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Mega bank mergers working smoothly without heartburns: Bank employees union

Mega bank mergers working smoothly without heartburns: Bank employees union

Finance
Chennai: The amalgamation of 10 public sector banks into four has been working smoothly for the past two months without any heartburns as the employee benefit schemes have been extended to all the employees, said a top official of All India Bank Employees' Association (AIBEA). The AIBEA is the largest union in the banking sector representing the workmen category. According to C.H. Venkatachalam, General Secretary, AIBEA, while the information technology (IT) systems of the ten banks that were amalgamated into four are yet to be integrated, the amalgamation is working smoothly till now. "Each bank had its own employee benefit schemes. The scheme that is most beneficial to the employees were extended to all the employees of the amalgamated entity. This way heartburns were not created," Venka...
If you hit the $211 million Mega Millions jackpot, here’s what you’ll pay in taxes

If you hit the $211 million Mega Millions jackpot, here’s what you’ll pay in taxes

Finance
Before you start counting all the ways you'd use the $ 211 million Mega Millions jackpot if you're lucky enough to win, remember that a hefty chunk of the bonanza goes to Uncle Sam.The game's top prize has been climbing since late July, when a single ticket sold in New Hampshire matched all six numbers to win $ 168 million. And while the odds are stacked against players hitting the jackpot — your chance is about 1 in 302 million — the IRS is always a guaranteed eventual winner.Whether you take the prize as an annuity spread out over three decades or as an immediate, reduced lump sum, 24% is withheld for federal taxes. However, the top marginal tax rate of 37% means owing a lot more to the IRS at tax time. State taxes typically are due, as well.For Friday night's drawing, the cash option —
Mega Millions jackpot soars to $418 million. Here’s how much the winner would owe in taxes

Mega Millions jackpot soars to $418 million. Here’s how much the winner would owe in taxes

Finance
Mega Millions Jackpot estimated at $ 540 million dollars.Getty ImagesThe Mega Millions jackpot has spilled over $ 400 million and would be the ninth largest winning since the game began in 2002.With no one hitting the right numbers Friday night, the next drawing on Tuesday is at $ 418 million.The top prize has been climbing for more than two months now. Your chance of wining is 1 in about 302 million.For Tuesday night's Mega Millions drawing, the cash option — which most winners go with — is $ 263.3 million.The 24% federal tax withholding would reduce that amount by $ 63.1 million. However, the top marginal tax rate of 37% means owing a lot more to the IRS at tax time.Assuming you had no reduction to your taxable income — such as large charitable contributions — another 13%, or $ 34.2 mill
Someone hit the $267 million Mega Millions jackpot. Here's the tax bite

Someone hit the $267 million Mega Millions jackpot. Here's the tax bite

Finance
Someone in New Jersey woke up an awful lot richer on Saturday. After two months of no one hitting the Mega Millions jackpot, the $ 267 million top prize was nabbed in Friday night's drawing by a single ticket sold in the Garden State. (The winning numbers are 29, 33, 39, 60 and 66; Mega Ball 21). Of course, the winner won't end up with the advertised amount, thanks to the taxman waiting in the wings for a piece of the loot. Lottery officials are required to withhold 24 percent of big lottery wins for federal taxes. And that's only...
Mega Millions jackpot hits $415 million. How to protect your privacy if you win

Mega Millions jackpot hits $415 million. How to protect your privacy if you win

Finance
If there's a jackpot winner in the next Mega Millions drawing, someone is going to have a very, very happy New Year. The top prize has climbed to $ 415 million for Tuesday night's drawing. The last time someone hit the jackpot was Oct. 23, when a single ticket sold in South Carolina nabbed a whopping $ 1.537 billion. The owner of that valuable slip of paper, who has until late April claim the prize, has not yet come forward. Yet even when the money is claimed, the world might never know who won — winners are allowed to remain anonymous in the Palmetto State. ...