How much tax is collected from a 1000 scratch off Ohio state lottery ticket?

Answer 1

The amount of tax you pay depends on many things. Other income, number of dependents, certain deductible expenses, etc. etc.

The winnings are taxed just like any other income...and any 2 people may pay entirely different amounts on the same income, because of their own situation.

If money is withheld from the amount paid to you (normally at @20%), that, like your payroll withholding, is just an estimate of the tax you might pay. The actual amount you need to pay is determined when you file your income tax fro the year, and you may need to pay more or less.

Answer 2

I suspect your really asking "....how much taxes will you ultimately pay ...", which is generally different than how much will be taken out, or "withheld" to assure your ultimate payment. It is highly possible you can have nothing withheld (taken out), or a "standard" flat 25% or such may be applied. But the amount you will ultimately pay on the earnings can be substantially different.

The income will be treated as ordinary income and as such will be taxed at the rate you would be paying at. In essence this can change with deductions, exemptions and other tax positions you have or can apply. For example, proveable gambling losses may well be deductible against this income. No, there should not be FICA or payroll type taxes due. It (probably) isn't employment type income (unless your a professional gambler). Yes, you must consider the State and if applicable in that State, City and Local taxes too, which varies in all ways and places considerably.

Answer 3

you pay 6.25% on the spot, then gave to claim the 1000 at the end of the year. it depends on how much income you make in that year. they will send you a w2 form to give to your accountant who will tell you on the spot how much. but i paid about 160$ at the end of the year, about 10 years ago, and i made 42,000 that year

Answer 4

My relative who is single and has no children won $1000 on a scratcher, $70 state tax was all that was withheld. He was told by the lottery official that federal taxes are not deducted unless you win $5000 or more.

Answer 5

This depends on what your tax bracket you are in. The United States has a progressive tax system which means that the more you make the more tax you pay. For this reason on a return for 2014 your tax will be one of these percentages or a combination of them (10%/15%/20%/25%/28%/33%/35%/39.6%). The rate will depend on your taxable income.

Answer 6

31% in total

25% for federal and 6% state

Answer 7

The payer may withhold about 28% = 280

Answer 8

250.00