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Wayne Brasch
Wayne Brasch, Accountant and Business Consultant
Category: Tax
Satisfied Customers: 1298
Experience:  Master of Science in Taxation. Tax experience since 1963.
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What are the taxes on $150,000.00

Customer Question

If you win a $150,000.00 lottery, what would be the estimated amount of taxes you would have to pay?
Submitted: 10 years ago.
Category: Tax
Expert:  Wayne Brasch replied 10 years ago.
You wouldn't have to pay estimated taxes on lottery winnings. What they do is to automatically deduct about 25% for Federal and 9.3% for CA from the winnings before you get the check. That would be $37,500 Federal and $13,950 for CA.
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Customer: replied 10 years ago.
Reply to Wayne Brasch's Post: That was so fast! Is there any other fees that you can think of in this kind of situation? Thank you so much for your super fast ansure. You did great!
Expert:  Wayne Brasch replied 10 years ago.
No other fees should apply in this situation. You are welcome. I'm glad I could help.

Please click on Accept. Thank you for your question.

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