Should the victor of 'Squid Game: The Challenge' come from a country rather then the UK, they may well be responsible for taxes on their prize profits.
The Gist:
- Squid Game: The Challenge sees 456 players compete to win a cash prize of $4.Fifty six million.
- The fact festival sequence was once filmed in the UK, where prize cash is exempt from taxes.
- If the winner hails from another nation, they could also be matter to taxes imposed by their home nation.
After just nine episodes, Squid Game: The Challenge topped its first-ever winner! This champion, who we now know is Mai Whelan, now not most effective strutted away with some serious bragging rights, but additionally pocketed a whopping $4.Fifty six million — the greatest unmarried money prize actually tv and game display history.
Now, let's discuss cash! After taxes, what is the scoop on what quantity of money the Squid Game: The Challenge winner stuffs into her pockets? Stick around, as a result of we now have all the answers you might be in search of.
How is the 'Squid Game: The Challenge' winner's prize taxed?
For the ones unaware, Squid Game: The Challenge was filmed in the United Kingdom, the place prize winnings are exempt from taxes. But here's the twist — if the winner in any given season hails from some other nation, say the United States, they are now not solely off the hook.
As it turns out, the Land of the Free overlords solid their extensive net over world income, including the ones huge game display winnings. So, even though the U.K. is giving them a tax pass, an American victor has to cough up a good amount of their earnings. That method Mai, for the inaugural season of the truth pageant display.
According to Turbo Tax, snagging $1,000 in a drawing approach you're a money prize winner. Now, money prizes aren't simply confined to lucky draws — it's worthwhile to win money prizes in a sweepstakes, a game show, or on a truth TV pageant like Squid Game: The Challenge. So, whether you are making it rain or flaunting a lone greenback invoice, you will have to come with all prize earnings as source of revenue on your tax return.
The amount of tax the Squid Game: The Challenge winners pay will depend on the place they are living and what quantity of money they take home. Turbo Tax famous that choosing a lump sum payout, especially for a considerable jackpot (like $4.Fifty six million), could position them in the best tax bracket, resulting in a minimum tax obligation of 37 percent owed to the IRS.
'Squid Game: The Challenge's first winner didn't get her prize cash in an instant.
The first season of Squid Game: The Challenge filmed in early 2023. But, Mai shared with The Times in December 2023, she still hadn't gained her cost from Netflix. Luckily, consistent with a display supply who People spoke with, there may be reportedly a fee plan in place for one month after the finale airs.
Chances are, that can be the case for any future seasons as smartly.
Watch Squid Game: The Challenge on Netflix.
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