MovieChat Forums > Here Comes the Boom (2012) Discussion > So, he didn't pay any taxes on the prize...

So, he didn't pay any taxes on the prize money?

posted 11 years ago by tonyismad
8 replies | jump to latest

The school needed $42K. The prize money was $50k. Aren't taxes about half of whatever you win?

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[–] Doc80 11 years ago

Two possibilities. First is that the 50K could be after taxes. This is highly unlikely but still possible. The second possibility is that the UFC just pays the 50K and has the fighter take care of the taxes themselves. This the same thing that shows like Survivor does. Also, since all the money went to the school as a charitable donation, it's very possible that he would end up paying little or no taxes on it anyway.

[–] tonyismad 11 years ago

Thanks.

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[–] kramsey20 11 years ago

Yeah that's definitely what happened, he didn't have to worry about paying taxes on his 50,000 because it was a tax-free charitable donation.

[–] Chadmw 11 years ago

Or it could be that it is a movie and they never considered the taxes as it would really have taken away from the plot

[–] liverpool26 11 years ago

He would have had about 42 after tax

In UK anyway dunno about US. $50,000 is just over £31,000, the first £8,500 is tax free so he would pay 20% tax on the other £22,500. So after tax he would have £26,500 that's about $42,400

[–] austin_sod 11 years ago

I'm going to go out on a limb and say that math is not your strongest subject

[–] woody_rules_ok 10 years ago

Or yourself.

He's correct, using The UK income tax system the gross take home from $50,000 would be around the $40,000 mark.

[–] Kowalchuk 10 years ago

Charitable donation.