The Powerball jackpot is $375 million and lottery players across the country are wondering if anyone will match the winning numbers drawn on June 7. The odds are slim that your ticket will match all five white balls and the red Powerball tonight, but it's fun to dream about what you would do with all of that cash.

Here's what you need to know about tonight's drawing, including how to watch the Powerball drawing live online and how much you will take home if you beat the odds and win the jackpot. Oh, and don't forget to sign your ticket — you don't want anyone else cashing it in if you misplace it!

Watch the live Powerball drawing on your computer or mobile device

Many local news stations announce the numbers during their broadcast on Wednesday and Saturday nights. If you aren't near a TV to watch the drawing, you can get the Powerball results (or watch the drawing live online) on your smartphone.

The drawing will be broadcast live at 10:59 p.m. ET or online on WRAL's website. You can also download the free Lottery Hub app and watch the live stream video on your iPhone or Android device. The app also has the numbers for Mega Millions for lottery players who are looking for the results for that game.

Uncle Sam will take a bite out of your windfall

$375 million is a lot of Money. More than you can manage without a financial advisor, that's for sure.

However, don't get too bummed out if you win the Powerball jackpot and get a check that's for a whole lot less than $375 million.

Federal taxes are taken right out of your windfall before a check is cut. Expect about 25 percent to be deducted. But that's not the only bad news. If you choose the lump sum option so you can get your money right away, you won't get the whole $375 million.

According to CNBC, the jackpot winner will get the cash value of the jackpot — currently $235.4 million. Not all that disappointing considering a ticket is only $2.

USA Mega reports that federal tax deduction would bring the Powerball jackpot payout down to $176,550,000. If you live in a state that requires you to pay taxes on your winnings, your check will be reduced even more.

Still, that's a good amount of cash. And if you invest correctly, you won't have to work another day in your life. Unless you gamble it all away and Vegas, that is.

Powerball tickets are sold until about one hour before the 10:59 p.m. ET at lottery retailers in 44 states, Washington D.C., Puerto Rico, and the US Virgin Islands. Tickets are $2 each, with an extra $1 charged for the Powerplay option.