Explanation On How Much Taxes You Pay When You Win The Lotto. Video



Winning the Lottery


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welcome to fun over games so this video will be an explanation how taxes work when you win the lottery now it doesn’t matter how much you win you may pay taxes whether it’s thousand dollars or a million dollars and I’ll just show you how that works now it could get a little complicated with your filing status and I’m not going to get into that because it’ll just create more confusion and I want to keep it simple so everybody pays federal income tax when I when I earn money through the either that job or lottery winnings and the federal income tax this is a chart based off of filing status and you could file as a single person you could file married jointly you could file a marriage Hall married filing separately you could file as head of household I just want to keep it simple this is the filing as a single chart it’s pretty similar the percentage is the dollar amounts a little different but the idea of this video is the same so I’m just going to do stick with this one chart just to kind of convey my point now you may or may not have to pay state taxes like I’m in California so I won’t have to pay state taxes if I had a big lot of wind but if you’re in Arizona or Arkansas or a lot of Oh states you have to pay state taxes in addition to the federal income tax now it depends on what amount of money you made in the calendar year you won the lottery would be your tax payment so I’ll show you a couple charts so this first chart in yellow this is based on if you made $5,000 into the 2017 twenty five thousand fifty thousand and up so if you won $500 on a scratch off ticket and you made these doesn’t matter how much you make actually you want to pay anything in taxes because nobody pays taxes if the win is under six hundred dollars and you could win $500 ten times this year you’ll will pay any taxes on it but the only time you pay taxes if it’s more than six hundred dollars and this chart will kind of break that down so if you made five thousand dollars in income from your job in 2017 and then you won some time in 2017 $1,000 on a scratcher your tax rate is in this first category is zero at 9,000 category your federal tax rate is 10 percent so you would pay 10 percent of that thousand dollars to the federal link to the federal government so a hundred dollars of the thousand would be paid in taxes to the government then depending on what state you’re in I just picked Arizona it’s on the top here of this chart so if you’re not if you live in Arizona and you $1000 in our ticket you would pay 50 bucks to Arizona if you live in California like I do you wouldn’t pay anything so for a person who made $5,000 2017 and hit a thousand on scratchers they would pay a hundred Padilla’s in taxes on that ticket now if somebody made half a million dollars in 2017 and hit a thousand dollar scratcher they would pay a lot more in taxes almost half 446 dollars in taxes so the smart thing to do although can be risky if you make a lot of money and you hit it on a scratcher give the scratcher to someone at a lower income tax bracket and you would save a lot of taxes you’d have to at least you trust that person a lot now lottery winnings are taxable ordinary income so for instance if you hit if you made $5,000 this year and then hit a thousand on your scratcher that means according to your tax return you made six thousand dollars this year so when you your accountant does your taxes he just puts six thousand on the on the top line and then multiply that number by ten percent six thousand times ten percent so depending on how much you want like if you’ve made five thousand this year okay just even keep it more simple say you’ve made nothing this year so your tax bracket it at the lowest to ten percent so you made absolutely nothing and you hit a million dollars in the scratch off that means you don’t take ten percent on a million you pay thirty nine point six percent because you are now in a highest tax bracket because lottery winnings that are ordinary income so they look at it as income now question might have you don’t actually pay thirty nine point six percent of $1,000,000 so say you hit a millionaire scratcher and say they gave you the entire million dollars dating adjusted sometimes they make it smaller because the million dollars should have been paid out over thirty years so what they do is they present value little shirt a year in fact that today and they give you like six hundred thousand dollars up front let’s just make it simple say was a million upfront without the present valuing so if they gave you a million dollars upfront you would not pay thirty nine point six percent on 1 million it’s kind of you would defer $9,300 of the million you would pay ten percent on so 93 25 times 0.1 come on so on the first night gender $9,300 you won you would pay nine thirty two fifty on the next portion up to thirty seven thousand nine fifty you pay fifteen percent and then on the next dollar amounts up to ninety one nine hundred you pay twenty five percent so you pay but and that’s how you would pay if you made four hundred eighteen thousand dollars you want to pay it on the thirty nine percent you would pay and each level which is which is better for you so I hope that clarifies things it makes more sense and leave a comment if you like this video and hit the thumbs up and let me know if you have any questions on taxes on model winnings so I appreciate you watching and talk to you soon. .

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