how to calculate taxes on $5000 lottery winnings
Ohio Gambling Winnings Tax Calculator: What Will You Owe?
how to calculate taxes on $5000 lottery winnings
website how to calculate taxes on $5000 lottery winnings The Pennsylvania Lottery will automatically withhold PA personal income tax on prizes greater than $5,000 claimed after July 12, 2016 Winners of over $600 how to find out where a lottery ticket was bought Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%
how to calculate taxes on $5000 lottery winnings However, for the following sources listed below, gambling winnings over $5,000 will be subject to income tax withholding: Any sweepstakes, lottery, or If your winnings exceed a certain threshold, usually $5,000, federal and state taxes might be automatically withheld In those instances, a W-2 How to calculate gambling duty ; 1 Totalisator betting in connection with horse racing, 25% x (Amount of bets received - Winnings paid out
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