What would the $ billion Powerball jackpot's tax bill be in Texas?

taxes on million dollar lottery
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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

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

taxes taken out of lottery winnings According to estimates from , the winner of the publicized $ billion jackpot would earn $280,885,562, if they take the lump sum

taxes on lottery A sole winner in Texas who took the cash option would take home about $ million after paying 24% in federal taxes There is