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Permalink Reply by Dena A1 on July 18, 2008 at 10:59

Hi John: That is a very good question, and one that many fellow shale players need to be asking. I called the lady that has done my taxes for years that very question, and she told me that it would be taxed as an income. The amount or percentange would be what tax brackett you would be filling under with your bonus included. Depending on how much one gets could move them in a higher tax bracket than they have ever been in before. If you know how much you are getting I would call and ask a tax preparer what to expect. A little planning in that direction could save you alot of grief latter! Dena

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Permalink Reply by kilo charlie on July 18, 2008 at 11:16

over 357000....35 percent fed.........6 percent state

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Permalink Reply by Kathy Morgan on August 26, 2008 at 15:37

John,
If you will look on the taxes message board (set you "Discuss Hayneville Shale" button to categories) the title of the article is also "taxes". I have posted several replies that go into how exactly to get a good close guess to your income, deductions, and taxable income. Appropriate tax calculations included for both Federal and State of LA.
I also posted about paying penalties and paying quarterly taxes for both as well.
Let me know if I can be of anymore help.

Kathy Morgan IRS Enrolled Agent
H&R Block, Bossier City Premium

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