Tax Tips for Lottery Winners

what percentage of lottery winnings go to taxes
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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 The top tax bracket for the highest earners in this country — which is where winning the lottery would bump the winner — has a 37 percent tax

star joker slot 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 In Pennsylvania, all lottery winnings are subject to the commonwealth's % state personal income tax, plus an additional 24% through federal