HORIZONTAL EQUITY IMPLICATIONS OF THE LOTTERY TAX

website lottery taxes in florida However, lottery winnings may be taxed up to 37% so you may have to come up with the extra 13% on your own when the time comes Talk to your tax lottery hub And as we've also covered, for wins of $5,000 or more, the Florida Lottery will in most cases withhold 24% of your winnings for federal income tax In other

lottery taxes in florida The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that  Lottery and Gambling Winnings · Withholding Rate from Gambling Winnings New Jersey Income Tax is withheld at an amount equal to three percent (3  Lottery winnings are not taxed twice Under both the federal and state tax system, they are considered ordinary taxable income You pay tax on your winnings

Share

Share

Link

Turn off sharing Copy link

See all details