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do I have to pay State and Federal taxes on Md. 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.
If you don't want to be sued for tax evasion, even as a veteran, you would have to pay taxes on $50,000 in lottery winnings.
Not unless your a professional gambler.
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.
no they do not have to pay taxes on their winnings.
Yes you will have to pay state taxes to North Carolina after adding your lottery winnings to all of your other gross income on the state income tax return.
Yes....and lord knows how you draw the line differently from a sweepstake or lottery. It isn't how you won it, (a card game, slot machine, buying a ticket, or having a number drawn out of a hat) it is what it is - winnings. Winnings are ordinary income. You will pay taxes at whatever rate is determined by your total taxable income. If you can itemize, gambling losses are 100% deductible up to the amount of winnings. Don't forget those lotto tickets!
Yes they have to pay taxes on the winnings
Yes, you pay taxes on your winnings. U.S. law requires people to pay taxes on anything deemed as a prize that is valued over $600.
No. Your lottery winnings will be reported on your 1040 federal income tax return and the taxable amount will be subject to the income tax at your marginal tax rate.
in michigan you have to pay city state and federal taxes it is taken out of your paymentif you dont have city taxes taken out of your check you must report it to the city if there is a city tax