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In addition to federal taxes, most states tax lottery winnings. New Jersey is among the highest state tax rates ultimately taking 10.7% of the prize. The winnings after taxes
The tax rate on lottery winnings varies by state. ... No state taxes for lottery prizes. New Jersey - 8.0%. New Mexico - 6.0% ... Residents got back 70 cents in lottery prize money for every ...
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Before you see a dollar of lottery winnings, the IRS will take 25%. Up to an additional 13% could be withheld in state and local taxes, depending on where you live. Still, you'll probably owe more ...
In the Sunflower State, 5% of your net gambling winnings go to state taxes. To calculate that amount, subtract the amount of your bet from your payout, then multiply that number by 0.05.
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If you file a federal tax return as an individual, you could pay income tax on up to 50% of your Social Security benefits (assuming a combined income of $25,000 to $34,000).
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