If i made an income less than 500 last year and won the lottery how much tax would I Pay?

Question

lets say the amount is 40000

Answer 1

If the lottery amount is $40,000 then the total income is $40,500.

If you are single with no dependent, then your federal tax for 2007 is $4,371. Then you may have to pay state income tax.

For articles on your U.S. tax return, http://taxipay.blogspot.com/2008/04/list...

Answer 2

It would depend on your filing status and deductions, and also where you live.  But federal income tax would be around $4300 if you are single, not a dependent,  and claim a standard deduction.  If it was a state lottery, any state tax would depend on where you live - some states don't tax winnings on their lottery.

Answer 3

You'd pay taxes on the winnings at standard rates