answersLogoWhite

0

What will the amount of federal taxes in NH taken out of winnings of 250000.00?

Winnings are like any other "ordinary income" (although provable losses are deductible against the winnings). You pay tax at your own personal effective rate, (different for everyone) after deductions, exemptions, other earnings, state taxes depending on all these things at for your State (that then becomes an additional deduction against your ordinary income for Federal), etc.

The amount that may be withheld from your winnings at a casino or race track or such, is like any withholding, only an estimated amount of what you actually might pay at tax time.

User Avatar

Wiki User

14y ago

What else can I help you with?