Are gamblinglottery winnings subject to Michigan individual income

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For example, the Florida excise tax rates on dog racing and jai alai are and percent, respectively; whereas, the excise tax rate on lottery tickets is

What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted Any lottery awards over $600 are also subject to local county taxes, running from 0-2% It is essential to note that the taxes you owe

poker night 2 steam Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax State Taxes: Florida does not impose a state income tax, so you will not owe any state income tax on your lottery winnings Additional