It will be one heck of a payday tomorrow if you win the Powerball Jackpot. After all, it's the second largest jackpot in the history of the game and you'll walk away with a payout of over $412 million---that's before New York gets a hold of you of course.

JACKPOT: $650 MILLION

FEDERAL TAX: APPROX $103 MILLION

BEFORE NEW YORK TAX: APPROX $308 MILLION

This is of course assuming the winners takes a single lump sum (which most do). With one of the highest tax rates in America, New York wants a piece of your winnings. Here's what you'll have to give them:

New York: 8.82% state tax

  • Annuity: -$1,911,000 per year (avg. net pay per year: $14,339,000; after 30 payments: $430,170,000)
  • Lump Sum: -$36,311,940 (net payout: $272,463,060)
  • New York City and Yonkers impose an additional tax: 3.876% and 1.323%, respectively