The Lottery's Inescapable Arithmetic The Powerball jackpot has reached a staggering $707 million, an amount that could buy most readers a small island or several dozen luxury cars.
However, the actual take home pay for the winner will be significantly lower due to taxes and deductions. When a winner chooses the lump sum payout of $309.
7 million, 24% in federal withholding is subtracted, leaving them with $235. 4 million. State taxes can add another 10% or more, depending on where the winner resides, further reducing their take home pay.