Jump to content

Sauce Gardner contract taxes getting attention?


JTJet
 Share

Recommended Posts

Just now, Jet Nut said:

Tax rates are easy.  Write offs and offsets arent

I don’t think he’s writing off much, in proportion to his earnings, since he’s not self-employed.

@southparkcpa kinda confirmed this, and he’s never wrong about anything. Except picking which football team to root for. 

  • Haha 2
Link to comment
Share on other sites

33 minutes ago, Jet Nut said:

I dont know these players tax rates.  None of us do.  I live in Florida and the state gets their money back in other ways, all things arent equal minus the state income tax.  

I'm friends with a stupid rich musician that can live anywhere in the country given hes a Brit.  He lived for years in NYC and then moved to Conn.  He makes more money than any of these athletes could dream of earning.  

Do you know  Ringo?

Link to comment
Share on other sites

2 hours ago, jetspenguin said:

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. 

endorsements are BS. Eli won 2 SBs and all he did was a car dealership endorsement. his brother made a hell of alot more and never played here.

how many other Giants from those SBs got local endorsements? and BTW all cities have that. you dont think Tyrek Hill isnt getting endorsements in Miami?

and you cant use that Line for everyone. as i stated with the Giants no one else got them. and i know Barkley got a chucky soup endorsement but he didnt win anything , means he could have got that anywhere he played

  • Upvote 1
Link to comment
Share on other sites

In Texas he’d  pay 10k (3000 sq foot house in a metro area with top public schools -450K) or 200k  a year in property taxes (9 million dollar mansion on top of a hill).   That’s where they get you in Texas.  

He’d pay sales tax.   Boat registration and car registration.  In NJ you’d laugh at the amounts.  Low gas taxes.   

That’s it.  

He could pay less state and city taxes than the average family if he wanted to lol 

Link to comment
Share on other sites

The cap should allow for SOME tax mitigation as these contracts skyrocket... the compensation playing field should be adjusted ... not gonna happen ... but should happen.

  • Upvote 2
Link to comment
Share on other sites

2 hours ago, Dunnie said:

Amazingly... the condition of Florida's highways are way better than NJ ... the highest taxed state.
 

FL roads are awesome and they legit have allegators and sh*t running around. It takes nothing to see the difference in states that are run well and not.

 

Link to comment
Share on other sites

5 hours ago, Jet Nut said:

Is this something new? No, so why isnt it already the case?

Doesnt seem to hurt other team in NY, just the Jets.  Mets, Yanks, Isles, Rangers, Devils, Knicks dont have a problem just the Jets.  There are tons of actors, musicians etc living in NYC or NJ, im not seeing it

Cant See Cheech Marin GIF

  • Confused 1
Link to comment
Share on other sites

6 hours 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.

From what I understand, Florida for instance get the taxes back in other ways. Like property taxes. So in the end it’s pretty even. So who cares what you call the tax, bottom line is the important one. 

Link to comment
Share on other sites

I would think that if a player foregoes a signing bonus and gets guaranteed salary that would help with the taxes as when he plays in Miami that game is taxed less.  
 

I think.   But then he is taking Johnson credit risk and has to wait for the money.  

Link to comment
Share on other sites

8 hours ago, Jet Nut said:

Taxes for those 8 or home games.

That would be a minor reason to bitch

Agreed....  even in sports like golf, it's getting harder for athletes to protect earnings by moving to Florida.

  • Upvote 1
Link to comment
Share on other sites

1 hour ago, varjet said:

I would think that if a player foregoes a signing bonus and gets guaranteed salary that would help with the taxes as when he plays in Miami that game is taxed less.  
 

I think.   But then he is taking Johnson credit risk and has to wait for the money.  

The Miami game is taxed in his home state....  in almost all cases that would be NJ I imagine.  I did a few NFL players. The W2 is like a deck of cards. Card 1 is TOTAL wages. Each secondary card is a state.   The state cards Won't total the main card if there were games in Florida for example.  BUT, the Main card is the one that goes on your home state in a state like NJ.

 

 

 

 

 

  • Upvote 1
Link to comment
Share on other sites

6 hours ago, doitny said:

endorsements are BS. Eli won 2 SBs and all he did was a car dealership endorsement.

image.thumb.png.9e0fbf86fc20eaeee3ac3ab7a17f72e2.png

image.png.5ca2b872caf897c306ac5340805a028c.png

image.png.6857fe6f157476f6d9eb8a780ab6d70f.png

image.thumb.png.0404d425d4e178b5c6b7f087d598a6cb.png

image.thumb.png.294673fe0c568d3aa3860cc653720623.png

image.png.dab54dc7d280e1c7eb85cdb8496c2ae2.png

053d859e70d552a61f44c6779e92d20b_crop_ex

image.png.c49fce6616c670bfbd9235d95ed0abac.png

image.png.ef4b060331bd64f980b96d4406dfcd43.png

image.thumb.png.838cbf493479112e5ae9b0f4fbff0135.png

image.png.e2e0c608ecc80872c67a6330dc4fa50b.png

image.thumb.png.c652729833293d203264587700ad0432.png

image.png.ca3937acb3395c4fa9a8c063712b6e5c.png

The level of wrong is astonishing!  And these are just some that don't also include Peyton.

