On winning a 1 crore lottery in India, how much taxes do you pay?
On winning a 1 crore lottery in India, how much taxes do you pay?
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The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn
Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket, Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their taxes
白城リサ How Our Lottery Winnings Taxed? California, unlike some other states, does not levy income tax on lottery tickets purchased within its borders 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