How much is the federal tax and the CA state tax for prizes of gambling?

Question

How much is the federal tax and the CA state tax for prizes of gambling?

Answer 1

Same as your regular income.

If you didn't have a huge income, and you didn't win the mega-millions, you're looking at about 25-30%.

If it's a big prize, or you had a big income to begin with, then you're looking at about 30-40%

Answer 2

That depends on what your other income is.  When you file tax returns, the prizes are added to all your other income, and then you calculate your tax.  If the amount is more than $600, 20% of federal tax will be withheld before the money is given to you.  That may or not be enough when your tax return is filed.  I don't know if CA withholds tax on gambling winnings.

Answer 3

it depends on your tax bracket.  if you are in the 10 %, then that is how much you pay.  however, as mentioned, the payer may withhold about 20% to cover your tax. you would get the difference back when you file your tax return.