What would the taxes be on $1,000,000.00?

Question

If a person won 1 million dollars, what would they have to pay in taxes on that amount,or, what would their net profit be?

Answer 1

If this was your total income, the tax would be in the 310,000-330,000 range, for most people, submitting a "simple" tax return. However, a clever financial advisor should be consulted, before you cash in the lottery ticket, to explore options.

Answer 2

Almost half - federal and state combined. Just federal is about 36%. CA is about 15%

Remember that you would then be in the highest tax bracket so you are taxed at that rate. People that say it is only 26-28% are way low!

Answer 3

a lot, but you should be happy to pay!

probably about 35%. 25-30% federal effective rate, something for state income tax if you have one, social security, etc. Depends on your personal tax bracket, and the state you live in, among other things

Answer 4

About $350k. That would put you in the top tax bracket for sure. That doesn't include state income taxes if your state has one.

Answer 5

There are several things that can impact the answer to this question. What are you doing with the money? What country? If you are in the U.S. what state? Are you going to spend all the money too? If spending it, what are you buying? If you were to spend it you would have to figure in sales tax too.

I can't answer for sure, but it would probably be around $400,000 in taxes before you were done paying for the government in your life.

Answer 6

28% looks like the going rate for Federal.
Add State,City,County,Earned Income, Savings,Earned Annuities, 50%

Answer 7

285,000.00