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

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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.
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How much in taxes is owed on a four million dollar lottery prize in the state of Texas?

\n. \n Answer \n. \n. \nAnnuity or lump sum?\n. \n. \n. \nY-THINK-Y\n. \n. \n. \n Answer \n. \nWhichever way you accept the winning, it will be taxable when received, and withheld on in accordance with the rules below.\n. \nHow much you actually pay depends on your total income/l ( Full Answer )

If you owe state taxes in California can your wages be garnished in Florida?

\n. \n Answer \n. \n. \nMost likely yes. Here's how it works. If someone owes taxes and moves out of state, the state they now reside in will usually garnish the persons wages for the other state in the hope they will do it for them too if the need arises.\n. \n . \n . \nNot without the ( Full Answer )

How much in taxes is owed on a nine million dollar lottery prize in the state of Illinois?

\n. \n Answer \n. \n. \nHere I heard it's 45% for lump sum plus 18% for state and city taxes....around 63% GIVE OR TAKE\n. \n. \n Answer \n. \nEvery time this Q comes up it seems people want to make it much more difficult than it is.\n. \nLottery winnings are treated like any other ( Full Answer )

How much tax is paid on lottery?

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 s ( Full Answer )

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 yo ( Full Answer )

What should you do if you win a million dollar lottery?

Advice for "living off the interest" seems to be a popular, if highly oversimplified, piece of advice. What interest? From where? Most people are probably only familiar with traditional investing methods (e.g., savings accounts or the stock market), which typically offer VERY modest returns. Cur ( Full Answer )

How much are taxes on one million dollars?

Check the Wisconsin State Statutes in Wisconsin for taxes on lottery winnings. It will give you the percentage. ans Well that wouldn't be exactly true..the STATE (or Federal) tax laws may tell you what the required withholding on some income is, which is an estimate of tax FOR THAT jurisdicitio ( Full Answer )

How much federal and state taxes are on 1 million in lottery winnings?

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 (lik ( Full Answer )

Does California tax lottery winnings from other state's lotteries?

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 in ( Full Answer )

What is the tax on a million dollars?

Generally, anyone with taxable incomes of $100,000 and above uses the Tax Computation Worksheet, not Tax Tables. The tax rate on taxable incomes over $372,950 is 35 percent. On $1 million dollars, this amounts to $350,000. This percentage then is reduced by $22,316.50 (if you're Single); by $29,638 ( Full Answer )

How much tax do you pay or owe?

FEDERAL TAXES ARE THE SAME THROUGHOUT THE COUNTRY...YOUR STATE MAKE NO DIFFERENCE. (However, State tax laws are specific to each area, and generally follow the Federal guidelines , but not always). Whether you have to file a tax return ( or pay tax) depends, in part, on your filing status, deducti ( Full Answer )

How much would the taxes be on a 2 million dollar dream home in Sonoma California?

For Single filing status, 2008 tax is $678,597 (2million multiplied by 35 percent minus $21,403). For Married Filing Jointly, 2008 tax is $671,575 (2 million multiplied by 35 percent minus $28,425). For Head of Household, 2008 tax is $675,409 (2million multiplied by 35 percent minus $24,591). ( Full Answer )

How much will the taxes be if you win a 2 million dollar house?

For Single filing status, 2008 tax is $678,597 (2 million multiplied by 35 percent minus $21,403). For Married Filing Jointly, 2008 tax is $671,575 (2 million multiplied by 35 percent minus $28,425). For Head of Household, 2008 tax is $675,409 (2 million multiplied by 35 percent minus $24,59 ( Full Answer )

How much taxes will the California Lottery keep if you won 24000?

California lottery winnings are not subject to California income tax, but they are subject to federal income tax and to income tax in other states if the winner is not a California resident. If you are a non-resident alien, they will withhold $7200. If you are subject to backup withholding, $67 ( Full Answer )

How much tax is collected from a 1000 scratch off Ohio state lottery ticket?

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 ( Full Answer )

Can you still play the lottery if you owe back taxes?

Yep. but if you win, they get their money first. The odds would be better if you used the money to pay the taxes first though. Some lotteries have such bad odds you are more likely to be hit by lightening more then once then win big.

How much taxes is owed on a six million dollar lottery prize in the state of Florida?

You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that you are looking for. After you complete your 1040 federal income tax return correctly to your TAXABLE ( Full Answer )

How much taxes would be owed on fifteen thousand dollars?

IF your marginal tax rate is 15% 15000 X 15% = 2250 First use this calculator in the Related Link below to determine how much tax you would owe on your entire income for the year without the $15,000. Then add $15,000 to your income for the year and use the calculator again. The difference bet ( Full Answer )

How much in taxes is owed on one million dollars?

You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that you are looking for. After you complete your 1040 federal income tax return correctly to your TAXABLE ( Full Answer )

If you make 42.000 dollars how much tax do you owe?

