How much taxes will I pay on a $2.3 million dollar lottery win?
The tax rates vary depending on the country you reside in. Let’s say you played through the online platform Lottoland and you are an Indian citizen. Being an Indian, you will have to file your income tax returns according to the Indian law.As per the Income Tax Act, 1961, the income from lottery falls under “Income from other sources”. The tax rate for all income that is of gambling nature is 30%. Any income above 1 Crore further attracts a surcharge of 15% on the tax amount. Then comes EC (Education Cess) and SHEC (Secondary & Higher Education Cess), which is 1% on Surcharge.Now, let’s consider winning prize money of $2.3 million, which is nearly INR 16.4 Crores. 30% of 16.4 is 4.92 Cr. Now calculate surcharge on this 4.92 Cr, which comes out to be 0.738 Cr at 15%. Now, calculate EC and SHEC on the surcharge, which comes out to be .00738Cr.So, the total tax liability on the winning sum of INR 16.4 Crores is 5.665 Crores. In percentage terms, it comes out to be 34.5% of the winning amount that you pay as taxes if you are filing your tax returns in India.Even if you are playing on reputed online platforms like Lottoland, you have to pay taxes. The online giant is coming to India soon, and even after paying the taxes, you take home crores to live life on your own terms.Image Source : Google
In the USA, if you win 200 million dollars jackpot, how much money will you receive after tax?
If the jackpot is $200M usually the lump sum cash value is lower since had you taken the cash payment option. This sum is usually the amount that lottery organizers would have used to purchased an annuity that would have paid out $200M over 27 years. For the sake of our calculation, lets say you take the lump sum and they give you $120M. If you play the California lotto and are a California resident then the state does not tax you on lotto winnings so no state tax. If that's the case then only federal taxes need to be calculated.$120,000,000 x 39.6% (highest rate for income over $400k) = 47,520,000After federal taxes your $120M jackpot is now $72,480,000But let's say you bought the ticket in California while visiting and you are a resident of New York City. New York State and New York City would tax you on the winnings.$120,000,000 x 8.82% (New York State tax) = $10,584,000$120,000,000 x 3.876 (New York City tax) = $4,651,200Now after federal, state, and city tax you're left with $57,244,800.Obviously this is a simplified calculation and hopefully after winning the lotto you would be kind enough to donate some of your new found fortune to charity which would lower your tax bill.
If I win a jackpot of 55 million dollars in Texas how much will taxes take?
If you are referring to one of the “state lotteries” then you will be responsible for up to 37% in federal taxes. As this question is insufficient in its detail, it calls for many variables to be contended with ….Assuming you are playing a “state lottery” and are a resident of Texas and the advertised jackpot is $55 million, you have two options (1) take the lump sum, or (2) take the tiered annuity over 30 years*. You decided on the lump sum, which is approximately 60% of the advertised jackpot (this amount represents the amount of money earned by ticket sales that the state commission would invest in bonds in order to make the full lottery payments over time). Although 20–25% will be withheld automatically for federal taxes, this is not the full tax on your winnings. Like any other income, the lump sum will be reported on your federal income taxes and you will pay normal taxes on the total income. Having been awarded $33 million (60% of $55M), the federal income tax will be approximately $12.21M. One of the first things to do is make sure this full amount has been paid so you don’t come up short at filing time. $20,790,000 would be your net winnings.Assuming the same as above, but the lump sum is $55M then you would have an estimated tax payment of $20.35M. Your net winnings would be $34,650,000.If this question refers to any other type of jackpot (Vegas or other gambling) the second answer would normally apply if a lump sum is allowed. Many multi-million-dollar jackpots that are not “state lotteries” usually don’t give a lump sum option as the awarding agency makes money off the long-term investment as well.*For this answer I will focus on the lump sum, which is the better choice. The annuity with pay out the full $55 million over the 30 years, but the amounts start small and 2/3’s of the jackpot will be paid in the last 10 years; therefore, it really isn’t a good financial idea.
Who are some people that became millionaires overnight?
