'Wheel of Fortune' has been on TV for years and has given away heaps of money since it first aired. But where does it get its prize money?
Game displays like Wheel of Fortune keep us glued to our TV displays. We love to see Vanna White alternate the letters at the board, watch the contestants get excited once they win something, and guess along them. Plus, the sound the wheel makes when it spins is so pleasurable. When other folks win all kinds of money and automobiles, all of us consider ourselves in that studio doing the same someday.
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But when it comes to prizes, we tend to concern about where it is going and now not where it comes from. But where does Wheel of Fortune get its money? The display has been on TV for decades and doesn't look to be working out soon. Here's what we know about how the display assists in keeping prize money readily available.
Where does 'Wheel of Fortune' get its money?
Wheel of Fortune, just like some other show, has sponsors within the form of industrial commercials. Shows then use the money from these commercials to keep afloat and it is most likely that phase of the money is put aside as a prize for contestants. Some sources say that recreation displays aren't expensive to produce when put next to other shows, and that does make sense.
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When it comes to game presentations like Wheel of Fortune, they only want to have one set that more than likely doesn't see a lot of damage besides the predicted wear and tear from a continual circulate of visitors. There doesn't need to be a number of other sets with other lighting and location changes like a sequence or movie may need. So that money can be used as a money prize.
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The same may also be mentioned about vehicles or holidays which can be given away on game presentations. The maker is most likely a sponsor of the show. Having one of their vehicles featured looking shiny and new below the studio lighting fixtures can also be noticed as a perfect supply of promotion for the brand. So they could also be giving this car to any individual totally free, however the gross sales for a similar kind of automobile might be price it after all.
Do 'Wheel of Fortune' contestants have to pay taxes on prize money?
Yes, unfortunately. Any prize money won in the U.S. needs to have taxes deducted. According to Nerd Wallet, it really relies on how much money you win. If you win no less than $600, you get a particular tax shape that wishes to be despatched to the IRS.
You'll have to pay federal taxes regardless of where you might be in the U.S. but some individual states don't have income taxes. This approach you get to keep more of the money depending on where you live.
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Winning so much of money without delay may just also put you in a better tax bracket if it's much more than what you are making yearly. In this case, you could be put into the next tax bracket and feature to pay extra.
But you additionally pay taxes on other prizes as well. If you win a go back and forth or a car you also have to report that to the IRS and pay taxes on it.
You can pass to the Wheel of Fortune website to to find out where it airs to your house. You can also watch the show on Netflix.
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