How much $ Powerball winner takes home after taxes

The tax shall be withheld on the entire amount of the prize, not merely the amount in excess of $5,000 The tax must be withheld by the Lottery Department on

However, once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients If you currently

how to have poker face As per section 115BB of the Income-tax Act,1961, the entire income from winning lotteries, games show, etc will attract tax at the rate of

how to win slot machine online 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