![]() Both taxpayers would be subject to the 5% withholding because the total amount of the prize exceeded $10,000.Ĭompanies that obtain the right to Lottery payments from the winner and receive Lottery payments are also subject to New Jersey withholdings. For example, if two people win a New Jersey Lottery prize of $14,000 and split the proceeds equally, $7,000 of income is taxable to each person and is subject to the 5% withholding rate. New Jersey Income Tax withholding is based on the total amount of the prize won.
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