free hit counter
If 5% appears too small... - Redneck Clubhouse - Of, By and For Rednecks!

Sports Talk about your favorite team!

Reply
 
Thread Tools Search this Thread Display Modes
  #1  
Old February 8th, 2016, 01:42 PM
walruskkkch's Avatar
walruskkkch walruskkkch is offline
They call me MR. Kitty
 
Join Date: Feb 2012
Location: Katmandhu
Posts: 6,385
Likes Given: 153
Liked 2,275 in 1,904 Posts
walruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant future
Default If 5% appears too small...

watch California take it all, and then some.

Quote:
California Taxes Will Eat Up All Of Cam Newton's Super Bowl Earnings

Kurt Badenhausen ,FORBES STAFF

By K. Sean Packard

Remember when Peyton Manning paid New Jersey nearly $47,000 in taxes two years ago on his Super Bowl earnings of $46,000? Manning has nothing on the state taxes facing Carolina Panthers quarterback Cam Newton for Super Bowl 50 in Santa Clara, Calif. Newton is looking at a tax bill more than twice as much, which will swallow up his entire Super Bowl paycheck, win or lose, thanks to California’s tops-in-the-nation tax rate of 13.3%.

Before we get into the numbers, let’s do a quick review of the jock tax rules applied to professional athletes (similar tax rules apply to anyone doing business across state lines, but they are rarely enforced). States tax a player based on their calendar-year income. They apply a duty day calculation which takes the ratio of duty days within the state over total duty days for the year. That ratio is then multiplied by the player’s salary to arrive at a state’s allocable income.


In 2014, Manning would have paid New Jersey a 51% rate on his $92,000 earned had the Denver Broncos won Super Bowl 48. Unfortunately for them and Manning’s legacy, they were blown out by a Seattle Seahawks team that knew the right plays to call all night. So Manning paid a whopping 102% tax to New Jersey on his $46,000 consolation prize.

Skip ahead two years and now Manning is back in the Super Bowl against the highly-talented and highly-compensated Cam Newton, who signed a five-year, $103.8 million contract extension in June. Newton has already earned $58,800 so far this year for week 17 of the 2015 season and $71,000 in playoff bonuses. Newton is due a $10 million signing bonus and $13 million in base salary for the 2016 season, which he will receive the full amount during the regular season. Luckily, week 17 next season will occur on New Year’s Day 2017, thus shielding about $765,000 from California’s grasp.


If the Panthers win the Super Bowl, Newton will earn another $102,000 in playoff bonuses, but if they lose he will only net another $51,000. The Panthers will have about 206 total duty days during 2016, including the playoffs, preseason, regular season and organized team activities (OTAs), which Newton must attend or lose $500,000. Seven of those duty days will be in California for the Super Bowl and another four will be in the Golden State for road games against St. Louis Los Angeles and Oakland next season.

Win on Sunday, and Newton will pay California a total of $159,560 in taxes in 2016. Lose, and he will pay $159,200, based on an income reduction of $51,000.

To determine what Newton will pay California on his Super Bowl winnings alone, we will ignore the four 2016 season duty days and pretend they are being played elsewhere. In looking at the seven days Newton will spend in California this week for Super Bowl 50, he will pay the state $101,600 on $102,000 of income should the Panthers be victorious or $101,360 on $51,000 should they lose.

The result: Newton will pay California 99.6% of his Super Bowl earnings if the Panthers win. Losing means his effective tax rate will be a whopping 198.8%. Oh yeah, he will also pay the IRS 40.5% on his earnings.

