2006-07-03 17:20:30 · 12 answers · asked by alfredo_wilson 1 in Local Businesses ➔ United States ➔ San Francisco
I believe the federal rate is 28%. You may also pay state and local taxes, but some states waive the state tax if you are a resident and you win that state's lottery. If you win another state's lottery, then they may or may not impose taxes on the earnings.
Check your state's lottery website for details.
Edit: The site below lists the lottery tax rate for each state. There, they indicate the federal rate is 25%. Note that it doesn't list local city taxes, but those are usually less than 2% on income.
2006-07-03 17:26:02 · answer #1 · answered by Flyboy 6 · 0⤊ 0⤋
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2014-10-09 08:53:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
that depends on lots of things, but the incremental US income tax in 2005 for a "single" person, on taxable income above $326,450 was 35%.
http://www.irs.gov/formspubs/article/0,,id=133517,00.html
so, if you won many millions, and you didn't have any tax dodge
your federal income tax would be a little less than 35% of your winnigs
state income taxes vary widely state to state but most states have some income tax
2006-07-03 17:27:24 · answer #3 · answered by enginerd 6 · 0⤊ 0⤋
Nothing to pay on lottery or scratchcard winnings in the UK, (maybe not in Australia either) scratchcard.website
2015-03-08 10:35:52 · answer #4 · answered by Mech 1 · 0⤊ 0⤋
If you live in New York City and win millions, you will pay approx. 50% in taxes (federal+state+local). Nice, huh?
2006-07-03 17:24:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you will pay 20 to 30% in taxes for winnings its considered supplemental income
2006-07-03 17:26:08 · answer #6 · answered by mykaylador 1 · 0⤊ 0⤋
I believe it's pretty close to half. So if you win a Million dollars, you better only plan on getting $500,000. The same goes for TV game shows.
2006-07-03 17:23:40 · answer #7 · answered by Harry_Cox 5 · 0⤊ 0⤋
I heard that it comes close to 40-45 % of your gross winnings go to taxes. Contact the IRS to find out.
2006-07-03 17:25:13 · answer #8 · answered by theaterhanz 5 · 0⤊ 0⤋
If you won enough to be over the filing limit, yes for federal. If it's a state lottery, some states don't tax wins on their own lotteries.
2016-03-15 06:05:36 · answer #9 · answered by Megan 4 · 0⤊ 0⤋
after I pay the taxes do I pay more taxes every year?
2015-07-13 11:58:53 · answer #10 · answered by Buck T qyr11 1 · 0⤊ 0⤋