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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.
Wiki User
∙ 12y ago
Wiki User
∙ 14y agoWiki User
∙ 10y agoIn the UK there is no tax to pay on lottery winnings, although the govenment do take tax before the prize fund before any winnings are paid.
Wiki User
∙ 13y agothey tax the sh*t out of it!
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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 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.
What is the tax on 150 million lottery winner?
In the UK there is no tax on lottery winnings, if you win £750.00 you get to spend all of it.
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.
Will winning the lottery effect your Social Security benefits?
Lottery winnings will NOT count as a part of your earned income for the earnings test amount because the winning amount from the lottery is NOT earned income. Yes the amount of the lottery winnings will affect how much of your social security benefits will become taxable income on your 1040 income tax return. Depending on the total amount of all of your other gross income including the lottery winnings from 50 % to 85 % of your SSB can become taxable income on your federal income tax return at your marginal tax rate.
What is the percent taxed on lottery winnings in pa?
There are no state or local taxes on lottery winnings in Pennsylvania. There is however a federal tax of 25 percent of the winnings for any prizes that are over $5,000.
Do disabled veterans in New Jersey pay taxes if they win the lottery?
No. Your lottery winnings will be reported on your 1040 federal income tax return and the taxable amount will be subject to the income tax at your marginal tax rate.
What is the Federal Tax ID Number for the CA Lottery?
When they send you the 1099 for your winnings last year it will be listed on that form.
Are lottery winnings taxable?
no
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.
Can losing lottery tickets be a tax write-off?
You can write-off gambling losses up to the amount of gambling winnings.
What is the federal tax ID number for the NY State Lottery gambling winnings on form W-2G?
14-1588338