Single taxpayer under the age of 65 with 42000 of TAXABLE INCOME on the 2009 1040 federal income tax return page 2 line 43 the amount of the income tax liability on the 1040 page 2 line 44 would be $6694, before any possible credits or any additional taxes that may come into play before arriving at ( Full Answer )

How much tax has to be paid on a 10000 dollars lottery winner?

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 s ( Full Answer )

How can you win the million dollar Florida Lottery?

You would need to buy lottery tickets and hope. Theoretically, you could buy lottery tickets with every possible combination to guarantee that you win, but that would be very expensive and time-consuming. In addition, you might have to share the jackpot with other people who chose the winning combin ( Full Answer )

How much taxes would you owe on 1000 dollar lottery winning?

This really depends on the state. Here in Colorado, you may or may not be eligible to NOT claim it, depending on your states minimum amounts you have won in the lotto in 2009. I know that once you get to a certain point after winning, you can keep your old losing tickets as a deduction, that counter ( Full Answer )

If you owe state taxes when are they due?

State taxes must be paid by the April of that particular year. A fine will be incurred should the taxes not be paid, and the length of time they remain unpaid will increase the fine.

How does the NY State Lottery calculate the lump sum cash amount for winning the Mega Millions top prize?

The value shown for the lotto represents what you will earn in 20 years. The lump sum is the present value of that future sum. to make it simple, suppose the jackpot is $1000. If you were to opt for payments instead of lump sum, you would get a certain amount of money every year for twenty years tha ( Full Answer )

How much is taxed on lottery winning?

Lottery/Gambling winnings are included as income (1040 - Line 21) and are taxed at the same rate as your wages. However, if you itemize, you can deduct Lottery/Gambling losses up to the amount of your winnings (Schedule A - Line 28). For more information read IRS Publication 525 - Taxable and Nonta ( Full Answer )

How can you reduce the taxes on a major lottery prize?

In the year that you receive the lottery prize the distributionamount is added to all of your other gross worldwide income andtaxed at your marginal tax rates on the 1040 federal income taxreturn from the 10% to the 35% maximum rate for the 2009 and 2010tax year. You cannot reduce the taxes but befo ( Full Answer )

How do you know how much taxes are owed?

You must complete state and federal tax returns or seek the advice of a tax service that can review your situation and explain your tax liability. You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in or ( Full Answer )

How much tax does the state of California take out of pay checks?

You do NOT have any taxes, or other amounts that will be taken out of your NET take home paycheck after it is issued to you. The employer payroll department would be the only one that should be able to tell you how much they will be required to withhold from your GROSS salary, wages, etc. for all ( Full Answer )

What percent in taxes is owed in ny lottery?

Once you complete your 1040 federal income tax return correctly then you will know the correct percentage amount of your federal and state income tax liability. After your 1040 federal income tax return is completely correctly to the line 43 page 2 of your 1040 income tax return TAXABLE INCOME amoun ( Full Answer )

How much taxes owed on 2000 lottery win in Texas?

about $500 ans It is taxed just like any other ordinary income. Therefore how much anyone pays depends on that persons own individual tax situation. No 2 people commonly have the same one and it may vary from 0 to some very high percent for the very wealthy who have expended all possible tax b ( Full Answer )

How much tax would be owed on ten thousand dollars in winnings?

You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that you are looking for. After you complete your 1040 federal income tax return correctly to your TAXABLE ( Full Answer )

What are the taxes on 1.5 million dollars?

That's going to depend on how you got it, where you got it, what you did with it, what else you got in the same year besides the $1.5 million, and where you live.

How much state and federal taxes would be owe on 15000?

It depends on a variety of reasons, such as filing status, number of exemptions, deductions and credits. Also each state have their own tax bracket. (Some state has no income tax). For an estimate in Federal and California and single owes about $1600 worth of taxes.

Is there state tax in California on lottery?

Lottery prizes are exempt from California state and local personal income taxes.However, the Internal Revenue Service (IRS) requires the California Lottery to withhold taxes from prizes over $5,000 for U.S.citizens and resident aliens who provide social security numbers on the Lottery Claim Form.The ( Full Answer )

What are the taxes on 228 million dollars?

There are many countries that use dollar as their main currency unit: US, Canada, Australia, Hong Kong to name a few. The tax regimes in these countries is different and so the question cannot be answered.

How much taxes would be owed on four thousand two hundred dollars?

We don't know. We can't know, because the calculation is a lot more complicated than it appears. It depends on where the $4200 came from (capital gains? wages? interest?), whether or not you're married, how many dependents you have (and whether or not you can claim yourself as a dependent), whether ( Full Answer )

How much tax will i pay on a 1000 dollar instant lottery ticket?

This depends on what your tax bracket you are in. The United Stateshas a progressive tax system which means that the more you make themore tax you pay. For this reason on a return for 2014 your taxwill be one of these percentages or a combination of them(10%/15%/20%/25%/28%/33%/35%/39.6%). The rate ( Full Answer )