If I won 200 million dollars in the Georgia Lottery, how much would I get after taxes if I took the money up front?
Georgia state income tax at that level is 6 percent, and federal tax would be at 35 percent. At those rates, $118,000,000. ChaCha!
Answered by Layla P. -
About Income Tax
The Income Tax is a tax imposed by the Federal, most states and local governments. The income tax is determined by applying a tax rate to an income bracket. In 2011, taxes are due on April 15th.
About Federal Tax
Federal Taxes are administered through the Internal Revenue Service (IRS), a bureau of the Treasury. The US tax code is intended to provide revenue for the federal government. Federal taxes are also for public policy reasons, such as encouraging home ownership.
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