What to do if you win big at a casino?

You must fill out a W-2G form to report your winnings to the feds, but casinos aren't obliged to take out withholdings. It will be up to you to pay the taxes later. However, if a winner fails to provide a Social Security number, the casino will then take out 28 percent for the IRS.

lasvegassun.com - What happens when you win a jackpot? - Las Vegas Sun Newspaper

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Make Your Bookie Cry And Pull The Hair By Generating $23,187

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THE TAXMAN COMETH

Imagine: You just hit a $33 million jackpot on Megabucks. If you're lucky, you'll see half of that after taxes. It's a cruel world, but Uncle Sam wants his cut. How you choose to receive your payout helps determine exactly how much you'll cash in. Here's how it works:

• Jackpot taxes

If you win $1-$1,199: You cash out and go. The IRS doesn’t care about jackpots less than $1,200. If you win $1,200 - $4,999: Now you’ve entered the tax threshold. You must fill out a W-2G form to report your winnings to the feds, but casinos aren’t obliged to take out withholdings. It will be up to you to pay the taxes later. However, if a winner fails to provide a Social Security number, the casino will then take out 28 percent for the IRS. If you win $5,000 or more: The IRS will consider your winnings part of your income, which could bump you up to a higher tax bracket. If you hit it really big, expect to pay up to 40 percent in income taxes. For that $33 million Megabucks jackpot, that would be more than $13 million.

• Payment options

Most slot companies give winners two ways to receive their money. The choice you make could have important tax implications. Lifetime payout: This is a set annual payout for a certain number of years. For IGT, maker of Megabucks, it’s 25 years. On a $33 million jackpot, that means an annual payout of about $1.3 million and an annual tax bill of $525,000. That’s just more than $13.1 million in taxes over the span of the payout. Lump Sum: Winners have 60 to 90 days to decide whether they want a lump sum or lifetime payment. If you opt for a lump sum, you’ll have to deal with a hefty interest rate. That’ll leave you with 60 percent of your jackpot. But don’t forget: you still have to pay the government. From the remaining $19 million, the IRS will demand another 40 percent, leaving you with about $12 million.

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What sport has the highest pain tolerance?

One study found that cross-country skiers were among the most pain tolerant, along with football players.

webmd.com - Athletes Better Equipped to Play Through the Pain - WebMD

May 18, 2012 -- Sprains, strains, and worse injuries are unavoidable in sports, and playing through the pain comes with the territory for most athletes. So how do they continue to excel with pain that would leave others sidelined? New research confirms that athletes have a higher tolerance for pain than couch potatoes or even weekend warriors, and the finding could help investigators discover better ways to manage pain. No Pain, No Gain? Researchers in Germany reviewed findings from 15 studies comparing pain threshold and pain tolerance among athletes and non-athletes. "Pain threshold" refers to the point at which pain begins to be felt in response to stimulation (heat, pressure, etc.), while "pain tolerance" is the maximum amount of pain a person can stand. Athletes and non-athletes in the studies had similar pain threshold levels, but athletes consistently reported higher pain tolerance than normally active adults. And the amount of pain athletes were able to tolerate varied by their sport, with those involved in game sports like football or soccer generally more tolerant of pain than those who participated in endurance sports. But this was not always the case. One study found that cross-country skiers were among the most pain tolerant, along with football players.

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