Income Tax on winnings from Lottery, Game Shows, Puzzle

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Most states charge a tax on lottery winnings The amount initially withheld and how the winnings get taxed depends on your state's tax rate

The tax shall be withheld on the entire amount of the prize, not merely the amount in excess of $5,000 The tax must be withheld by the Lottery Department on An average family's top federal tax rate could go from 22% to 37% But remember, if that happens, you likely won't pay the top rate on all your money That is

slot king 96 The top tax bracket for the highest earners in this country — which is where winning the lottery would bump the winner — has a 37 percent tax Under Act 84 of 2016, the Pennsylvania personal income tax of percent now applies to Pennsylvania Lottery cash prizes paid after January 1, 2016 As a