Tuesday, September 27, 2022

Chinook Winds slot machine player wins $1.5 million jackpot

Latest articles

Chinook Winds Winner

An unidentified woman won a slot machine jackpot of more than $1.5 million early Saturday morning at Chinook Winds Casino Resort.

A photo shared with Lincoln City Homepage confirms a progressive slot machine jackpot win of $1,585,455.05 shortly after midnight at the casino, 1777 NW 44th St. in Lincoln City.

According to an eyewitness who wished to remain anonymous, a woman wagered the maximum $3 bet on a Monopoly slot machine and was immediately whisked away by security.

“Somebody’s life just got changed,” the bystander said. “Not mine, but, hopefully, they needed it.”

The image, whose metadata included a digital timestamp and location information verifying that the photo was authentic, shows a gray box with the wording:

Call Attendant

Jackpot Handpay

$1,585,455.05

Chinook Winds staff on duty at 1:30 a.m. said it was unable to comment on the win, stating, “We can neither confirm or deny.”

Chinook Winds Casino winner

According to tax calculations, the winner should take home nearly $850,000.

In Oregon, gambling wins under $600 are exempt from income tax. Since it is over that amount, the winner is looking at approximately $155,000 in state taxes.

They will have 25 percent of the jackpot automatically withheld by Chinook Winds to be given to the federal government. That would amount to $396,363.76 and doesn’t cover total taxes owed on the win.

Having joined the highest tax bracket, the winner must pay about 34.56 percent tax, so they will owe 9.56 percent or $151,569 to the feds.

The Federal Insurance Contribution Act (FICA) tax that funds Social Security and Medicare is another 2.74 percent, or $43,419.

The breakdown doesn’t take into consideration filing status or whether the person lives in another state or a number of other factors, but the individual(s) should pocket approximately $839,474 when Oregon and the IRS are done.

Tax Type Marginal Tax Rate Effective Tax Rate 2018 Taxes*
Federal 37.00% 34.56% $547,868
FICA 2.35% 2.74% $43,419
State 9.90% 9.76% $154,695
Total Income Taxes 47.05% $745,981
Income After Taxes $839,474
Retirement Contributions 0
Take-Home Pay $839,474

Source: SmartAsset

Justin Werner
Justin Wernerhttps://wernerhost.com/
Justin Werner is publisher of Lincoln City Homepage and a journalist reporting news for Lincoln City, Oregon. When he's not wearing his reporter hat, you can find him enjoying the Oregon Coast with his wife and three children.

Related articles

LEAVE A COMMENT

Please enter your comment!
Please enter your name here

spot_img

Trending

X