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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.
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Do you pay state and federal taxs on MD lottery?
do I have to pay State and Federal taxes on Md. lottery winnings
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.
Does one pay social security taxes on lottery winnings?
Not unless your a professional gambler.
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.
Do US olympic athletes pay taxes on their winnings?
no they do not have to pay taxes on their winnings.
Do you pay state taxes if you win North Carolina state lottery?
Yes you will have to pay state taxes to North Carolina after adding your lottery winnings to all of your other gross income on the state income tax return.
Do Pennsylvania residents have to pay taxes on sweepstakes winnings which are not gambline or lottery winnings just a prize from a business contest?
Yes....and lord knows how you draw the line differently from a sweepstake or lottery. It isn't how you won it, (a card game, slot machine, buying a ticket, or having a number drawn out of a hat) it is what it is - winnings. Winnings are ordinary income. You will pay taxes at whatever rate is determined by your total taxable income. If you can itemize, gambling losses are 100% deductible up to the amount of winnings. Don't forget those lotto tickets!
Do athletes pay taxes on money won?
Yes they have to pay taxes on the winnings
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.
Do they take any other money out of the total lottery winnings besides taxes?
in michigan you have to pay city state and federal taxes it is taken out of your paymentif you dont have city taxes taken out of your check you must report it to the city if there is a city tax
How long do you have to pay taxes on prize winning?
The taxes on prizes must be paid at the time you pay income tax for the year in which the prizes were awarded. If you have cash winnings, money is typically withheld from your winnings for taxes.
What percentage of taxes will you pay on 1500.00 in casino winnings?
$75.00
