Are gamblinglottery winnings subject to Michigan individual income

federal tax rate on lottery winnings
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The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

The current federal income tax rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37% So, depending on the amount of prize money received, the federal

federal tax for lottery winnings The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

federal lottery tax the Yonkers income tax surcharge using the Yonkers resident tax rate In The lottery prize payment is gambling winnings taxed as ordinary income