How much $ Powerball winner takes home after taxes

website how much are lottery winnings taxed 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 how to join tamilaga vetri kalagam 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 much are lottery winnings taxed Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments  Your winnings are considered taxable and are added to your ordinary income when taxes are calculated If your earnings are big enough, they can  Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a

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