how much fed tax on $25k lotto hit in pa.?

10 Answers

Relevance
  • RICK
    Lv 7
    3 months ago

    The federal income tax withheld is 25% on all lotto payouts over $500

    Depending on other income you might get part of it back when you file

  • 3 months ago

    It depends on your other income.

  • 3 months ago

    The federal WITHHOLDING is 25%. That doesn't mean you will owe that much in tax for the year. It is only a payment toward your total tax bill. You may also make payments through your employment. Depending on your taxable income for the year, 25% may be too much and you'll get some if it back, or it may not be enough. The federal tax rate brackets are 10%, 12%, 22%, 24%, 32%, 35%, 37%.

  • 3 months ago

    It depends on how much other income you have.

    Could be anywhere from zero to almost $10K.

  • How do you think about the answers? You can sign in to vote the answer.
  • Judy
    Lv 7
    3 months ago

    PA state tax is 3.07% or $767.50. Fed tax depends on you TOTAL income including the 25K - for many people, 15% or $3750.

  • 3 months ago

    You do realize that we have progressive tax rates...meaning the more you earn, the higher rate you pay. This is based on ALL income, so not just those lottery winnings. Nobody can answer.

    What I would do is pull out every damn losing ticket I could find for the year and write off those losses against the income...gambling is all about the net returns in the long run. Perhaps won $25k...but do you play $10 a week? $100 a week? $1 a year? Know anyone who plays a lot and saves their tickets??

  • 3 months ago

    It depends on your income, but 25% is the norm.

  • Eva
    Lv 4
    3 months ago

    Add it to the rest of your income and find out what the tax rate is for your combined income. There isn't a separate rate for gambling winnings. They should withhold tax on a winning of that size but that doesn't mean that will be the actual tax when you do your return.

  • 3 months ago

    That depends on your total income.

  • 3 months ago

    It depends on your other income and tax bracket, but it would likely be in the 25 to 35% range ($6250 - $8750).

Still have questions? Get your answers by asking now.