lottery reviews   4   September 29, 2009

If someone were to start the New York lottery game victory for Life, $ 1000 a week of life. How would increase taxes each week?

 

Comments

  • Your taxes depends on your income and the state you live in. Basically you’re adding $52,000 a year to your current taxable income.
    US federal Tax Tableshttp://www.irs.gov/formspubs/article/0,,…

  • You are probably looking at 25% for federal and whatever your state tax percent is. I think someone said 6%. So you’re looking at about 650-700 net per week.
    Now be careful because at the end of the year you’re going to have to not only add up the amount you won throughout the year, but also the amount you make from your job. If you make $50,000 at your job and $50,000 with the lotto, then a good portion of your income is going to be taxed at around 35% so you will have to pay more taxes to the feds at the end of the year. Your state tax should be the same since it is usually a flat rate but the fed rate is tiered.

  • It is safe to say they will get approx. a third..

  • About every week would be about 6% of every thing you buy.

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