  • Upvote 2
  • Haha 1
Link to comment
Share on other sites

3 minutes ago, ZachEY said:

image.thumb.png.9e0fbf86fc20eaeee3ac3ab7a17f72e2.png

image.png.5ca2b872caf897c306ac5340805a028c.png

image.png.6857fe6f157476f6d9eb8a780ab6d70f.png

image.thumb.png.0404d425d4e178b5c6b7f087d598a6cb.png

image.thumb.png.294673fe0c568d3aa3860cc653720623.png

image.png.dab54dc7d280e1c7eb85cdb8496c2ae2.png

053d859e70d552a61f44c6779e92d20b_crop_ex

image.png.c49fce6616c670bfbd9235d95ed0abac.png

image.png.ef4b060331bd64f980b96d4406dfcd43.png

image.thumb.png.838cbf493479112e5ae9b0f4fbff0135.png

image.png.e2e0c608ecc80872c67a6330dc4fa50b.png

image.thumb.png.c652729833293d203264587700ad0432.png

image.png.ca3937acb3395c4fa9a8c063712b6e5c.png

The level of wrong is astonishing!  And these are just some that don't also include Peyton.

Speaking of level of wrong I’m pretty sure that’s Peyton he’s holding up in the second to last one. 

  • Like 1
Link to comment
Share on other sites

7 hours ago, Jet Nut said:

LOL, older and a lot more colorful

 

You're friends with Nat King Cole ?   Opps, he's passed, and before anyone makes fun of me, he's the best Male vocalist of all time, so don't think I'm making fun of him. I met the man way back when I was a kid growing up in NJ. 

  • Upvote 1
Link to comment
Share on other sites

8 hours ago, T0mShane said:

Gonna start an expansion franchise in Mississippi and load up on free agents that don’t care if their children can read.

Just saying….
 

States with the Lowest Literacy Rates

1. California

California's 23.1% of adults lacking basic prose literacy skills make California have the lowest literacy rate of 76.9%. The state of California and the state Department of Education are being blamed and sued for the failing literacy rate, as families and students believe that they are not receiving a quality education in reading and writing.

2. New York

New York has the second-highest percentage of adults lacking basic prose literacy skills of 22.1%, equaling a literacy rate of 77.9%. Despite this, New York has the ninth-highest percentage of adults with Bachelor's degrees or higher of 35.7%.

3. Florida

Florida has the third-highest percentage of adults lacking basic prose literacy skills of 19.7%, equaling a literacy rate of 80.3%. Florida has the lowest number of public libraries per 100,000 residents of 2.6.

4. Texas

Texas has the fourth-lowest literacy rate of 81.0%, with 19.0% of adults lacking basic prose literacy skills. Texas has the fourth-lowest number of libraries of 3.2 per 100,000 residents.

5. New Jersey

The fifth-lowest literacy rate in the United Statesis in New Jersey, where 16.9% of adults lack basic prose literacy skills, and 83.1% are literate. Despite this, 38.6% of New Jersey adults have a Bachelor's degree or higher, the country's fifth-highest. Additionally, New Jersey also has the third-best public schools.

Link to comment
Share on other sites

10 hours ago, Dunnie said:
10 hours ago, Anthony Jet said:
What would the number be if he played for Miami ?

Only 4 game diff .. you pay where you play

when are people going to understand that players pay taxes to every state in which they play a game / Then the home state (NJ) allows a credit for out of state taxes paid.  Opposing players who don't live in NJ still pay NJ income tax for the games they play in NJ.

So when a Dolphin, who resides in Florida, plays the Jets in NJ, 1/17th of his salary is taxed in NJ.  If they play a couple of games in California, then 2/17ths of the salary is taxed by California.

  • Upvote 1
  • Like 1
Link to comment
Share on other sites

9 hours ago, southparkcpa said:

Generally… not deductible.   Think in terms of paying an employment agency.   BUT…fees on endorsements, commercials etc can be deducted. 

Hmmm, what if the athlete forms an LLC for (whatever reason you can come up with) and then pays the agent as an LLC expense?

Link to comment
Share on other sites

9 hours ago, Pac said:

My guess, and I'm 1 stiff 7&7 in, is his CPA opted for the front loaded SB to take advantage of the blood red stock market and get in on big positions on the cheap. 

If that's the case and the stock play doesn't pan out, I'd sue the hell out of the agent. 

Link to comment
Share on other sites

6 hours ago, Fantasy Island said:

 

State taxes are bs, so glad we don't have them in TN.

