The Economics of the Lottery

how much do they tax the lottery
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The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

Lottery winnings are not taxed twice Just like a raise in wage, some people who win a significant prize may move into a new, higher tax bracket that may adjust How much tax do you pay on lottery winnings? In the , if you win a lottery of $600 or less, you don't have to report it If you win more than $5,000, you

what a hoot slot No, winnings are taxed at a flat rate of % They are not taxed at the tax slab rate of the individual Q- When will awards be tax-free? tax liabil- ity that it can sponge up , and not the $ 1 million in tax they should play the tax audit lottery , since audit rates are histor- ical