so im having a disscussion with a freind

[ontheoutside]

about owners take from a purse,,so we used hot rod charlie last week,,,so before i start,,my thinking is probably all wrong,,but im going to throw it out there in hopes of learning some,,and seeing how close i am to being right,,
so
i always thought in stakes the 2nd place finisher gets 20 % so in charlies case last week,,,that 300,000 for owners,,,now i d think they have to pay tax,around id say 40 %,,so that knocks it down to 180,000,,the 10 % to jock and trainer
30,000 each whichs knocks it down to 120,000,,,then i would think 1 % for groom,,hot walker,stall hand,and security,,3,000 each,,so that takes it to 108,000
then theres shipping which my guess is 1,500 round trip,,which brings it to 106,500
so my guess is owners cleared 106,500
am i any wheres close,or way off the beatin path? thanks

[freddymo]

Originally Posted by ontheoutside

about owners take from a purse,,so we used hot rod charlie last week,,,so before i start,,my thinking is probably all wrong,,but im going to throw it out there in hopes of learning some,,and seeing how close i am to being right,,
so
i always thought in stakes the 2nd place finisher gets 20 % so in charlies case last week,,,that 300,000 for owners,,,now i d think they have to pay tax,around id say 40 %,,so that knocks it down to 180,000,,the 10 % to jock and trainer
30,000 each whichs knocks it down to 120,000,,,then i would think 1 % for groom,,hot walker,stall hand,and security,,3,000 each,,so that takes it to 108,000
then theres shipping which my guess is 1,500 round trip,,which brings it to 106,500
so my guess is owners cleared 106,500
am i any wheres close,or way off the beatin path? thanks

First assumption that they have to pay tax is incorrect they have to declare the income.

[Dunbar]

Originally Posted by ontheoutside

about owners take from a purse,,so we used hot rod charlie last week,,,so before i start,,my thinking is probably all wrong,,but im going to throw it out there in hopes of learning some,,and seeing how close i am to being right,,
so
i always thought in stakes the 2nd place finisher gets 20 % so in charlies case last week,,,that 300,000 for owners,,,now i d think they have to pay tax,around id say 40 %,,so that knocks it down to 180,000,,the 10 % to jock and trainer
30,000 each whichs knocks it down to 120,000,,,then i would think 1 % for groom,,hot walker,stall hand,and security,,3,000 each,,so that takes it to 108,000
then theres shipping which my guess is 1,500 round trip,,which brings it to 106,500
so my guess is owners cleared 106,500
am i any wheres close,or way off the beatin path? thanks

As Freddy noted, the owners wouldn't have to pay tax on the whole $300,000. All the other things you mentioned are expenses that would be deducted from the $300,000 before tax was applied. You listed $73,500 in expenses. That brings the $300,000 win down to $226,500. Using your 40% tax figure, they're left with $135,900.

There are other expenses that would reduce the net win further: feed, vet bills, insurance...again, all applied before any tax is paid.

[ontheoutside]

wow tough to own

[stonecutter]

And don't forget to add in your day rate......could be 100.00 to 200.00 daily