournament in five years (WPT 500), and maybe create a new thread later.
So the 30% withholding tax can really screw up Canadians in trying to maximize their $EV! I'm having one of those "AHA" moments (or maybe it's just gas!), so I'm going to put on my thinking cap for the possibly big strategic implications when I play my first US tournament in five years (WPT 500), and maybe create a new thread later.
Retroactively looking, when I cashed in WSOPc, I basically got the nut worse finish because any payout less then what I got, I would've not paid withholding, and obviously anything higher is better so I netted the lowest amount possible
Gross! :arghh: I have confirmed with the Aria TD that I can win up to $6,695 on Day 2 of the WPT 500 without being taxed (3 buy-ins), so if I'm lucky enough to cash, I may have to make "bad" plays to maximize my after-tax profit! :baffled:
Retroactively looking, when I cashed in WSOPc, I basically got the nut worse finish because any payout less then what I got, I would've not paid withholding, and obviously anything higher is better so I netted the lowest amount possible
Gross! :arghh: I have confirmed with the Aria TD that I can win up to $6,695 on Day 2 of the WPT 500 without being taxed (3 buy-ins), so if I'm lucky enough to cash, I may have to make "bad" plays to maximize my after-tax profit! :baffled:
Don't be so sure - re-entries are treated separately so even though I re-entered, only my "active" buy-in was used in the withholding calculation.
Anyways - should take this off into another thread and not clutter this one further.
Email sent. I would have used my WMD to figure out the huge strategic implications of the 30% withholding tax if I was there in both situations. Hopefully, I'll get to use my formula and strategies during WPT 500. If anybody wants to discuss the strategies, please contact me.
Comments
gg
Cashed for $11,141 and got 30% withholding Tax
$11,141 - $5,000 (buy in)
= $6,141 - $1,842.30 (30% tax)
= $4298.70 + $5,000 (buy In)
= $9298.70 Total PAYOUT
So 1% action equals a payout of $92.99 USD which I will just payout $93 USD for every 1%
Those that I usually see I will give in person.
Those that I will be sending EMT to, I will get done this weekend. The exchange rate I am getting is 1.1039 so $93 USD is $102.66 CDN
Thanks again for your support.
That bracelet is coming . . .
Nice work, congrats to you and your BAPers. Was curious to the withholding on this size cash, it's not as bad as I would have expected. Thanks for the long math, my curiosity now curbed
Pretty sure is has been net profits all along, ie winnings after deduction of buyin.. This link seems to explain it plainly..
Poker Tournament Taxes Imposed? Recover Taxes On Poker Winnings
In your case there would be no withholding... cept at Seneca..:mad:
If that is greater then $5,000 then you will be taxed on that, except at Seneca and Borgata
Retroactively looking, when I cashed in WSOPc, I basically got the nut worse finish because any payout less then what I got, I would've not paid withholding, and obviously anything higher is better so I netted the lowest amount possible
Don't be so sure - re-entries are treated separately so even though I re-entered, only my "active" buy-in was used in the withholding calculation.
Anyways - should take this off into another thread and not clutter this one further.