What would happen if the winner of the $ billion dollar lottery
What would happen if the winner of the $ billion dollar lottery
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The lump sum payment is about 60–65% of the announced prize, let's say 62% Then federal tax is 37% There is no California state tax on lottery
Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a There is however, one guaranteed winner in the lottery–the IRS Not only are the lottery winnings taxable income to the winner, which will be
android poker sites If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding Before the state of California gives him any of his winnings, 24 percent—$ million—will be withheld and sent directly to the Internal Revenue Service
