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.
Lottery Fever was created on 2011-09-25.
25
Actual compensation will always be less than theoretical payouts. For example, it the posted payout is 50%, the actual payout will be somewhere closer to half of that amount, or 25% actual payout.
The Lottery is required to report and withhold taxes according to the regulations of the Internal Revenue Service and the New York State Department of Tax and Finance.The current tax withholding rate for NY is 25%.
MA state tax will be witheld on all winnings from $600-$4999. Ma state tax + 25% federal is withheld on 5k and above.
yes they do come in the lottery
Depends on what you choose to concerning payout or taking the lump sum.. If you choose payouts then you get the jackpot paid to you in 30 annual installments.. If you choose to take the lump sum instead you get only a percentage of the jackpot, not sure how much, but other states usually give around 50%... And don't forget that after you make your choice that income tax must be taken out of that and for the FL lottery they take 25% for taxes... Its all on the FL lottery page under questions and answers.. Hope that helps.
It is 6.1, approx.
In Florida, lottery winnings are subject to a 24% federal withholding tax for U.S. citizens and resident aliens for prizes above $5,000. Additionally, there may be state taxes on lottery winnings depending on the amount won and the winner's personal tax situation.
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