answersLogoWhite

0


Best Answer

Not unless your a professional gambler.

User Avatar

Wiki User

14y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Does one pay social security taxes on lottery winnings?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can you have your daughter claim your lottery winnings to avoid high taxes?

No. The payer of the lottery winning issued you and the IRS the same information from the copies of the 1099-G that has your social security number and name on the 1099-G showing the amount of your winnings.


What does the government do with the taxes from lottery winnings?

Taxes on lottery (or gambing, etc) winnings are the same as any other ordinary income in both amount and use.


What is the taxes on the Florida lottery?

In Florida, lottery winnings are subject to a 24% federal withholding tax for U.S. citizens and resident aliens for prizes above $5,000. Additionally, there may be state taxes on lottery winnings depending on the amount won and the winner's personal tax situation.


How much taxes do you have to pay on your ca lottery winnings?

California does not tax have a state income tax on lottery winnings. The federal withholding rate amount is 25 % to be withheld from the winnings amount.


Do you pay state and federal taxs on MD lottery?

do I have to pay State and Federal taxes on Md. lottery winnings


Is there state tax in California on lottery?

Yes, California does collect tax from California Residents who win lotteries from other states. See Page 4, Line 21 of this State of California Franchise Tax Board document: http://www.ftb.ca.gov/forms/2010/10_540cains.pdf Quote: "California excludes California lottery winnings from taxable income." However, "Make no adjustment for lottery winnings from other states. They are taxable by California." Federal taxes will be collected on most lottery winnings as well.


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.


Taxes on lottery winnings in the state of Minnesota?

In Minnesota, lottery winnings are subject to federal income tax but not state income tax. However, other taxes such as federal gift tax may apply depending on the circumstances. It's advisable to consult with a tax professional to determine the specific tax implications of lottery winnings in your situation.


How much taxes are taken out on lottery winnings in North Carolina?

If I win 1000.00 what do thay take out


Do you pay taxes in Washington State on lottery winnings?

Washington State does not have a personal income tax, so you will not pay any state income tax. You will still pay Federal income tax on lottery winnings, though.


How much taxes are paid on lottery winnings in Kansas?

Tax is withheld on all winnings in the Kansas lottery over 5,000 dollars. If less than that is won, the amount won should be claimed on tax forms.


If you win the the lottery but owe property taxes not due until 2010 will they take it out of your winnings?

If it isn't due yet, no