Powerball ticket worth $481,000 sold in Sunnyvale

PREVIOUS COVERAGE: How to increase your chances of winning the Powerball Jackpot

Saturday's Powerball Jackpot is worth $510 million, and while the odds of winning are just one in 292 million, someone has GOT to win! Here are five things you need to know to help increase your chances!

A lucky lottery player in Sunnyvale is waking up nearly half a million dollars richer after matching five numbers in Monday night’s Powerball drawing. 

What we know:

The California Lottery confirmed that the ticket , sold at the Shell gas station at 766 N. Mathilda, matched five numbers (17, 32, 48, 60, 64) but missed the Powerball number (10). 

The exact prize amount is $481,655. 

How much do you win after taxes?

By the numbers:

Calculating your "take-home" pay for a prize of this size requires looking at federal obligations, as California state tax is 0% for this win.

Immediate Withholding: The IRS requires an automatic 24% federal withholding on prizes over $5,000. For this $481,655 prize, $115,597 would be sent immediately to the IRS, leaving an initial check of approximately $366,058.

The Tax "Gap": Because $481,655 is a significant addition to your yearly income, it will likely push you into a higher federal tax bracket (up to 35% or 37% depending on your other earnings).

Estimated Final Total: After filing year-end taxes, a single filer should expect to pay an effective federal rate closer to 30-33%. This means the final take-home amount after all federal obligations would likely be between $320,000 and $340,000.

What's next:

The Powerball jackpot has now rolled over to an estimated $154 million for the drawing on Wednesday, May 27.