Taxes and Tax Preparation

# How much taxes is owed on an eleven million dollar lottery prize in the state of California?

###### Wiki User

###### September 05, 2008 3:17PM

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.

## Related Questions

###### Asked in Math and Arithmetic

### How do you write the number eleven million eleven hundred eleven thousand?

This can only be three separate numbers, because the number
"eleven hundred eleven thousand" is not defined (it could
conceivably be 1111,000 which is 1 million one hundred
eleven thousand, which would make the total 12,111,000).
The separate terms are:
Eleven million = 11,000,000
Eleven hundred = 1100
Eleven thousand = 11,000