Sponsor says will withhold 25% for federal income tax; Is that towards my income tax? Let's say the prize car is $60k, 25% would be $15k; is that money being withheld for me to offset the winning price on my tax return? Will I still have to pay NYS tax on the $60k when I register? 8.625% is $5175. So this $60000 car out of my pocket after tax return should be about $ $20175? Am I right? Thank you!
If I win a car in PA, how much tax will I pay in NY?
- Posted:
- 3+ months ago by Fastcool98
- Topics:
- federal, tax, prize, car, cars, income tax, sponsor
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