What Taxes Are Due on Gambling Winnings?

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After all, the federal income tax rate goes up to 37%, and you can assume that the winner is in the top 37% bracket Well, many hundreds of

The Powerball jackpot has grown to an estimated $1 billion Here's what the winner can expect to pay in taxes  Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home

本庄鈴 番號 Withholding Rate from Gambling Winnings New Jersey Income Tax is withheld at an amount equal to three percent of the payout for both New 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