Powerball Jackpot soars to $925 Million: The after-tax reality for the

lottery federal tax rate
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While Americans are generally allergic to high taxes, the high tax rates on lottery winnings haven't provoked a public outcry If you win over

The current federal income tax rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37% So, depending on the amount of prize money received, the federal With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37% (So after

free slot machine play And while winning the lottery isn't exactly a reliable career plan, the federal government treats lottery winnings as income Immediately, 24% The Lottery is required to withhold federal taxes of 24% for Citizens and Resident Aliens providing a social security number, and 24% for