How much you pay ultimately depends on your own tax situation and tax rate. There is no specific rate or category for income from types of gambling.
The withholding (like from a payroll, as an estimate of the tax) required at the casino is normally a minimum of 20%, but can depend again on your situation too. It is NOT the amount you pay...just a payment in advance to assure the amount you owe is paid.
Lottery and Gambling winnings are taxed like any other income.
That amount, or percent, of course changes with everyones personal situation, other income, expenses, deductions, exemptions, STATE (and state income tax is a deduction to Federal taxable income, so that changes many things), dependents, etc.
It is fair to say that 2 people, winning the same lottery would normally pay different amount of taxes.
Proveable losses are deductible against winning, so keep those losing lottery tickets!
Many people have tried to claim the winnings as Capital in nature, for the lower tax rate. The courts have denied that in each case.
If you are a professional gambler, the tax handling may change, as it is income from self employment...there are both good and bad aspects to this.
You would multiply 1000 by what ever percentage your marginal tax rate will be after your income tax return is completed correctly. The marginal tax rate go from -0-% to the 35% maximum rate.
10% X 1000 = 100
15% x 1000 =150
I got a $62000 thousand dollar ticket. How much taxes do I have to pay
300.00
Taxes on lottery (or gambing, etc) winnings are the same as any other ordinary income in both amount and use.
The taxes withheld from Florida lottery winnings is 25 percent as required by the IRS. This only applies to winnings over the amount of $5000.
California does not tax have a state income tax on lottery winnings. The federal withholding rate amount is 25 % to be withheld from the winnings amount.
do I have to pay State and Federal taxes on Md. lottery winnings
Not unless your a professional gambler.
If you don't want to be sued for tax evasion, even as a veteran, you would have to pay taxes on $50,000 in lottery winnings.
See: http://taxes.state.mn.us/individ/pages/filing_your_taxes_taxable_income_taxation_gambling.aspx
If I win 1000.00 what do thay take out
Washington State does not have a personal income tax, so you will not pay any state income tax. You will still pay Federal income tax on lottery winnings, though.
No. The payer of the lottery winning issued you and the IRS the same information from the copies of the 1099-G that has your social security number and name on the 1099-G showing the amount of your winnings.
Tax is withheld on all winnings in the Kansas lottery over 5,000 dollars. If less than that is won, the amount won should be claimed on tax forms.
If it isn't due yet, no