|Posted: November 13, 2005, 12:27 pm - IP Logged|
Here is a quick way to ballpark how much cash you would get from a Huge Jackpot.
You take the top Fed rate which is 35% and add it to the top rate in your state
(if lottery money is taxable). In Michigan that is 3.9%. So that would be 38.9% in
taxes and 61.1% for you.
You then take the Cash jackpot amount and multiply it by that .611 and that is around what you will net.
Just because the state only withholds so much, that does not magically mean that you dont owe the rest!
So, in Michigan, you would get about 182,567,680* 0.611= $111,548,852 net