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Taxes
jimmy0685
#1 Posted : Tuesday, December 17, 2013 5:08:00 AM(UTC)
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How much tax is due on winnings (%)?  Are state and Federal taxes both due?  Thanks!

chudder4444
#2 Posted : Tuesday, December 17, 2013 12:49:38 PM(UTC)
chudder4444

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Everyone's taxes will be different. It depends on how much you make otherwise to determine which tax bracket you're in, plus which state you live in will determine if you owe state taxes. Best to consult your tax person!

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lorikb1017
#3 Posted : Friday, January 3, 2014 12:56:39 PM(UTC)
lorikb1017

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It will vary on your income but "roughly" it would be around 33%...for wins OVER $600.  I believe that is the case.  This will be my first year paying taxes on wins!  

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