Lottery winning are the same as any other earning...and will be taxed federally and locally as any other income of that amount would be (which of course depends on many things, income level, number of dependents, number of deductions, etc.etc.)
As I recall, Florida doesn't have much of a State income tax, so your real consideration is Federal.
Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income. # A payer is required to issue you a Form W-2G if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported irrespective as to whether any portion thereof is subject to withholding. in addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax. You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.
Yes they have to pay taxes on the winnings
no they do not have to pay taxes on their winnings.
The taxes on prizes must be paid at the time you pay income tax for the year in which the prizes were awarded. If you have cash winnings, money is typically withheld from your winnings for taxes.
You don't have to pay tax on gambling winnings in the UK.
You have to pay taxes on lottery winnings when you receive the prize, whether it's in a lump sum or through installments.
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.
$75.00
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.
Unfortuneatly, the olympians from the USA do have to pay taxes on the winnings from the medals awarded.
Failure to pay taxes on his winnings.
You may have to report your casino winnings on taxes if they exceed a certain amount. The game you won in also plays a role if you have to pay federal taxes for the winnings. If you won a poker game, the minimum taxable amount is $5000. Even if you don't have to pay taxes, it is still your duty to state them on your tax report.
yes they keep and pay taxes on what they win