0
How much taxes would be taken out of a 1000 lottery win in Wisconsin?
Wiki User
∙ 12y ago
Gambling or lottery winnings are taxed like any other income.
How much you pay ultimately depends on your own tax situation and personal tax rate. That all depends on things like your other earnings (or losses), marital status, number of dependents, types of expenses and deductions, where you live, etc. The income is like any other "ordinary" income. The withholding (like from a payroll, as an estimate of the tax) required at the casino or lottery agent is normally a minimum of 20%, but can depend again on your situation too.
Wiki User
∙ 14y ago
Wiki User
∙ 16y agoCasino winnings are considered ordinary income and will betaxed as such. That amount depends on your other income, your filing status, how many exemptions and how much deductions you may have, among other things.
Wiki User
∙ 13y agoGambing winnings are like any other "ordinary income" (although provable losses are deductible against the winnings). You pay tax at your own personal effective rate, (different for everyone) after deductions, exemptions, other earnings, state taxes, etc.
Wiki User
∙ 9y agoIt depends on where the casino is. Most of the casinos in the U.S. deduct a state tax on slot payouts above a certain amount, then also, you are supposed to claim winnings as income when you file your income tax each year. You can, however, deduct losses up to the amount of your winnings.
You can contact Refund Management Services to get your casino tax back. They will always help you to recover portion of your gaming tax back. I have used their refund services in past that's why I am recommending them.
Wiki User
∙ 12y agoMost casino winnings are taxed at your ordinary income tax rate. When added to the amount you have earned for the entire year, you can figure out what tax bracket you are in, then you will be able to figure out the rate in which you will be taxed.
Wiki User
∙ 12y agoIn the US
As answered at least a zillion times here and part of the databank: 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.
There is of course, no such thing as a luxury tax on an earnig...it being a surcharge on a luxury purchase of something only.
Wiki User
∙ 11y agoThis will depend upon how much you win and what your personal effective tax rate is.
Anonymous
$10000
Anonymous
26,781.00
Add your answer:
Earn +20 pts
How much taxes would be taken from lottery win in India?
35% of your gross earnings
How much in taxes would be taken out on a 500 million dollar lottery win?
100.000
What would you owe in taxes for a lump sum cash Wisconsin lottery winning?
your lumps sum lottery winning are subjected to upwards of 40 percent lottery windfall tax then again at the end of the year for earned income
Does a veteran have to pay taxes on $50,000 lottery winings?
If you don't want to be sued for tax evasion, even as a veteran, you would have to pay taxes on $50,000 in lottery winnings.
What if no one paid taxes?
If no one paid taxes then all government spending would be financed solely by the sale of lottery tickets.
Should you capitalize as State of Wisconsin or state of Wisconsin?
Depends on whether you are talking about the place or the entity. The place you'd go on vacation would be the state of Wisconsin, but you pay your taxes to The State of Wisconsin.
Why doesn't Mississippi have a lottery?
There are 7 states which do not have a lottery, each for their own reasons. Some feel as though a lottery would take away from the land based casinos which ultimately would cut jobs and create a big deficit for the state's government as far as taxes go.
How much taxes would be taken out 500000000?
500 million dollars
What percentage is taken out of a paycheck for state taxes?
it would depend on the state
How much would you get if you won one million dollars after taxes are taken out?
500,000
What are the taxes on a 2 million dollar prize?
The tax on a two million dollar lottery jackpot is around 30%. The winner would thus be paying around $600,000 in taxes before they saw the money at all.
How much money is taken in federal taxes for every thousand you make?
Your employer would be able to give you the percentage amount that would be withheld from your pay for the total of all taxes on the 1000 amount. Social security, medicare, federal income taxes, state income taxes, local income taxes, etc.
