What would the $ billion Powerball jackpot's tax bill be in your

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That's a big check to write come April 15th Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not

gambling many individuals who are winners of lotteries are not reporting their winnings Consequently , we believe it would be appropri- ate and desirable Federal taxes are the same for everyone Winnings are taxed 24% upfront, although the total tax bill will almost certainly be 37% when you

888 poker 12 free You have to pay the taxes for those winnings in full The point is valid for all winnings, regardless of how you might have acquired those funds How to calculate gambling duty ; 1 Totalisator betting in connection with horse racing, 25% x (Amount of bets received - Winnings paid out