67 year old Cleaning Lady hits the Jackpot...

[insein]

http://apnews.myway.com/article/20040710/D83NJVP0I.html

Mass. Cleaning Woman Wins $294M Jackpot

Jul 9, 9:01 PM (ET)

By MARTIN FINUCANE

BRAINTREE, Mass. (AP) - Geraldine Williams, a 67-year-old cleaning woman, can afford to hire her own help now - she stepped forward Friday to claim $294 million, the second-largest undivided lottery jackpot in U.S. history.

Williams recalled staring at the television, clutching her ticket and muttering, "Oh, God! Oh, God! Let it be! Let it be!" as the winning numbers in the multi-state Mega Millions drawing were announced last week.

She will take her winnings in a lump sum of $117.6 million after taxes - that ought to buy a lot of Ajax and Lemon Pledge - and said she plans to give money to her three children and to charity, and travel, though she has not decided where.

Williams cleaned homes after retiring as a custodian at the University of Massachusetts-Lowell, where she worked for 15 years. She said she fully intended to keep an appointment to clean someone's home this week until she was told she had to meet with financial advisers in Boston.

A grandmother of eight who moved to the former mill city of Lowell more than 40 years ago, Williams said she planned to continue living in the area.

"She's had a rough life, just working hard all her life, and (she's) so genuine, just as you saw her on TV today, she's no different than like that at home and she hasn't been any different all week," her son Dick Williams said.

Williams said she told her children about her good fortune as soon as she knew, but hid it from everyone else, keeping the winning ticket at a bank.

"It's horrible," she said. "I don't like lying, I don't like sneaking around."

The largest single-ticket lottery jackpot winner ever in North America was Jack Whitaker of Scott Depot, W.Va., who won a Powerball jackpot of $314.9 million on Christmas Day 2002.

Other states participating in the Mega Millions game are Georgia, Ohio, Michigan, Illinois, Maryland, New Jersey, New York, Texas, Virginia and Washington.

Williams recalled going to a yard sale with her longtime companion, Thomas Scanlon, even after they knew she had won the jackpot. "I said, 'Hey, all that stuff's for free' and Tom said, 'Come on!'" she said.

Paula Peacock, a 39-year-old neighbor, called Williams "a bundle of energy."

Peacock said Williams picked up trash in their neighborhood of two- and three-family homes. She added that Williams, "takes care of people that are elderly. If I know Gerry, she'll still want to go and take care of them."

My question, what do all those taxes go for? Otherwise a great story.

 

[freeandfun1]

Originally posted by insein
http://apnews.myway.com/article/20040710/D83NJVP0I.html



My question, what do all those taxes go for? Otherwise a great story.

when you take the lump sum you get half. so of the $294 million, she decided to take half, or $147 million. If she took the entire amount, it is paid out over 20 years at $14.7 million per year. It is better to take the lump sum and invest it. She then paid 20% (or $29.4 million) tax on the $147 million payout for federal taxes. I am sure whe will also have to pay state taxes as well. Plus, 20% is not enough to cover what she will end up owing just in interest eared. Then, once she gets into the top tax bracket, she will have to pay even more. So see, in the end, it is like that cadence we used to sing in the Army....."they give ya a hundred dollars, and take back 99 - hey!"

 

[insein]

Originally posted by freeandfun1
when you take the lump sum you get half. so of the $294 million, she decided to take half, or $147 million. If she took the entire amount, it is paid out over 20 years at $14.7 million per year. It is better to take the lump sum and invest it. She then paid 20% (or $29.4 million) tax on the $147 million payout for federal taxes. I am sure whe will also have to pay state taxes as well. Plus, 20% is not enough to cover what she will end up owing just in interest eared. Then, once she gets into the top tax bracket, she will have to pay even more. So see, in the end, it is like that cadence we use to sing in the Army....."they give ya a hundred dollars, and take back 99 - hey!"

Sounds about right, lol.