The amount of tax you pay depends on many things. Other income, number of dependents, certain deductible expenses, etc. etc.
The winnings are taxed just like any other income...and any 2 people may pay entirely different amounts on the same income, because of their own situation.
If money is withheld from the amount paid to you (normally at @20%), that, like your payroll withholding, is just an estimate of the tax you might pay. The actual amount you need to pay is determined when you file your income tax fro the year, and you may need to pay more or less.
I suspect your really asking "....how much taxes will you ultimately pay ...", which is generally different than how much will be taken out, or "withheld" to assure your ultimate payment. It is highly possible you can have nothing withheld (taken out), or a "standard" flat 25% or such may be applied. But the amount you will ultimately pay on the earnings can be substantially different.
The income will be treated as ordinary income and as such will be taxed at the rate you would be paying at. In essence this can change with deductions, exemptions and other tax positions you have or can apply. For example, proveable gambling losses may well be deductible against this income. No, there should not be FICA or payroll type taxes due. It (probably) isn't employment type income (unless your a professional gambler). Yes, you must consider the State and if applicable in that State, City and Local taxes too, which varies in all ways and places considerably.
you pay 6.25% on the spot, then gave to claim the 1000 at the end of the year. it depends on how much income you make in that year. they will send you a w2 form to give to your accountant who will tell you on the spot how much. but i paid about 160$ at the end of the year, about 10 years ago, and i made 42,000 that year
My relative who is single and has no children won $1000 on a scratcher, $70 state tax was all that was withheld. He was told by the lottery official that federal taxes are not deducted unless you win $5000 or more.
This depends on what your tax bracket you are in. The United States has a progressive tax system which means that the more you make the more tax you pay. For this reason on a return for 2014 your tax will be one of these percentages or a combination of them (10%/15%/20%/25%/28%/33%/35%/39.6%). The rate will depend on your taxable income.
31% in total
25% for federal and 6% state
The payer may withhold about 28% = 280
250.00
It is 1/593775
Some lottery games have a "second chance" drawing or similar way to win. However, not all lottery games have such a drawing, and the rules may vary from game to game, even within the same state's lottery games. If your lottery ticket is eligible for a "second chance" drawing, there should be some mention of it on the back of the ticket.
The Lottery is required to report and withhold taxes according to the regulations of the Internal Revenue Service and the New York State Department of Tax and Finance.The current tax withholding rate for NY is 25%.
Contact the lottery's headquarters and they will give you instructions.Massachusetts State Lottery60 Columbian StreetBraintree, MA 02184(781) 849-5555
The funds collected by The Illinois Lottery are used for the LotteryÍ—‘_Í_‘‰s operating costs like paying its employees, paying the printing of lottery tickets, contributing to the State Education Funds and funding of State Capital Funds to name a few.
You can play online anywhere from India. You can't get the retail ticket in states where lottery is banned, but there are no online restrictions.
No, scratch off lottery tickets are not a tax on the poor. That's because anyone over 18 or 21 depending on the state can buy a scratch off ticket. No one is forced to buy a ticket and so a poor person has a choice. If they do choose to buy a ticket, then their dollar becomes a voluntary tax. One other thing to consider is that buying lottery tickets is gambling. Gambling is an addictive activity. It is conceivable that a poor person with a gambling addiction may be compelled by the disease to buy tickets and that could be construed to be a involuntary tax on the poor. But that's a real stretch.
In the state of Arizona, there are several different scratch off lottery tickets to choose from. Each of the Arizona scratch off games will have multiple winners.
According to the FAQ on the California Lottery Website the ticket can only be redeemed in the state it was purchased in.
This is one of the lottery games available from the state. Winning numbers are posted on the website each week.
To go about selling lottery and scratch off tickets at your New York state store, you will first have to fill out an application. Once your application is received and gone over someone will come out to evaluate your store. After that if your store is accepted, you will be set up with lottery equipment.
The Treasury of the State of California. Example payee: Lottery ticket winner.