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award money

How Much Is An Award Taxed?

January 24, 2024 by Emily Lee

How Much Is An Award Taxed? In computing the amount of tax to be withheld for prizes and awards, the fair market value of the award or prize should be treated as supplemental wages, which have a withholding rate of 28%. Exceptions—Service awards, safety awards. How is award money taxed? Generally, the U.S. federal government

Categories Arts and Entertainment Tags award money, noncash prizes, prize winnings, prizes, taxable income

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