Withholding from pari-mutuel wager winnings.
(a) Wager winnings.
(a)Wager winnings.#
A person holding a license to sponsor and manage races under s. 562.05 (1) (b) or (c) shall withhold from the amount of any payment of pari-mutuel winnings under s. 562.065 (3) (a) or (3m) (a) an amount determined by multiplying the amount of the payment by the highest rate applicable to individuals under s. 71.06 (1q) or (1r) if the amount of the payment is more than $1,000.
(b)Deposits.#
The licensee under s. 562.05 (1) (b) or (c) shall deposit the amounts withheld under this subsection as would an employer depositing under s. 71.65 (3).
(c)Statement of winnings to payee.#
The licensee shall furnish to each payee whose winnings are subject to withholding under par. (a) during the year, on or before January 31 of the succeeding year, 2 legible copies of a written statement showing the following: 1. The name of the payer and that payer’s Wisconsin income tax identification number, if any. 2. The name of the payee and that payee’s social security number, if any. 3. The gross amount of pari-mutuel wager winnings that are subject to withholding under par. (a). 4. The total amount deducted and withheld as required under par. (a).
(c)(1)#
The name of the payer and that payer’s Wisconsin income tax identification number, if any.
(c)(2)#
The name of the payee and that payee’s social security number, if any.
(c)(3)#
The gross amount of pari-mutuel wager winnings that are subject to withholding under par. (a).
(d)Statement furnished to the department.#
1. The payee shall furnish the department of revenue with one copy of the written statement he or she receives under par. (c) along with his or her income or franchise return for the year. 2. The licensee shall furnish the department of revenue with a copy of the statement that he or she furnishes to the payee under par. (c).
(d)(1)#
The payee shall furnish the department of revenue with one copy of the written statement he or she receives under par. (c) along with his or her income or franchise return for the year.
(d)(2)#
The licensee shall furnish the department of revenue with a copy of the statement that he or she furnishes to the payee under par. (c).