Thursday, March 23, 2017 Game Recap & Discussion [SPOILERS]

[AFRET CMS]

Wonderful group of people -- both staff and contestants. I would do it again in a heartbeat!

Yeah, but don't wear the same tie!

Good call -- maybe I should burn that one.......

[dhkendall]

However, the contestant winnings are considered earnings from self-employment and have to be reported on Schedule SE on federal income tax. So -- fed income tax (for us in our bracket, it will be about 20-22% or so effective rate), plus California state income tax, plus Colorado state income tax (state taxes totaling about 5-6%), plus self-employment tax (both employer and employee portion of FICA and Medicare) of 15.7%, I think. Whew! Total of close to 40% for taxes. Plus I have a "special" zinger -- I started Social Security last year when we retired. Since I'll be 65 this summer, I have an SS earnings cap of $16,920. I give up $1 in SS for every $2 earned in excess of that. So, after I file my 2017 taxes in 2018, that will get folded into next year's SS calculation and I'll have about $9,000 deducted from SS payments in 2019.

I don't think you're right, Kevin. I'm not a CPA, but I think you may want to look at this more carefully or get some professional advice. As far as I know (and remember from my taxes), it is considered miscellaneous income (I believe you get a 1099-MISC), which is characterized as "Other Income" on your 1040 (Line 21, not Schedule C -- you're not engaged in an ongoing business). So first of all, you don't pay any self-employment taxes or Medicare. In addition, you should get a credit on your Colorado taxes for any California taxes you pay. As I said, if you have any questions, seek professional assistance, but I think you're wrong here (and much to your benefit).

I hope you're right, alietr, because I"m thinking if we were independent contractors, us Canadian contestants would be considered coming to California for "work purposes", which the border guards might not like (especially if we don't see it that way when we talk to them).

(Speaking of the Canadian experience and taxes, I understand we pay less in them too, as the Canadian government considers these things winnings, so our cheques just have the California tax taken off that's taken off when they print them, and that's the only tax we pay as far as I know.)

[Bamaman]

I feel bad for Kevin and Robin, who wagered properly on FJ only to get beat by an unwise wager from third. I'll be rooting for the two challengers tomorrow. More specifically, I'll be rooting for Stephanie to finish DJ in 3rd with a crush to the leader.

That's rather cold. Yes, she bet more than she should have, but she wins even if she bet zero since only she got it right. And she loses if either opponent gets it right, even if she bet it all.

It wasn't her bet that beat them, it was missing FJ.

I had Geeves, even though I was certain he wasn't an opera character. I did think of Figaro, but did not change my response.

[davey]

A $100 million one of these cottages in Gstaad is part of the divorce award to Mrs. Dmitry Rybolovlev
I grabbed onto the wrong TOM here, partly because of the way Alex came down on the name, and said dacha instead of chalet...

[doriko]

Kevin S., thank you so much for the gracious "peek behind the curtain." I enjoyed watching you, and am in awe of all who make it on the show-- and have enough composure not to freeze up the way I'm sure I would.

[AleBelly]

Hey Kevin,

Congrats on a great run! You were a killer on the buzzer and had quite a breadth of knowledge. Enjoy the new(ish) mini-van!

[TenPoundHammer]

WLT Nike at $200? That was at best a 1 in 3 vs. Reebok or Adidas.

Parliament is a band? That was my only miss in the category.

Clammed on "recorder" because I didn't think it was in the flute family.

Grains was entirely over my head.

NHO any of those Z names except Zapruder.

Colon -> Colombia -> Bogota. Boo negbait. Didn't recognize anything in that category either.

I actually heard "Honey, I'm Good" on the way back from work. Couldn't decode "We are all" even though I actually knew the French, because I was hung up by the rest of the clue.

I can never keep Iliad/Odyssey straight.

Actually considered Figaro, but he was a barber, not a valet. Clearly going to be something else, why even bother the WAG?

[BigDaddyMatty]

WLT Nike at $200? That was at best a 1 in 3 vs. Reebok or Adidas.

Phil Knight is very famous.

[alietr]

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