|Posted: September 26, 2008, 4:34 pm - IP Logged|
I live in Ohio, and your state may be different, but here's what I do to figure out how much I would get after the cash option and taxes:
-simply calculate 40% of the jackpot.
-in other words, 10% of the jackpot times four is what I do.
So $500M is $50M (ten percent) times four=$200M after cash and taxes.
The cash option of the MM jackpot is just about exactly 60% of the jackpot; federal taxes on the remaining JP are 25%; Ohio State tax is 5.75%. Local taxes are negligible.