Income Tax on Awards & Prizes

Income Tax on Awards & Prizes how much taxes do you pay on lottery winnings
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how to make a slot in wood How much of a prize is taken out for taxes? The winnings are subject to federal income tax withholding The tax withholding

how many lottery numbers do you pick The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government