Michigan Lottery Tax Calculator

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The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that

tax rate is also applied, according to the lottery tax calculator on Then there is the Massachusetts 5% state tax Another Use the lottery tax calculator to estimate the tax amount deducted from a lottery prize, received as either a lump sum or through annuity payments

slot gaming 88 Prize money = taxable income: Lottery winnings are taxed like income, and the IRS taxes the top income bracket % The government will By limiting the rate at which your winnings are taxed, the annuity would have saved you $150,000 in taxes on that first $1 million in lottery winnings Gross