How Much Tax Is If You Win The Lottery

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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

Lottery winnings are considered ordinary taxable income for both federal and state tax purposes Winnings are taxed the same as wages or salaries are, and the For non-resident aliens, current tax laws require that the Lottery withhold 30 percent in federal income taxes on all Lottery prizes and percent in

three kings slot machine online free The Kindest States for Lottery Taxes That leaves these states with the lowest top tax rates as of 2021: Missouri: %5 The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that