How much you pay ultimately depends on your own tax situation and tax rate. There is no specific rate or category for income from types of gambling.
The withholding (like from a payroll, as an estimate of the tax) required at the casino is normally a minimum of 20%, but can depend again on your situation too. It is NOT the amount you pay...just a payment in advance to assure the amount you owe is paid.
Lottery and Gambling winnings are taxed like any other income.
That amount, or percent, of course changes with everyones personal situation, other income, expenses, deductions, exemptions, STATE (and state income tax is a deduction to Federal taxable income, so that changes many things), dependents, etc.
It is fair to say that 2 people, winning the same lottery would normally pay different amount of taxes.
Proveable losses are deductible against winning, so keep those losing lottery tickets!
Many people have tried to claim the winnings as Capital in nature, for the lower tax rate. The courts have denied that in each case.
If you are a professional gambler, the tax handling may change, as it is income from self employment...there are both good and bad aspects to this.
This really depends on the state. Here in Colorado, you may or may not be eligible to NOT claim it, depending on your states minimum amounts you have won in the lotto in 2009. I know that once you get to a certain point after winning, you can keep your old losing tickets as a deduction, that counteract your winnings. I would look into your state lotto/lottery policies.
Nothing in Canada, but other countries like our nieghbours take just about half. Here u only get taxed on the interest you earn on the money in the bank.
Roughly 50% including state taxes. Some areas are less then others. To get down to this level, you may wish to talk with a planner on the matter.
The odds of winning the Irish Lottery are 1 in 8,145,060 compare that to the odds of winning the Euromillions which are 1 in 76,275,360 so the Irish Lottery http://www.irishlottery.com/ attracts a lot of players as the odds of winning are much better.
Lottery vendors usually don't make anything from winning tickets, but rather from sales of the tickets themselves.
7%
The standard amount is 10 to 15%.
if you got the 5 winning numbers, you will win 500 godfather points.
Well, all lottery's run by each state mainly run on the same system. The chances of winning the " Jackpot" is 1-80000, sorry to say. I have found the more you 'pay' on a lottery ticket the 'higher' your chances of winning are, but they are not increased by much. I would say, if you are thinking about buying a lottery ticket, save your money you are most likely in for a disappointment.
Depends on which one and its condition... but its not the winning lottery ticket you were hoping for.
The odds of winning at lottery games are extremely slim. Often times it's a one in a ten million chance to win at lotteries. With that said, the best way to play a lottery is to play very seldom if at all. If a person wants to gamble, take a limited amount of spare money and play blackjack at a casino. Chances of winning are much higher than a lottery.
When you receive your cash winning depends on the company where you won the money. It also depends on how much you won. With the lottery, instant tickets up to $500 can be paid immediately.
None of them, lotteries are a game of random chance no matter how glossy the book or how much it shouts about how much you're going to win. There is only one way to improve your chances of winning any lottery, buy more tickets. Either that or fix the draw!
20% of 8000 = 20% * 8000 = 0.2 * 8000 = 1600
There are no "winning numbers" that unlock dreams. On the other hand, some people believe that it is possible to dream of specific numbers that might win a lottery. Statistically, random numbers seen in a dream have just as much chance of being lottery winners as any other random numbers.