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What states have the lowest state taxes?
Alaska, Delaware, Montana, New Hampshire, Oregon, and Colorado.
When do you have to pay taxes on lottery winnings?
You have to pay taxes on lottery winnings when you receive the prize, whether it's in a lump sum or through installments.
What are the taxes on 800000 dollars?
What are the taxes on an 800,000 lottery win in the state of MS
What does the government do with the taxes from lottery winnings?
Taxes on lottery (or gambing, etc) winnings are the same as any other ordinary income in both amount and use.
Why doesn't Mississippi have a lottery?
There are 7 states which do not have a lottery, each for their own reasons. Some feel as though a lottery would take away from the land based casinos which ultimately would cut jobs and create a big deficit for the state's government as far as taxes go.
Does a veteran have to pay taxes on $50,000 lottery winings?
If you don't want to be sued for tax evasion, even as a veteran, you would have to pay taxes on $50,000 in lottery winnings.
Do you pay state and federal taxs on MD lottery?
do I have to pay State and Federal taxes on Md. lottery winnings
What is the taxes on the Florida lottery?
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.
What taxes does Alaska have?
Alaska depends primarily on petroleum revenues and federal subsidies. This allows it to have the lowest individual tax burden in the United States, and be one of only five states with no state sales tax, one of seven states that do not levy an individual income tax, and one of two states that has neither. There are 89 municipalities that collect a local sales tax. Other local taxes levied include raw fish taxes, hotel, motel, and B&B 'bed' taxes, severance taxes, liquor and tobacco taxes, gaming (pull tabs) taxes, tire taxes and fuel transfer taxes. There are property taxes.
Do you pay state taxes if you win North Carolina state lottery?
Yes you will have to pay state taxes to North Carolina after adding your lottery winnings to all of your other gross income on the state income tax return.
Which states are included in the North Carolina lottery?
In the North Carolina state lottery? One, North Carolina.
What if no one paid taxes?
If no one paid taxes then all government spending would be financed solely by the sale of lottery tickets.
