New Jersey Lottery Questions and Answers -

calculate lottery winnings after taxes   Dan calculate lottery winnings after taxes

Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk

The federal tax rate of 37%, the top federal tax rate, applies to the portion of your winnings that exceeds $1 million, including lottery Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

slot machine maker online free taxes could further reduce winnings More from Life Changes After the 24% federal withholding, the jackpot winner's tax bill Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax