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How much you pay ultimately depends on your own tax situation and tax rate. There is no specific rate or category for income from types of gambling.
The withholding (like from a payroll, as an estimate of the tax) required at the casino is normally a minimum of 20%, but can depend again on your situation too. It is NOT the amount you pay...just a payment in advance to assure the amount you owe is paid.
Lottery and Gambling winnings are taxed like any other income.
That amount, or percent, of course changes with everyones personal situation, other income, expenses, deductions, exemptions, STATE (and state income tax is a deduction to Federal taxable income, so that changes many things), dependents, etc.
It is fair to say that 2 people, winning the same lottery would normally pay different amount of taxes.
Proveable losses are deductible against winning, so keep those losing lottery tickets!
Many people have tried to claim the winnings as Capital in nature, for the lower tax rate. The courts have denied that in each case.
If you are a professional gambler, the tax handling may change, as it is income from self employment...there are both good and bad aspects to this.
What else can I help you with?
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 tax is taken out of Decades of dollars lottery in Ga?
34%
Suppose that a local sales tax is 6% and you purchase a backpack for $24, how much tax is paid?
$1.44 tax paid
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.
If the sales tax rate of 899.00 is 4.5 percent how much tax will have to be paid?
The total tax to be paid is $40.45. The total price with tax is $939.45
How much tax will be taken out of a paycheck of 10000 dollars?
I won a lottery ticket in Wisconsin, worth $10,000, how much federal and state tax will be taken out?
How much tax is collected when winning 2500 off nEW YORK lottery?
7%
What should you do if taxes have not been taken from your paycheck?
Find out how much you earned in the last tax year. Contact the tax department for your country and let them know you have not paid some tax, but wish to do so. They can let you know how much tax you have paid and then help you (or even for you) figure out how much tax still needs to be paid.
How much tax paid on 5.99?
$6.00
What is the name of the tax you pay when winning the lottery?
Income tax.
How much a tax attorney get paid?
Ya mom
What income tax do you pay on 9600?
How much federal income tax is paid on $9600.00
