Winnings from a gameshow

Business & Finance
Tutor: None Selected Time limit: 1 Day

If I were to win 1 million dollars in a gameshow in the U.S. how much money would I actually be getting after taxes?

Aug 8th, 2015

Thank you for the opportunity to help you with your question!

Most U.S. lotteries take out 28 percent from the winnings to pay federal taxes. But, if your winnings were in the millions of dollars, you would be paying closer to 39.6 percent (the highest tax bracket) in federal taxes when tax time comes. Add state and local taxes, and you might end up with only half of your winnings when you are done paying taxes.

So you may receive around 0.5 millions.

Please let me know if you need any clarification. I'm always happy to answer your questions.It was lovely helping you. in case of a wrong answer or doubt please discuss before taking any action, than you for your co operation.
Aug 8th, 2015

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