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won 340,000.00 lotto took 25% 85,000.00 got a check for 255,000.00

what % would be paid...
won 340,000.00 lotto took 25% 85,000.00 got a check for 255,000.00 what % would be paid to state and federal
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Answered in 6 minutes by:
12/3/2012
Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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Thanks for using JustAnswer.com!

The answer depends on a few factors:

What is your filing status?
How much other income do you have for the year?
What amount of deductions do you expect to have? 2011 Form 1040, Line 40 (Itemize or use the Standard Deduction)

Let me know the items above.
Ask Your Own Tax Question
Customer reply replied 4 years ago

married and 1 150,000.00 12,000.00 itemized

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello and thank you for using Just Answer,

Different expert, I do not know what happened the expert that asked the questions.

Your federal taxes are estimated to be $132,450. Your remaining amount after the withholding of $85,000 would be $47,450. If you had any other withholding then subtract that amount out to see the amount due (if any).
The above is based on Married Filing Joint, 1 dependent, and total income $490,000.

Your Ca tax is estimated to be $39,873.52 before any withholding.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. and 87 other Tax Specialists are ready to help you
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
15,888 Satisfied Customers
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