How much money does the store that sold the winning lottery ticket get in Michigan?
For selling the winning ticket, the store will receive a $50,000 flat-rate commission once the prize has been claimed, said Jake Harris with the Michigan Lottery.
How much do Michigan Lottery retailers make?
Retailers receive a 6% commission on each Pull Tab ticket sold and a 2% commission on any prize paid, unless otherwise stated in the Lottery contract.
Does Michigan tax lottery winnings?
For any Michigan Lottery prize of greater than $5,000, the Lottery is required to withhold an estimated 24 percent in federal tax and 4.25 percent in state tax.
Who won the 1.05 billion?
Kurt Panouses, a Florida-based estate lottery lawyer representing the club, has identified himself as one of the winners of the $1.05 billion ticket, Michigan Lottery spokesman Jake Harris said. “We processed a claim document for him along with the other winners,” Harris said.
Does Michigan Lottery money go to schools?
All profits from the sale of Michigan Lottery tickets – more than $24.6 billion since 1972 – go to the School Aid Fund. We are proud to support the education of Michigan’s children, which is our primary mission.
How much is the payout for the Michigan Lottery 4 digit in the box?
Evening Drawing
| Win Conditions | Prize |
|---|---|
| Straight | $5,000 |
| Box 24-Way | $208 |
| Box 12-Way | $416 |
| Box 6-Way | $833 |
How much does the state make off lottery?
In some states, lottery revenue rivals or exceeds that of corporate income taxes, another important source of state revenues. Nationally, state lotteries generated $66.8 billion in gross revenue in fiscal 2015, which exceeds the $48.7 billion generated by corporate income taxes.
Where can I cash my $1000 lottery ticket?
You can redeem a winning ticket from any type of lottery game to an authorized retailer when your prize is less than $600. Authorized retailers include stores and other establishments that sell lottery tickets in your state such as, convenience or grocery stores.
How much would you get after taxes if you won a million dollars?
Let’s say you win a $1 million jackpot. If you take the lump sum today, your total federal income taxes are estimated at $370,000 figuring a tax bracket of 37%.
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Minimizing Lottery Jackpot Taxes.
| Total Winnings | $1,000,000 | $1,000,000 |
|---|---|---|
| Winnings Received Over 20 Years | $630,000 | $780,000 |
How much do I keep if I win the lottery?
The first thing that happens when you turn in that winning ticket is that the federal government takes 24% of the winnings off the top. But the payments don’t end there. You will owe the rest of the tax — the difference between 24% and 37% — at tax time next year.