How much money will you get after taxes if you win the Powerball

500 000 lottery after taxes
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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

Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a

500 juicy fruits slot Federal Tax on Lottery Winnings · Federal withholding rate for gambling income: 24% · Federal income tax brackets for 2022: If income is $10,275

500 000 lottery after taxes Lottery winnings are considered ordinary taxable income for both federal and state tax purposes Winnings are taxed the same as wages or salaries are, and the