Here's how much you pay in taxes on a Texas Lottery win

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Example 1: An individual buys a Wisconsin Lottery ticket for $1 The ticket is a winner of a $500 cash prize The individual provides their

As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

wheel of fortune gold spin slot machine 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 Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a