Curious question about powerball winnings and taxes is there a tax area on herePrev TopicNext Topic

• wander73

  

  Philadelphia, PA
  United States
  Member #153,765
  March 24, 2014
  12,492 Posts
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  May 21, 2017, 2:00 am

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  Okay so 4 numbers plus powerball is $50k.   So the lottery takes 40% correct and for example everyone knows where I am from Philadelphia, PA the commonwealth takes what 4% taxes correct.  Which would leave about $30000.   Is this correct or is it $28500?
• whiteballz

  

  Nutley, New Jersey
  United States
  Member #131,050
  August 1, 2012
  904 Posts
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  May 21, 2017, 2:40 am

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  There are tax brackets for federal income tax. http://www.bankrate.com/finance/taxes/tax-brackets.aspx

  For 2016 only income over $415K is taxed at the 39.6% rate. Trump has promised a tax cut but whether or not he will deliver on his promise is anyone's guess.

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