Taxation: The Taxman Cometh: How Lottery Winnings are Taxed

You don't have to win the big jackpot to owe lottery taxes Your winnings are considered taxable and are added to your ordinary income when

FICA taxes—Social Security and Medicare—are imposed on earned income, so here's the good news: Lottery winnings are exempt from FICA taxes

dolphin reef slot demo 2 Other states have a flat tax rate on lottery winnings For example, in Massachusetts, all lottery winnings are subject to a 5% state tax In

download video poker games Yes, they have to pay tax on lottery winning Although, winning from lotteries is part of total income the same taxable at 30% + Surcharge+