LOCAL SCHOOL INCOME TAXES IN OHIO
LOCAL SCHOOL INCOME TAXES IN OHIO
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If you win more than $5,000 in the lottery or certain types of games, 24% must be withheld for federal tax purposes You will receive a Form W-2G from the payer
Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37% The IRS requires all lottery agencies to withhold 24% of lottery winnings over $5,000 for federal taxes On Jeanne's $ million purse, this amounts to $
lottery sambad 17 4 24 Also taxable are gambling and lottery winnings reported on IRS form W2G or Form 5754 Earnings are taxed in the year earned Pension and retirement income Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan
