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By Ed Komenda
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 in January 2018🍀Hand pay Three types of Slot Machine, Handpay 赤富士スロット - YouTube. The $10 bet on the Dollar Storm slot machine triggered the Super Grand progressive jackpot at 4:30 p.m. He said he plans on using his jackpot winnings to take a trip to Hawaii. Winners across the. Paper Wins Jackpot Slot Game Overview. The bet sizes available in Paper Wins Jackpot range from 1p to £150. There are up to 15 paylines available in this game. Wild symbols replace all other symbols, except Bonus and Scatter symbols, to complete wins. Scatter Symbols. Scatter symbols appearing on the reels can pay up to 50x your.

• 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.

E.J. Coyle’s phone woke him up at 3 a.m. Christmas Eve. It was his boss at Bally Technologies. Someone had just hit a $1.3 million jackpot on a Millionaire Sevens slot at the Four Queens.

Coyle is a jackpot SWAT man, of sorts.

A Bally business analyst by day, he’s the company’s first responder when it comes to big wins. He is one of a four-man team that responds to million-dollar-plus jackpots players hit in Southern Nevada.

Because it’s impossible to know when the next big win will register, Coyle keeps his phone volume set to loud. He doesn’t mind wake-up calls.

“I get excited every time,” Coyle said. “I’m delivering money to people in amounts they never dreamed of. That’s really exciting.”

But his job isn’t as simple as delivering a check.

Step 1. When a player hits a jackpot worth more than $1 million, casino bosses call a Bally control center where technicians monitor the company’s slot machines on computers. A technician confirms where the jackpot hit and calls Coyle or another responder.

Step 2. Coyle typically heads to Bally headquarters on Bermuda Road before heading to a casino. He has to pick up an oversized check for the winner. Bally designs them with logos from specific games: Michael Jackson, NASCAR, Betty Boop. If he’s lucky, Coyle already has the check in his car. He keeps an armful handy, just in case.

Step 3. At the casino, Coyle has to find the winner. It’s usually pretty easy, since crowds tend to form around winning machines.

Step 4. A technician verifies the jackpot and confirms that it was valid. Casinos won’t pay on a machine that malfunctioned.

Step 5. Coyle presents the check to the winner. He interviews them about why they’re in Las Vegas and how they plan to spend their winnings. Most want to remain anonymous and collect their money without a big show.

Step 6. The paperwork. Winners have to provide Coyle with a valid Social Security number to collect their winnings and a bank account number so the cash can be wired. Winners can choose to take a lump sum payment or monthly payouts, typically spread over 20 years.

Step 7. Within 24 hours of hitting a jackpot, all winners automatically receive one-twentieth of their money wired to their bank account. That’s so they have plenty of cash on hand to continue to gamble.

Step 8. Once all the paperwork is filed, staff in Bally’s finance department process it and wire the money to the winner. Sometimes, a representative delivers a real check. As for the giant commemorative checks? Most winners don’t keep them. They are too much of a hassle to transport.

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Jackpots on slot machines

The majority of the peoples I talk to that is not into the casino and slot market is mentioning the jackpots that are avaiable to hunt. Me personally is not a huge fan of the jackpot games since the most of the winnings is put into the jackpot amount instead of being paid out when you just play the slot. In other words, the jackpot slots has a pretty bad base game where you wont win big if you do not manage to get the jackpot. Some of the most popular jackpot games is Mega Fortune, Mega Moolah, Diamond Jackpots and Divine Fortune but there is alot of different slots with jackpots out there so make sure to try them out to see wich fits you the best. If you are looking for a casino that offer a lot of different jackpot games check out Videoslots. They offer over 3000 slot machines and a lot of jackpot slots.

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So now when we have made it clear on if you can play jackpot games and also if its worth for you to give it a try lets get into how to actually get the jackpot. It is a very simple process as everything else with slots is, all you have to do is to spin on the slot machine and then the rng will decide if you win or not. The most successfull jackpot hunters has a pretty big bankroll to start of with and are always trying to get as many spins in with that balance as possible. It is said that the bet amount does not make a difference so even if you are staking the lowest amount on each spin you should be able to get the jackpot. If you are only going for the jackpot you should stake a very low amount to be able to get as many spins in as possible with the money you are going to stake. So with that said I hope that you got some good information and I wish you the best of luck on your jackpot hunt. Below we list some of our favourite casinos that has some good jackpot games so make sure to check them out!

Note: If you win a big jackpot or has a nice win of something we would love to upload that image to our upcoming section with big win pictures so if you have something that you want to share feel free to send it over to xatafcasino@gmail.com and we will make sure to add it up!

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