A lucky New Jersey resident has won the $1.128 billion Mega Millions jackpot. However, they will face significant tax deductions. The federal government will automatically withhold 24%, while New Jersey will take another 8%. Depending on the payment option the winner chooses, they could owe up to an additional 13% in federal taxes and 10.75% in state taxes. Overall, the winner can expect to lose nearly half of their winnings to taxes.
