why are lottery winnings taxed
Taxes On Lottery Winnings: What You May Owe
why are lottery winnings taxed
website why are lottery winnings taxed Yes Lottery winnings are treated the same as money earned from a job When you file your taxes, you'll need to report the lottery winnings as why do people play slot machines No, winnings are taxed at a flat rate of % They are not taxed at the tax slab rate of the individual
why are lottery winnings taxed 2 Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000 The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes lottery winners paid millions in taxes, but the specifics might astonish you This video
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