Tax Takeout in Table Games
November 5th, 2012 at 6:31:47 AM
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Last week, I was sitting at a pai gow poker table when another player was fortunate enough to get five aces. This paid 400-1 for the fortune bonus.
The player had bet sixteen dollars and thus won $6400. The casino insisted it withhold 25% from the winnings. Is this correct? I have never heard of a tax hold of more than 20%.
This took place in the Semonole casino in Florida.
I have seen similar hits at Mohegan Sun and the winnings were simply paid out of the rack.
What is the standard for side bet payouts on table games?
Are native american casinos different from others?
The player had bet sixteen dollars and thus won $6400. The casino insisted it withhold 25% from the winnings. Is this correct? I have never heard of a tax hold of more than 20%.
This took place in the Semonole casino in Florida.
I have seen similar hits at Mohegan Sun and the winnings were simply paid out of the rack.
What is the standard for side bet payouts on table games?
Are native american casinos different from others?
November 5th, 2012 at 6:44:18 AM
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deleted
DUHHIIIIIIIII HEARD THAT!
November 5th, 2012 at 9:01:12 AM
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And if he had no ID or refused to show same, they would have withheld 28%. Think same 28% applies to foreigners, but not sure.
That is why VP Royal Flush was originally set a 4000-1, $1000 is not $12000 that requires ID.
On my 60 the birthday I splurged and played $% slots. Hit bars and a a jackpot symbol. Machine started flashing 239 239 239.
Just my luck I thought, an error code omn my birthday, no less.
Acually 239 X 5 ==1195 No withholding, no ID. But in honor of Walt Disney, I signed the payout slip Mickey Mouse.
That is why VP Royal Flush was originally set a 4000-1, $1000 is not $12000 that requires ID.
On my 60 the birthday I splurged and played $% slots. Hit bars and a a jackpot symbol. Machine started flashing 239 239 239.
Just my luck I thought, an error code omn my birthday, no less.
Acually 239 X 5 ==1195 No withholding, no ID. But in honor of Walt Disney, I signed the payout slip Mickey Mouse.
Shed not for her
the bitter tear
Nor give the heart
to vain regret
Tis but the casket
that lies here,
The gem that filled it
Sparkles yet
November 5th, 2012 at 3:20:43 PM
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In May of 2011 I hit the 6 point firebet at Ballys. I had a $10 for me and a $1 for the crew. They asked to view my Drivers License and asked for my Social Security Number. They withheld $2500.00 (25%) of the $10,000.00. I was given a W2G that showed the gross win of $10k and federal withholding taxes of $2500.00.
The entire procedure took about 20 minutes. The Pit Boss, who was extremely delighted that I had placed a $1 for his crew, asked me if I was going to cash out then. Of course I said yes, so he called over to the Cashier Cage and told them I would be on my way. At the Cage, they asked to see my drivers license, called back the Pit and then called up to the camera area to verify the payment. There were several individuals at the cage to assist in the correct payout.
I had asked for an escort ( oops, a security guard to go to the room, whew ) and they coordinated they payout so that I could have the Guard walk me to my Room. I tipped the cash cage and the Guard a very good tip.
It is funny, as it was my 2nd day in Vegas for a 5 day trip. For the balance of the time I had a hard time playing at the tables with more than a few red chips in exposure.
I have a had two additional 5 point payouts, one this year at Ballys and one at Greektown in Detroit. Each time I set the 6th point and they next toss was a sevenout on a very short roll. Nerves most likely. No complaints.
EagleDice
ps I know that this will bother some of the members here but I am a Dice Setter, see the Dice Coach in Las Vegas for yearly tuneups, gone to several of Heavys Axis seminars and I am still not sure if the dice setting thing works......
The entire procedure took about 20 minutes. The Pit Boss, who was extremely delighted that I had placed a $1 for his crew, asked me if I was going to cash out then. Of course I said yes, so he called over to the Cashier Cage and told them I would be on my way. At the Cage, they asked to see my drivers license, called back the Pit and then called up to the camera area to verify the payment. There were several individuals at the cage to assist in the correct payout.
I had asked for an escort ( oops, a security guard to go to the room, whew ) and they coordinated they payout so that I could have the Guard walk me to my Room. I tipped the cash cage and the Guard a very good tip.
It is funny, as it was my 2nd day in Vegas for a 5 day trip. For the balance of the time I had a hard time playing at the tables with more than a few red chips in exposure.
I have a had two additional 5 point payouts, one this year at Ballys and one at Greektown in Detroit. Each time I set the 6th point and they next toss was a sevenout on a very short roll. Nerves most likely. No complaints.
EagleDice
ps I know that this will bother some of the members here but I am a Dice Setter, see the Dice Coach in Las Vegas for yearly tuneups, gone to several of Heavys Axis seminars and I am still not sure if the dice setting thing works......
