If I won a lottery of 20 crore, how much will I get after tax deduction

If I won a lottery of 20 crore, how much will I get after tax deduction how much tax is taken from lottery winnings Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax how lottery works The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be

how lottery works 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

how to get a flush in poker Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So if the Oregon Powerball winner does Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or