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jackpots in las vegas slots 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.
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 hit it really big, expect to pay up to 40 percent in income taxes.
The choice you make could have important tax implications.
Lifetime payout: This is a set annual payout for a certain number of years.
Lump Sum: Winners have 60 to 90 days to decide whether they want a lump sum or jackpots in las vegas slots payment.
It was his boss at Bally Technologies.
Coyle jackpots in las vegas slots a jackpot SWAT man, of sorts.
He is one of a four-man team that responds to million-dollar-plus jackpots players hit in Southern Nevada.
A technician confirms where the jackpot hit and calls Coyle or another responder.
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.
He keeps an armful handy, just in case.
At the casino, Coyle has to find the winner.
A technician verifies the jackpot and confirms that it was valid.
Coyle presents the check to the winner.
Most want to remain anonymous click to see more collect their money without a big show.
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.
Within 24 hours of hitting a jackpot, all winners automatically receive one-twentieth of their money wired to their bank account.
Sometimes, a representative delivers a real check.
As for the giant commemorative checks?
They are too much of a hassle to transport.
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