2007-03-13 08:39:01 · 8 answers · asked by lizette r 2 in Business & Finance ➔ Personal Finance
The highest tax bracket in the U.S. is currently 35% so they're going to take that off the top.
You'd get $650,000
2007-03-13 08:49:10 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
That would depend on exactly what a 'doller' is worth. I know that you'd get about 65% of 1 million 'dollars'.
2007-03-13 08:42:46 · answer #2 · answered by MacLeod_73 4 · 0⤊ 0⤋
It all depends on the state you live in. It also depends on how much you hit for. The amount you hit for determines whether or not you will be double taxed on your winnings. Since i live in Michigan and i hit the lottery for $1 million, they first take 25% out ($250,000) and then 3.9% ($39,000). After these percentages are taken out, you have exactly $711,000 left. Thus, you will not be double-taxed.
2007-03-13 08:52:12 · answer #3 · answered by Nate 5 · 0⤊ 0⤋
if taken as a lump sum with the US lottery ?
they give you half then its minus taxes so final tally would be between $300-400 thousand
2007-03-13 08:47:02 · answer #4 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
I think federal taxes take about 37% leaving about 600,000. depending on state another average about 5% leaving about 550,000. local taxes about 1%.
2007-03-13 08:42:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I think you'd end up @ about 600,000.00 or less!
2007-03-13 08:45:26 · answer #6 · answered by happygolucky 2 · 0⤊ 0⤋
after taxes, you'd have about half
2007-03-13 08:41:32 · answer #7 · answered by RcknRllr 4 · 0⤊ 0⤋
after taxes ? probably just 300,000
2007-03-13 08:41:56 · answer #8 · answered by Anonymous · 0⤊ 0⤋