How Much Do Retailers Make for Selling the Winning Lottery Ticket?
Retailers in R.I. get an 8 percent sales commission bonus for selling the winning ticket, which could be a nice tidy sum if the Mega Millions jackpot topped out at $266,000,000. A small struggling Rhode Island convenience store with an extra $21 million dollars in the cash drawer could make a difference in a state with one of the highest unemployment rates in the country. It could most definitely help the R.I. economy if Mr. Retailer would spend some of those Mega Millions earnings in his home state of Rhode Island. All states have varying percentages of commission bonuses. Tax Information for Lottery Winners: What are the Taxes on $266,000,000? A winning Rhode Islander on the other hand has mucho taxes to contend with if they were lucky enough to win last night’s Mega Millions jackpot. Rhode Island imposes a 7 percent state tax on lottery winnings. Add that to the already high 25 percent federal taxes, and Joey Rhode Islander has to cough up a total of $85 million dollars in tax money
