Syracuse (WSYR-TV) - Last month’s record-high Mega Millions jackpot has inspired some Central New Yorkers to take a chance on the lottery more often.
One NewsChannel 9 viewer – David – wants to know whether there is a formula to calculate what a winner would take home after taxes.
In order to calculate the amount left over on a jackpot after taxes, begin with the jackpot amount, multiply it by the Federal tax rate – which is 25 percent – and then the New York State tax rate – which is 8.82 percent. Then add the two figures together and subtract the total from the jackpot. The remainder is the amount you take home.
For example, if the jackpot is $100 million, 25 percent of that is $25 million. 8.82 percent of the jackpot is $8,820,000. Combined, they add up to $33,820,000. After being subtracted from the total, the winner is left with $66,180,000. If you have a question for the Your Stories team, call (315) 446-9900 or email YourStories@9wsyr.com