JTJet Posted May 9, 2022 Share Posted May 9, 2022 Why is this getting attention all of a sudden? Link to comment Share on other sites More sharing options...
DJF71 Posted May 9, 2022 Share Posted May 9, 2022 The beauty of NY/NJ. 3 Link to comment Share on other sites More sharing options...
Popular Post jetsons Posted May 9, 2022 Popular Post Share Posted May 9, 2022 7 minutes ago, JTJet said: Why is this getting attention all of a sudden? These clowns are media whores... NYS taxes Suck that's for sure... but a Very Good accountant will help ease the burden. 9 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post LAD_Brooklyn Posted May 9, 2022 Popular Post Share Posted May 9, 2022 His $22M signing bonus will get hit with a local, state and federal tax. Your signing bonus has to be paid to you within 18 months. For tax purposes it may be better to go the 18 month route then the overnight lump sum. His base salary will be taxed depending on the county and state the game is played in. So even when the Dolphins players play in NJ, all players and staff from both teams will pay the same taxes according to their bracket. Without knowing the game schedules for the next 3 seasons. There's no way to come up with a solid projection. 8 1 Link to comment Share on other sites More sharing options...
Larz Posted May 9, 2022 Share Posted May 9, 2022 Don’t they have fancy trusts for this type of thing? invest in some Charles Oakley car washes and write off the losses? 3 Link to comment Share on other sites More sharing options...
32EBoozer Posted May 9, 2022 Share Posted May 9, 2022 14 minutes ago, Larz said: Don’t they have fancy trusts for this type thing ? invest in some Charles Oakley car washes and write off the losses? 1 Link to comment Share on other sites More sharing options...
RoadFan Posted May 9, 2022 Share Posted May 9, 2022 We’ve discussed this. Free agents have many reasons to turn down the Jets…. a big one is NJ kinda sucks and their state taxes are OUTRAGEOUS. Tyreek chose to come here, to sunny Florida… with no state taxes. Who could blame him? 3 Link to comment Share on other sites More sharing options...
Jet Nut Posted May 9, 2022 Share Posted May 9, 2022 1 hour ago, JTJet said: Why is this getting attention all of a sudden? Because theyre morons who dont know what they're talking about? 1 Link to comment Share on other sites More sharing options...
More Cowbell Posted May 9, 2022 Share Posted May 9, 2022 3 hours ago, JTJet said: Why is this getting attention all of a sudden? This just shows how incredibly bad some of these shows are Link to comment Share on other sites More sharing options...
More Cowbell Posted May 9, 2022 Share Posted May 9, 2022 1 hour ago, RoadFan said: We’ve discussed this. Free agents have many reasons to turn down the Jets…. a big one is NJ kinda sucks and their state taxes are OUTRAGEOUS. Tyreek chose to come here, to sunny Florida… with no state taxes. Who could blame him? You really think that is why he didn't want to come here? The taxes? 1 1 Link to comment Share on other sites More sharing options...
BigRy56 Posted May 10, 2022 Share Posted May 10, 2022 Shine that light bright let’s get these taxes lowered Link to comment Share on other sites More sharing options...
jayrad01 Posted May 10, 2022 Share Posted May 10, 2022 https://smartasset.com/taxes/nfl-jock-taxes Here is a good article on NFL players tax rates. It's not near as big of a difference as most people may think. 4 Link to comment Share on other sites More sharing options...
TuscanyTile2 Posted May 10, 2022 Share Posted May 10, 2022 NFL really needs to do something about the salary cap to account for taxes. 1 1 Link to comment Share on other sites More sharing options...
PS17 Posted May 10, 2022 Share Posted May 10, 2022 This’ll go well 3 Link to comment Share on other sites More sharing options...
TuscanyTile2 Posted May 10, 2022 Share Posted May 10, 2022 Link to comment Share on other sites More sharing options...
Anthony Jet Posted May 10, 2022 Share Posted May 10, 2022 What would the number be if he played for Miami ? 1 Link to comment Share on other sites More sharing options...
Dunnie Posted May 10, 2022 Share Posted May 10, 2022 What would the number be if he played for Miami ?Only 4 game diff .. you pay where you play 2 1 Link to comment Share on other sites More sharing options...
Bronx Posted May 10, 2022 Share Posted May 10, 2022 17 million dollars, poor thing! 2 Link to comment Share on other sites More sharing options...
Popular Post Embrace the Suck Posted May 10, 2022 Popular Post Share Posted May 10, 2022 Keep in mind the Feds take 162k + 37 percent on anything over 539,901 regardless of where you play. 6 Link to comment Share on other sites More sharing options...
jetspenguin Posted May 10, 2022 Share Posted May 10, 2022 1 hour ago, jayrad01 said: https://smartasset.com/taxes/nfl-jock-taxes Here is a good article on NFL players tax rates. It's not near as big of a difference as most people may think. EXACTLY!!! Cali players get hit the hardest in the league but somehow you never here that mentioned when discussing where players want to go. It's NOT just the money why players dont want to come here. Its the losing and the weather. If we won a hell of a lot more they can make boatloads more money here in the tristate area through endorsements. 1 Link to comment Share on other sites More sharing options...
Jet Nut Posted May 10, 2022 Share Posted May 10, 2022 1 hour ago, More Cowbell said: You really think that is why he didn't want to come here? The taxes? Taxes for those 8 or home games. That would be a minor reason to bitch Link to comment Share on other sites More sharing options...
Sammybighead Posted May 10, 2022 Share Posted May 10, 2022 I'm shocked. So you're telling me if you're lucky enough to make a ton of money, you also have to pay a ton of taxes? This cannot stand! 3 Link to comment Share on other sites More sharing options...
