WHAT WOULD BE THE TAXES ON $250,000 LOTTERY WINNINGS?
My aunt wanted to know what the exact taxes would be on lottery winnings of $250k. Is there an online calculator for this anyone could suggest? And could she ask for the full tax amount to be taken out at the time of her getting the payout? She needs to know so she can know how much money she can spend out of the winnings and how much she should withhold for taxes if the taxes aren't taken out immediately. If a person won $250k would they have only 150k to be spend based on a 40% tax bracket? I heard of taxes being taken at a 50% rate, but I don't know who this applies to or what. Can someone please explain this so I can explain it to my aunt? Thanks so much. :)
How much tax is taken out of lottery winnings?
About 25 % .0000
How much taxes would be taken out of a $50,000 lottery win for Maryland?
Right around 25% 1$12,500.00.. So you take home around $37,500.00.. Crazy Huh? edit... I wanna thank you azz holes for the thumbs down.. Pricks never cashed in a ticket!!!
How much tax md.state tax is owed on 2500. lottery winnings?
It makes no difference that it was money you earned from the lottery. Treat it the same as if you earned $2,500 from your job. Lottery winnings is INCOME. It will be taxed at the same rate as the rest of your income. If you're not sure, when you go to get your money, ask them to take away the MOST amount of taxes. Then you'll get a refund next year. (That'll be like hitting another small lottery win next tax season.)
How much federal tax will I pay for a $1000 lottery winning?
All you have to do is put $1,000 on Line 21 "Other income" of your Form 1040. If you itemize deductions and you have gambling losses, you may deduct up to $1,000 on Schedule A. This would wipe out any federal tax due on your winnings. If you do not itemize, your tax is going to go up by at most your tax bracket. Surely $1,000 is not pushing you into a higher tax bracket. So $100 or $200 if anything.