 

"Since they don't collect income tax, some states generate revenue in other ways. Tennessee has one of the highest combined state and local sales tax rates in the country."

Link to comment
Share on other sites

Single filers pay 37% to the Fed on income over 500K.  He's getting paid up front which makes his deal worth more money not less.  He can invest the after tax income and it will be taxed as Cap Gains going forward.  It's a great deal.

Link to comment
Share on other sites

6 hours ago, Fantasy Island said:

That's why I support a 10% federal flat tax.  Jesus, it's so simple and yet no one will push it.  

State taxes are bs, so glad we don't have them in TN.

And we still have a choice of paper or plastic.

image.thumb.png.9aa2b975eacbf84a58a21ca2175cebf7.png

 

but here is the genius of the plastic bag ban. I now have close to 30 of the accepted bags in the trunk of my car because i constantly have to buy new ones because i forget to bring them in the store with me. So instead of the store buying the plastic bags for less than 1 cent apiece, i pay 99 cents per bag every trip to the store.

And the best part of all of this is the 99cent bag that is acceptable is made of you guessed it - plastic.

Can't fix stupid.

  • Upvote 1
Link to comment
Share on other sites

11 hours ago, jetspenguin said:

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. 

Agree with most.

That said, I think our fans over-estimate the endorsements being greater in jersey than elsewhere. It’s about even across the league AND doing endorsement work is extra work. Frankly, and NFL player shouldn’t have to work more than 1 job.

Fans always bitch about a player not being 24/7 ball, but also want them to load their calendars with endorsement work to fill their salary gaps.

Its all unrealistic fan speak.

Link to comment
Share on other sites

10 hours ago, Sperm Edwards said:

It is on their signing bonuses. So just on this signing bonus check alone, it’s already millions.

If Sauce just got a $25MM signing bonus (or however much it was), it seems he’d owe NJ ~9% on his income between $500K and $5MM ($400K) plus 10.75% on the last $20MM ($2.15MM) = just over $2.5MM total. If he was taken 3rd instead of 4th - and if he’d gotten the same contract - he’d get to keep that $2.5MM instead. 

Then on top of that there’s no more fully deducting his SALT so he also has to pay federal income taxes on that $2.5MM he paid to the state. 

@southparkcpa I’m guessing here, but do I have this right? Work through your wine buzz; this is important stuff here.

So he kinda gets burned because of the rookie contract slotting. For a number of years now, the Jets have been foregoing big signing bonuses in exchange for guaranteed salary, which would then be eligible to be taxed in Florida, etc. I never really thought about those contracts being player friendly in that way, but I guess they are. 

Link to comment
Share on other sites

1 hour ago, Cyberjet said:

New York has the second-highest percentage of adults lacking basic prose literacy skills of 22.1%,

This represents the I-90 corridor between Rochester and Buffalo, which is basically Bartertown. 
 

cc: @Pac

  • Upvote 1
Link to comment
Share on other sites

1 hour ago, Cyberjet said:

Just saying….
 

States with the Lowest Literacy Rates

1. California

California's 23.1% of adults lacking basic prose literacy skills make California have the lowest literacy rate of 76.9%. The state of California and the state Department of Education are being blamed and sued for the failing literacy rate, as families and students believe that they are not receiving a quality education in reading and writing.

2. New York

New York has the second-highest percentage of adults lacking basic prose literacy skills of 22.1%, equaling a literacy rate of 77.9%. Despite this, New York has the ninth-highest percentage of adults with Bachelor's degrees or higher of 35.7%.

3. Florida

Florida has the third-highest percentage of adults lacking basic prose literacy skills of 19.7%, equaling a literacy rate of 80.3%. Florida has the lowest number of public libraries per 100,000 residents of 2.6.

4. Texas

Texas has the fourth-lowest literacy rate of 81.0%, with 19.0% of adults lacking basic prose literacy skills. Texas has the fourth-lowest number of libraries of 3.2 per 100,000 residents.

5. New Jersey

The fifth-lowest literacy rate in the United Statesis in New Jersey, where 16.9% of adults lack basic prose literacy skills, and 83.1% are literate. Despite this, 38.6% of New Jersey adults have a Bachelor's degree or higher, the country's fifth-highest. Additionally, New Jersey also has the third-best public schools.

Tell me where the most immigrants are without telling me...

 

The literacy rate has nothing to do with school funding, tax rates, or how much teachers get paid, it's all about demographics.  

 

Here are the states with the highest literacy rates:

New Hampshire (94.20%)

Minnesota (94.00%)

North Dakota (93.70%)

Vermont (93.40%)

South Dakota (93.00%)

Nebraska (92.70%)

Wisconsin (92.70%)

Maine (92.60%)

  • Upvote 3
  • Haha 1
Link to comment
Share on other sites

  • Lith locked this topic
Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...