Taxes and Tax Preparation

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

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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.


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