how do you calculate winning amt. from lottery total?

Answer 1

If you take a lump sum payment, it will generally be about half of the posted amount. This will vary from state to state. The two calculations that you must take into consideration are 1) taxes and 2)PVM.

Taxes are normally automatically withdrawn by the state at the time of the payment, and that amount will vary from state to state. Michigan, for example, immediately takes out 25% for federal income tax and 3.9% for state income tax.

PVM stands for Present Value of Money, which is a basic accounting/finance calculation. If you took the winnings as an annuity, you would be receiving payment over the next several years (usually between 25 - 30, depending on the lottery) So, obviously one dollar 30 years from now will not be worth as much as a dollar today. The PVM calculation lets you figure out what that future dollar with be worth right now (based on current interest rates.

Once you apply those two factor, you would come to the total amount of the lump payment. A man recently won in New York. The jackpot was at $149 million and he recieved a check for $88 million.

Answer 2

take out about 30 percent for your taxes,,,depends on your state taxes,,it could be more or less ask lottery agent percent of taxes held