Tuesday could be a big day for you if you are the sole winner of the $1.6 billion Mega Millions prize, but before you start thinking about quitting work and what you can buy, you first have to know your take-home pay.

Let's assume you take the lump-sum payout on the $1.6 billion, which is $904.9 million. The federal government takes 24 percent of it right away for taxes, which leaves you with $687.7 million. If you are in the nine states that don't tax lottery winnings, you're good.

But for the other 41 states, state taxes will lower that payout to anywhere from $658 million in Indiana to $608 million in New York, according to USA Mega, a website that calculates taxes on lottery winnings.

After that, the winner will owe another 13 percent -- the difference between federal withholding of 24 percent and the top tax rate of 37 percent. That brings the number down in New York to $528 million, $569 million in Indiana and $599 million in the nine states with no state tax on winnings.

For argument's sake, we'll put the net winnings at $550 million. So what is that worth in the sports world?

With $550 million, you could have paid the payroll of both teams in the World Series -- the Red Sox and Dodgers -- with money left over. Bob Levey/Getty Images