How Much Is Taken Out? MM, Lotto & Quinto

Reply #11

lchoro — Wed, 10 Nov 2004 04:21:18 GMT

Tax system overhaul is one of the key planks of Bush's agenda for his 2nd term. They specifically floated the proposal to replace the payroll tax and the income tax with a national sales tax on purchases. There's disagreement on whether the proposed sales tax is 21 percent or 26 percent.

Reply #10

CASH Only — Tue, 09 Nov 2004 21:16:15 GMT

The US _does_not_ have a national sales tax; furthermore, sales tax is NOT deducted from lottery winnings.

Reply #9

lchoro — Tue, 09 Nov 2004 18:34:38 GMT

If they transition to a national sales tax after you take your lump sum, you'll actually be paying a higher tax since you'll pay both the income tax (35 percent) now and the national sales tax (21 percent) later on what cash you have remaining as you spend it...

Reply #8

johnph77 — Mon, 08 Nov 2004 00:03:39 GMT

garthbrooks -Check payout percentages on my website for that stat. If you were referring to how much in taxes will be withheld from winnings rabbitsfoot's post sounds reasonable, state withholding will vary.gljohn

Reply #7

DoctorEw220 — Fri, 05 Nov 2004 21:10:39 GMT

Quote: Originally posted by garthbrooks on November 05, 2004 What about Quinto? They say you get all the money. So does this mean they only take taxes of $1m? No lump sum choice needed?they just mean that you get a lump sum all at once.

Reply #6

CASH Only — Fri, 05 Nov 2004 19:37:39 GMT

How about a pick-5 with fewer than 52 numbers

Reply #5

garthbrooks — Fri, 05 Nov 2004 19:31:37 GMT

why would you change it? are the odds different

Reply #4

CASH Only — Fri, 05 Nov 2004 19:24:03 GMT

Quinto is a weird game-if I ran the WA lottery, I would replace Quinto with a pick-5 all-NUMBER game, and get rid of Unlucky for Life .Quinto is lump sum, BTW.

Reply #3

garthbrooks — Fri, 05 Nov 2004 19:22:10 GMT

What about Quinto? They say you get all the money. So does this mean they only take taxes of $1m? No lump sum choice needed

Reply #2

rabbitfoot — Fri, 05 Nov 2004 03:29:59 GMT

25% is withheld by the federal gov't initially. Another 3% is due to the state of IL. However, the top federal bracket is 35%, so you will have to pony up another 10% to the federal gov't at the end of the end.

Reply #1

DoctorEw220 — Thu, 04 Nov 2004 22:24:06 GMT

go to www.usamega.com . it had that information for you.

How Much Is Taken Out? MM, Lotto & Quinto

garthbrooks — Thu, 04 Nov 2004 20:46:28 GMT

How much is taken out exactly from Mega Million (Jackpot $175,000 2nd prize), Lotto and Quinto. I'm in Washington State. This is regarding the lump sum.Currently they are at $77M, $1M, and $1.1M respectively.-GB