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Hot Lotto winnings are typically subject to federal income tax at a rate of 24 and state income tax, which varies depending on the state.

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6mo ago

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If you win 121 million dollars in the lotto how much would you get after taxes?

61-63 million ... Roughly federal and state taxes would come out to take around half... You typically take alittle more than half the winnings if you choose "lump sum" option


How much federal tax withheld on lotto winnings in Florida?

25% for citizens with SS card and a prize over $5000 and 28% for people with no SS and a prize of $600 or more, not sure how much they take when you opt out for the lump sum, but you have to give up some of your winnings when you choose that option plus taxes


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 you. If not investigate and do the math just make sure you pay it. The wonderful win, can be disastrous if not handled correctly.


How much money would you get after taxes on 1 million dollars winnings?

$500,000


How much taxes do you have to pay on your ca 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.


How much in taxes do you pay on 2400 gambling winnings?

There is not certain tax rate on gambling winnings so it will depend on what your taxable income is to determine the tax on winnings. It is ordinary income just like your employment income.


How much taxes are taken out on lottery winnings in North Carolina?

If I win 1000.00 what do thay take out


How much taxes on lets make a deal?

Contestants on "Let's Make a Deal" are responsible for paying taxes on their winnings, which are considered income. The IRS requires that winnings be reported, and taxes can range from 10% to 37%, depending on the total amount won and the contestant's income bracket. Typically, the show may withhold a portion of the winnings for tax purposes, but contestants should be prepared to pay the remaining tax when filing their returns. It's advisable for winners to consult a tax professional for guidance on their specific situation.


How much taxes are paid on lottery winnings in Kansas?

Tax is withheld on all winnings in the Kansas lottery over 5,000 dollars. If less than that is won, the amount won should be claimed on tax forms.


How much are taxes on 250000 DOLLARS?

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.


How much do you get for four numbers on the lotto?

It just depends on the number of winners that have 4 numbers. Camelot set aside a certain amount of money, and that money is divided equally among those winners. It may be as little as £30 or as much as £100.===It depends on which lotto you are entering. For Australian lotto, go to the Oz Lotteries website results page, and click on "View Dividends" for the draw you want to find out about. You will see the winnings paid out for each division in that draw.e.g. The most recent Monday Lotto (also called X Lotto, Gold Lotto or Tattslotto)Division 44 Main numbers11378 winnersPrize Pool: AUD $284,450.00Each winner received: AUD $25.00


What should I know before claiming my contest winnings?

First you need to be sure that it is not a scam. Next you should try to find out how much you will have to pay taxes on the amount you won.