If you win 200,000 dollars how much do you end up getting after taxes.
2007-07-03 07:55:25 · 3 answers · asked by Anonymous in Games & Recreation ➔ Gambling
Im from pennsylvania.
2007-07-03 07:57:26 · update #1
IRS will take about 20-30 %. The winnings will be added to your regular income.
State depends, if they have income tax. All are different
2007-07-03 08:00:38 · answer #1 · answered by ed 7 · 0⤊ 0⤋
After Federal,State, & Local taxes you will receive about 53% of the total winnings.Of course this is just a rough estimate,there are several variables to take into account.But slightly more than half is a good rule of thumb.
2007-07-03 15:06:43 · answer #2 · answered by K H 4 · 0⤊ 0⤋
On casino winnings I know Federal tax withheld is 25%. State tax varies depending on what state you live in. I live in Wisconsin where state tax on winnings is 6%.
2007-07-04 13:57:28 · answer #3 · answered by kristi n 1 · 0⤊ 0⤋