Are gamblinglottery winnings subject to Michigan individual income

lottery payout after taxes   Dan lottery sambad 27 12 23

To put it simply, you would owe $16,290 in taxes on the initial $95,376 of your income and 24% of the remaining $49,624 Consequently, from your $100,000

So, when you take the cash option, you will end up with $374,954,812 after federal taxes Now it is the state's turn State tax rates on lottery The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

888 poker michigan The highest federal tax rate is 37% and that's where big winners end up Federal taxes are withheld at 24% on lottery winnings when they are Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900