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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

The federal government withholds taxes before one penny is awarded to a lottery winner in Texas Though there is no upfront withholding of taxes for the state If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from

slot paradise kokemuksia Lottery winnings are subject to federal and sometimes state taxes If you win big, plan for the taxes ahead of time Updated May 24, 2024  Lottery winnings are subject to federal and sometimes state taxes If you win big, plan for the taxes ahead of time Updated May 24, 2024