I love to enter cash sweepstakes. I was wondering if I won, how much would Uncle Sam take? I live in MD. Like if I won 25,000...How much would I actually get?
2007-01-03 07:14:45 · 7 answers · asked by kitt7371 1 in Business & Finance ➔ Taxes ➔ United States
You will end up with about %60 of your total winnings. So, if you won $25,000 then you can expect to net about $15,000.
2007-01-03 07:24:37 · answer #1 · answered by Just Me 6 · 0⤊ 0⤋
If the lottery income is passed through to you, you would pay income tax at ordinary rates. Ordinary rates can go up to 35%. There is no adjustment for fairness. The car or house would be taxed at their original values. If you can't pay the tax, don't accept it. The above assumes the individual dies in 2010 when there is no estate tax. The estate tax will come back in 2011.
2016-05-22 23:22:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
They Federal Government has an automatic 25% withholding. This is not the total income tax liability. The total federal income tax liability will be the 25k+earned income +unearned income+or- adjustments-exemption-deductions=taxable income*tax rate.
For the state of Maryland is your MD tax rate percentage.
2007-01-03 07:23:24 · answer #3 · answered by c1523456 6 · 0⤊ 0⤋
Whatever your state tax and federal tax is. In New York, you'd receive about 60-65% of your winnings.
2007-01-03 07:18:58 · answer #4 · answered by zippythejessi 7 · 0⤊ 1⤋
i don`t know about 25,000 but i knew someone who won 100,000 and she ended up with about 64,000
2007-01-03 07:18:54 · answer #5 · answered by lily 4 · 0⤊ 0⤋
the US prize tax is about 40%
2007-01-03 07:19:42 · answer #6 · answered by Economics Guy 3 · 0⤊ 1⤋
40% of $ 25,000.00 is $15,000.00 Taxes are $10,000.00 now think on what you will be spending it .
2007-01-03 07:19:19 · answer #7 · answered by pooterilgatto 7 · 0⤊ 1⤋