Pac Posted May 10, 2022 Share Posted May 10, 2022 28 minutes ago, TuscanyTile2 said: If this is true then the 17.4 mil is the equivalent of 395k net annually for someone working from ages 21 thru 65. Count me in the dont feel bad at all camp. Unless he goes Vince Young hes already set for life. 2 Link to comment Share on other sites More sharing options...
Popular Post Jet_Engine1 Posted May 10, 2022 Popular Post Share Posted May 10, 2022 Just now, Pac said: If this is true then the 17.4 mil is the equivalent of 395k net annually for someone working from ages 21 thru 65. Count me in the dont feel bad at all camp. Unless he goes Vince Young hes already set for life. The point is that the guys playing in Florida, Texas, Vegas, etc. Keep a lot more of their pay. This plays out especially during FA. The rate of Taxation in CA and the Northeast is theft. 10 1 5 Link to comment Share on other sites More sharing options...
Larz Posted May 10, 2022 Share Posted May 10, 2022 2 minutes ago, Pac said: If this is true then the 17.4 mil is the equivalent of 395k net annually for someone working from ages 21 thru 65. Count me in the dont feel bad at all camp. Unless he goes Vince Young hes already set for life. If he’s any good his nickname is worth probably double that in endorsement deals 2 Link to comment Share on other sites More sharing options...
Jet_Engine1 Posted May 10, 2022 Share Posted May 10, 2022 31 minutes ago, Dunnie said: 33 minutes ago, Anthony Jet said: What would the number be if he played for Miami ? Only 4 game diff .. you pay where you play Uh, what? Miami will play more than 4 games in Miami. 1 Link to comment Share on other sites More sharing options...
Popular Post Larz Posted May 10, 2022 Popular Post Share Posted May 10, 2022 4 minutes ago, Jet_Engine1 said: The point is that the guys playing in Florida, Texas, Vegas, etc. Keep a lot more of their pay. This plays out especially during FA. The rate of Taxation in CA and the Northeast is theft. Miami Dolphins The Dolphins made a splash this off-season when they signed former Detroit Lion Ndamukong Suh out of free agency. Many speculated that Suh chose the Dolphins over his former team because his taxes would be significantly lower in Florida. There may be something to that. The top-earning Dolphins pay effective rates of 42.9% of their income in taxes. That’s 3% lower than the taxes on Detroit players, representing hundreds of thousands of tax savings for players like Suh, who earn over $10 million per year. 3% of 27 million is a lot, but these guys aren’t making decisions on 3% https://smartasset.com/taxes/nfl-jock-taxes credit @jayrad01 4 2 1 Link to comment Share on other sites More sharing options...
Larz Posted May 10, 2022 Share Posted May 10, 2022 from the article; AFC West is worst for taxes. With two teams in California and another in Kansas City (where there are both state and local taxes), the AFC West is the worst division for away-game jock taxes. 1 Link to comment Share on other sites More sharing options...
Larz Posted May 10, 2022 Share Posted May 10, 2022 12 minutes ago, Jet_Engine1 said: Uh, what? Miami will play more than 4 games in Miami. You pay based on where the game is, not where you live 2 Link to comment Share on other sites More sharing options...
Sperm Edwards Posted May 10, 2022 Share Posted May 10, 2022 53 minutes ago, Dunnie said: 55 minutes ago, Anthony Jet said: What would the number be if he played for Miami ? Only 4 game diff .. you pay where you play He gets a signing bonus right here at home, not for his road games. It’s only his road game checks that’s a tax rate based on where he plays, not bonus checks like he just got. Or anyway, that’d be my guess. So when it comes to high tax and low tax states, it isn’t nothing when a player’s in a high tax state & getting most of his contract as a signing bonus. If he’d gotten that bonus check in FL (or TX or NV or WA) he’d pay 0% state tax instead of ~10% in NY/NJ (I don’t know if it’s NY or NJ taxes for Jets’ players, honestly; probably NJ which looks like it’s got a marginal rate of 10.75%). 4 1 Link to comment Share on other sites More sharing options...
DepressedJetsFan23 Posted May 10, 2022 Share Posted May 10, 2022 Is this including typical agent fee off the top? 1 Link to comment Share on other sites More sharing options...
Sperm Edwards Posted May 10, 2022 Share Posted May 10, 2022 5 minutes ago, DepressedJetsFan23 said: Is this including typical agent fee off the top? I doubt it. Ask one of the accountants here to be sure, but it seems to me that’d be fully deductible, same as if the agent was a 1099’d employee or a consultant or a similar business expense. Then again he’s not self-employed so maybe not. 2 Link to comment Share on other sites More sharing options...
southparkcpa Posted May 10, 2022 Share Posted May 10, 2022 Professionally speaking…. Im surprised it took this long. Playing in NY, NJ, CA etc… have a strong disadvantage. And yes…I’ve done tax returns for profesional athletes. Politics aside, if my prediction is true, tax free states will have better sports teams in the future. 2 1 Link to comment Share on other sites More sharing options...
Sperm Edwards Posted May 10, 2022 Share Posted May 10, 2022 ooh @southparkcpa is around to answer all our nerdy questions 1 4 Link to comment Share on other sites More sharing options...
RutgersJetFan Posted May 10, 2022 Share Posted May 10, 2022 20 minutes ago, Larz said: from the article; AFC West is worst for taxes. With two teams in California and another in Kansas City (where there are both state and local taxes), the AFC West is the worst division for away-game jock taxes. Kansas City voters just overwhelmingly reapproved that tax too. It's been a big win for them re: city services. 1 Link to comment Share on other sites More sharing options...
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