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How much federal and state taxes are on 1 million in lottery winnings?
Wiki User
∙ 15y ago
Taxed both Federally and State at your ordinary income rate, it's just like any other income, whatever that rate for you would be - (depends on many factors, dedcutions, other income, other expenses, businesses, etc). The State and Fed will withhold an amount of the payout as an estimated tax (like payroll withholding), until the actual tax for that person, that year is determined.
Wiki User
∙ 15y ago
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Do you pay state and federal taxs on MD lottery?
do I have to pay State and Federal taxes on Md. lottery winnings
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.
CAn a convicted felon claim lottery winnings in the state of Arkansas?
can a convicted felon claim a mega million or powerball lottery winnings in georgia
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.
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.
What is the federal tax ID number for the NY State Lottery gambling winnings on form W-2G?
14-1588338
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.
What is the percent taxed on lottery winnings in pa?
There are no state or local taxes on lottery winnings in Pennsylvania. There is however a federal tax of 25 percent of the winnings for any prizes that are over $5,000.
What state in the US has the most lottery winnings?
Pennsylvania, with twelve.
How much federal and state taxes are on 57.5 million lottery winnings?
Find out what the State & Federal Taxes are for your state and deduct the totals from your winnings. I'm sure the lotto officials would be glad to assist you with this or you could hire a financial consultant / accountant with that much money you can afford to hire a trusting professional to help you. If not investigate and do the math just make sure you pay it. The wonderful win, can be disastrous if not handled correctly.
If your brother wins the lottery and buy you things can they take it if you are paying child support?
The State will not take your brother's lottery winnings, or the personal property he gives you from those winnings.
If your brother wins the lottery and buys you expensive things can the child support office do anything about it?
The State will not take your brother's lottery winnings, or the personal property he gives you from those winnings.
