The Economics of the Lottery

The Economics of the Lottery how much do they tax the lottery A Amount to be withheld The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of how to scan lottery tickets online Winnings are taxed the same as wages or salaries are, and the total amount the winner receives must be reported on their tax return each year Before the winner

how to scan lottery tickets online After all, the federal income tax rate goes up to 37%, and you can assume that the winner is in the top 37% bracket Well, many hundreds of

how to register for h1b lottery If the Mega Millions winner takes the lump sum, right away nearly a quarter of the prize is withheld for federal taxes And they're not off the Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%