Suppose you won a lottery of $10 million after tax What will be the

10 million lottery after taxes
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Lottery winnings are considered ordinary taxable income for both federal and state tax purposes Winnings are taxed the same as wages or salaries are, and the

23VAC10-140-282 Withholding on lottery prizes A Amount to be withheld The Lottery Department shall withhold Virginia income tax at the rate of % on Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

endeavour lottery prize home How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22 Sorry, Massachusetts: You can't dodge the 'tax shark' on lottery winnings, after all million-dollar threshold will be taxed at 9%, which