How to Handle California Lottery Tax

california lottery tax
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What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted

However, California is one of the 13 states that do not collect additional taxes on residents' lottery winnings So how much will Wednesday's However, states with no state income tax, like Florida and Texas, will not tax your lottery winnings And two other states don't tax

11.10.23 kerala lottery result The Lottery is required to withhold federal taxes of 25% for citizens and resident aliens providing a social security number, and 28% for Lottery Tickets: Sales of tickets for California Lottery games are not taxable You should not include them in your sales and use tax return as part of your