Currently mega millions is at it's highest winning payout ever and people all over the country are dying to win. The jackpot is up to $640 million and growing with having no winners yet. While the odds of winning are highly improbbable and the odds of being the sole winner are even less than that, lines have been forming at gas stations, supermarkets, and convenience stores all over. On the off chance you are extremely lucky and you are the only winner of the country's biggest payout, you know some of that money needs to go to taxes. But how much?
The amount you pay on taxes is dependent on which state you live in. If you're living in New Hampshire, Tennesee, Texas, South Dakota, or Washington, you have no state income tax. Therefore you'd have to pay about 35% to Uncle Sam (so about $136 million). Are you a resident of NYC? If so you'll have to pay 8.82% to the state and another 3.37% to the city. And a California resident you'll have to pay about 10.3%.
Or you can split it with friends and family and get a tax reduction.
What would you do if you won the lotto?