USA Mega
Home of Mega Millions and Powerball, the USA's biggest multi-state lottery games.
Marketplace

Powerball Annuity Jackpot Analysis for Michigan (Sep. 23, 2020 Drawing)

Media: You may freely use any information on this page, but you must credit www.usamega.com.

The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $22,000,000 would be for a resident of Michigan, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Michigan

Drawing Date:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$14,073$237,587
2$347,688$83,445$14,777$249,466
3$365,073$87,617$15,516$261,940
4$383,326$91,998$16,291$275,037
5$402,492$96,598$17,106$288,788
6$422,617$101,428$17,961$303,228
7$443,748$106,500$18,859$318,389
8$465,935$111,824$19,802$334,309
9$489,232$117,416$20,792$351,024
10$513,694$123,287$21,832$368,575
11$539,378$129,451$22,924$387,004
12$566,347$135,923$24,070$406,354
13$594,665$142,720$25,273$426,672
14$624,398$149,856$26,537$448,006
15$655,618$157,348$27,864$470,406
16$688,399$165,216$29,257$493,926
17$722,819$173,476$30,720$518,622
18$758,960$182,150$32,256$544,554
19$796,908$191,258$33,869$571,781
20$836,753$200,821$35,562$600,370
21$878,591$210,862$37,340$630,389
22$922,520$221,405$39,207$661,908
23$968,646$232,475$41,167$695,004
24$1,017,078$244,099$43,226$729,754
25$1,067,932$256,304$45,387$766,241
26$1,121,329$269,119$47,656$804,554
27$1,177,395$282,575$50,039$844,781
28$1,236,265$296,704$52,541$887,020
29$1,298,079$311,539$55,168$931,371
30$1,362,982$327,116$57,927$977,940
Total$22,000,000$5,280,000$935,000$15,785,000
<( Back )Powerball Jackpot Analysis
(Current Drawing)
Top ^



Accuracy Statement  |  Advertise  |  Privacy Policy  |  Site Map  |  DMCA  |  Terms of Use
Copyright © 1999-2020 Speednet Group.  All rights reserved.