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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.

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12y ago
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Wiki User

13y ago

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

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Anonymous

Lvl 1
3y ago

I got a $62000 thousand dollar ticket. How much taxes do I have to pay

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Anonymous

Lvl 1
3y ago

300.00

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Q: How do you calculate lottery winnings after taxes?
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Related questions

What does the government do with the taxes from lottery winnings?

Taxes on lottery (or gambing, etc) winnings are the same as any other ordinary income in both amount and use.


What is the taxes on the Florida lottery?

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.


How much taxes do you have to pay on your ca lottery winnings?

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 you pay state and federal taxs on MD lottery?

do I have to pay State and Federal taxes on Md. lottery winnings


Does one pay social security taxes on lottery winnings?

Not unless your a professional gambler.


Does a veteran have to pay taxes on $50,000 lottery winings?

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.


Taxes on lottery winnings in the state of Minnesota?

See: http://taxes.state.mn.us/individ/pages/filing_your_taxes_taxable_income_taxation_gambling.aspx


How much taxes are taken out on lottery winnings in North Carolina?

If I win 1000.00 what do thay take out


Do you pay taxes in Washington State on lottery winnings?

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.


Can you have your daughter claim your lottery winnings to avoid high taxes?

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.


How much taxes are paid on lottery winnings in Kansas?

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 you win the the lottery but owe property taxes not due until 2010 will they take it out of your winnings?

If it isn't due yet, no