If You Win the $750 Million Powerball, Here’s How Much is Taxed

If you have dreams of picking up the BIG check for this week's Powerball, you're not alone. The jackpot is the fourth largest in history, which has everyone wanting a piece of the pie. Even if you don't normally play, when the money gets this big a lot of people will take a chance.

But exactly how much will you get to take home? You might be shocked at how much the government is going to get. CNBC is breaking it down for us.

• If you take the cash option, that automatically reduces it down to $465.5 million.
• 24% federal withholding will take it down another $111.7 million.
• If you have no other deductions to your taxable income, another 13% is taken out, which is $60.5 million.
• So, that's $172.2 million all going to the federal government, which makes your total SO FAR at $293.3 million.
• Then there's the state taxes, which go from 1% - 8%, depending upon where you live.
• So, if you're wondering what the total is in just taxes from your winning jackpot, you can count on losing up to 45%, which is kind of staggering even with all that's left over.
• And let's be honest, it's not like our tax dollars are being used wisely these days either.