How much is lottery tax for the amount of 118,002.50?

Question

How much is lottery tax for the amount of 118,002.50?

Answer 1

Depends on which country you're in.

In Australia, gambling and lottery winnings are exempt from tax.

Answer 2

i agree i think its 20 percent

Answer 3

It is exactly $22348.12.

(118002.50-63700) * .25 + 8772.50 = 22358.12

I should add that this is the federal amount.  Depending on what state you're in, you'll have to find out the state tax.

Answer 4

did you win it?  no?  then you really don't need to worry about it.  they usually take about 20%.

Answer 5

It depends where you live.  If you lived in the UK and won that in pounds, there would be no tax.  In the US, there is a tax on winnings.

So perhaps you should mention which lottery, what country and what state.

Answer 6

Wouldn't that be whatever your State Tax is?