How much is taken out in taxes of you win the lottery?

lottery new york

Question by Heather V: How much is taken out in taxes of you win the lottery?
If someone won the New York scratch off lottery game Win for Life, ,000 a week for life. How much would they take out in taxes every week?

Best answer:

Answer by Hannah
About every week would be about 6% of every thing you buy.

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There Are 3 Responses So Far. »

  1. It is safe to say they will get approx. a third..

  2. Your taxes depends on your income and the state you live in. Basically you’re adding $52,000 a year to your current taxable income.

    US federal Tax Tables
    http://www.irs.gov/formspubs/article/0,,id=150856,00.html

  3. You are probably looking at 25% for federal and whatever your state tax percent is. I think someone said 6%. So you’re looking at about 650-700 net per week.

    Now be careful because at the end of the year you’re going to have to not only add up the amount you won throughout the year, but also the amount you make from your job. If you make $50,000 at your job and $50,000 with the lotto, then a good portion of your income is going to be taxed at around 35% so you will have to pay more taxes to the feds at the end of the year. Your state tax should be the same since it is usually a flat rate but the fed rate is tiered.