Who are some people that became Millionaires overnight:Most people will mention famous and celebrity people. I will not do that at all. These people are hard working class citizens that won the fantasy dream of a lifetime by luck and now out of the Rat Race forever. Financial Freedom. !!!An anonymous person in South Carolina finally claimed the record-setting prize from October’s $1.54 billion Mega Millions jackpot, opting to collect a one-time lump sum of $877,784,124.The state’s lottery commission announced on Monday that the person had stepped forward, ending questions about why, five months after the winning numbers were announced, no one had claimed the money. It was the largest payout to a single lottery winner in United States history.The winner had until April 19 to claim the money.Someone there probably couldn’t believe his or her eyes when the magic numbers for the $1.54 billion prize were announced Tuesday night: 5, 28, 62, 65, 70; and the Mega Ball: 5.Michael J. Weirsky$273 Million DollarsAlpha, N.J. - 3/1/2019Richard Wahl$533 Million DollarsVernon, N.J. - 3/30/2018Patricia Busking$393 Million DollarsPalos Heights, Illinois - 08/11/2017Wayne Harris$105 Million DollarsHomer, New York - 09/22/2017Warren D, LLC$536 Million DollarsCambridge City, Indiana - 07/08/2016Nancy Viola$169 Million DollarsStaten Island, New York - 01/08/2016Five New York / New Jersey Friends$106 Million DollarsYonkers, New York - 09/11/2015Steven Peloquin$153 Million Dollars (He probably got the Lump Sum of the Full Jackpot Win)Mechanicsville, Virginia - 07/21/2015Tammy Pratt$126 Million DollarsSouth Fallsburg, New York - 02/27/2015Jesus Davila Jr.$265 Million DollarsNaperville, Illinois - 01/16/2015Harold Diamond$326 Million DollarsWurtsboro, New York - 11/04/1024Rick Knudsen$180 Million DollarsCalimesa, California - 08/22/2014Carl Szott$149 Million Dollars (He probably took the Lump Sum of his total Mega Jackpot Winnings)Pittsburg, PA. - 05/20/2014Cobie and Seamus Trust$207 Million DollarsMerritt Island, Florida - 03/18/2014Lucky Family$189 Million DollarsAnne Arundel County, Maryland - 10/01/2013The Three Amigos$218.6 Million DollarsMilford Mill, Maryland - 03/30/2012Merle and Patricia Butler$218.6 Million DollarsRed Bud, Illinois - 03/30/2012
History Essay Topics..?
I have a history final coming up, but my prof. sucks and goes on personal tangents way too often. So I have a list of possible essays, and even though I remember topics being brought up, I have no idea how to thoroughly answer the questions for an essay. Anyone who can/will help out would be great - I don't want anyone to write an essay for me, but if you could give me some facts to work with that answer the questions, I'd be very grateful. - Discuss Andrew Jackson as Pres. from 1828-1836. Should address the major issues confronting his admin. and how he chose to resolve them. - Compare and contrast Washington's and Jefferson's approach to domestic policies during their admins. - Discuss the rold of partisan politics in foreign affairs during the Wash. and Adams administrations. - Often slavery in New Eng. & the North b/w 1644 and 1808 is compared to 19th century institution. Discuss differences and similarities b/w the two systems of bondage. Thanks a TON!
Knowing scratch-off ticket secrets odds win planning make living with no real job needed?
Some lottery commissions such as Texas will publish enough information about the prizes claimed, the number of prizes printed and the number of tickets printed over all that you can monitor to see when it's likely that more losing tickets have been sold leaving a better chance and perhaps even a positive expectation of return to buy a ticket but such situations don't happen often enough for you to make a living off it. Also the positive expectation is usually there because the big prize hasn't been won yet and the odds of getting that big prize is so low that you need a lot of such opportunities to realize an overall profit. It's even rarer for a positive expectation to occur because lower value prizes haven't been claimed yet but those are the situations that you want if you want to win predictably. The lotto commission has an investigation department and will investigate each major claim and any unusual statistical oddities in claims but they will only prosecute if they find wrong doing. Now there is one way to reliably make money from a lottery and that's to rummage through the garbage for losing tickets. In the States, you pay income taxes on your lottery and gambling winnings but you can deduct losing tickets from those winnings therefore if someone wins a million dollars in the States, $250 thousand would be with held for federal taxes and the winner would still owe almost an additional $100 thousand on top of that $250 thousand when it came time to filing taxes, however if the winner can somehow get a million in losing tickets from the same year that he won that million in, then he would actually get that $250 thousand back therefore a losing ticket is worth up to but no more than 35 cents on the face value of the ticket. You could easily sell losing tickets at 10 cents to 25 cents on the dollar on eBay. There are also collectors who like to collect the tickets because of the artwork but an unscratched ticket would probably be more valuable to a collector.