$ billion Mega Millions: How is the lottery taxed in CA?

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lottery winners paid millions in taxes, but the specifics might astonish you This video

Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $335,464,000 The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on

kerala lottery chart result US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government Apply the Tax Rate: Lottery winnings are subject to a flat rate of 30% Calculate the basic tax liability by multiplying the total winnings by