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