Tax Savvy for Small Business: A Complete Tax Strategy Guide

State of NJ - Division of Taxation irs tax on lottery winnings When you win the lottery, the winnings are taxable income, and you must pay federal and state taxes You may be subject to the highest tax bracket depending on irs lottery tax The same is true at the state level While lottery winnings are subject to state income tax in most states, withholding tax varies from zero (

irsh lottery Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% You may also be subject to state