Winner Of $ Billion Lottery Gets $ Million After Tax
Winner Of $ Billion Lottery Gets $ Million After Tax
Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a
The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the
michigan lottery midday 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 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