It is a good bet that the more dabbing we see Cam Newton doing on Sunday, the better the Panthers’ chances are of winning Super Bowl 50. Either way, California’s tax man will be dabbing right along with him all the way to the bank.
And I bet he voted for Obama.
__________________


Quote:
“I think it’s unfair. We voted for Hillary Clinton, but it is Trump who won. It is unfair,” Heloïse said.
Gentlemen, he said I don't need your organization, I've shined your shoes
I've moved your mountains and marked your cards
But Eden is burning either brace yourself for elimination
Or else your hearts must have the courage for the changing of the guards.
  #2  
Old February 8th, 2016, 03:06 PM
moomin's Avatar
moomin moomin is offline
€COM#1
 
Join Date: Feb 2012
Location: The Freezer
Posts: 6,500
Likes Given: 750
Liked 1,802 in 1,597 Posts
moomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant future
Default

So professional athlete gets skinned by the IRS? Better than that happening to someone productive. Even more gravy if he's an out and proud lib, of course.
__________________
Dance like no one is watching. Sing like no one is listening. Love like you've never been hurt and live like it's heaven on Earth.
  #3  
Old February 8th, 2016, 03:17 PM
Midnight Marauder's Avatar
Midnight Marauder Midnight Marauder is offline
Registered Beer User
Asteroids Champion 007 Everything or Nothing Champion 9-Ball Champion Bombing By Night Champion Flash Pacman Champion Carmageddon Champion Gotham Punch Champion
 
Join Date: Feb 2009
Location: Where the Buffalo Roam
Posts: 8,178
Likes Given: 7,641
Liked 2,898 in 2,348 Posts
Midnight Marauder has a brilliant futureMidnight Marauder has a brilliant futureMidnight Marauder has a brilliant futureMidnight Marauder has a brilliant futureMidnight Marauder has a brilliant futureMidnight Marauder has a brilliant futureMidnight Marauder has a brilliant futureMidnight Marauder has a brilliant futureMidnight Marauder has a brilliant futureMidnight Marauder has a brilliant futureMidnight Marauder has a brilliant future
Default

Nice job paraphrasing the Beatles "Tax Man" in the thread title. I see what you did there.
__________________
Could it be that I could be the cowboy in that mystery who died so long ago in that El Paso sand?
  #4  
Old February 8th, 2016, 04:45 PM
walruskkkch's Avatar
walruskkkch walruskkkch is offline
They call me MR. Kitty
 
Join Date: Feb 2012
Location: Katmandhu
Posts: 6,385
Likes Given: 153
Liked 2,275 in 1,904 Posts
walruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant future
Default

Quote:
Originally Posted by moomin View Post
So professional athlete gets skinned by the IRS? Better than that happening to someone productive. Even more gravy if he's an out and proud lib, of course.

Only a matter of time and ability.

Quote:
(similar tax rules apply to anyone doing business across state lines, but they are rarely enforced).
It is in place, enforcement only becomes a matter of when they want to force the issue.
__________________


Quote:
“I think it’s unfair. We voted for Hillary Clinton, but it is Trump who won. It is unfair,” Heloïse said.
Gentlemen, he said I don't need your organization, I've shined your shoes
I've moved your mountains and marked your cards
But Eden is burning either brace yourself for elimination
Or else your hearts must have the courage for the changing of the guards.
  #5  
Old February 9th, 2016, 04:41 PM
moomin's Avatar
moomin moomin is offline
€COM#1
 
Join Date: Feb 2012
Location: The Freezer
Posts: 6,500
Likes Given: 750
Liked 1,802 in 1,597 Posts
moomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant futuremoomin has a brilliant future
Default

Indeed. Passing at-will enforcement laws has become a popular trick with the establishment class everywhere.
__________________
Dance like no one is watching. Sing like no one is listening. Love like you've never been hurt and live like it's heaven on Earth.
  #6  
Old February 9th, 2016, 05:31 PM
walruskkkch's Avatar
walruskkkch walruskkkch is offline
They call me MR. Kitty
 
Join Date: Feb 2012
Location: Katmandhu
Posts: 6,385
Likes Given: 153
Liked 2,275 in 1,904 Posts
walruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant futurewalruskkkch has a brilliant future
Default

I know Nevada does not have a state tax but I am wondering what happens in other states with casinos, how they end up taxing you if you hit a big prize. I remember a while back Hawaii wanted to tax casino winnings for Hawaiians that won outside the state. How it was going to actually be enforced is anyone's guess but the really stupid part was that you had to report your winnings, not overall, but each time you won. And you couldn't deduct losses. So in essence you were going to be on the line for 5% each time you had a black jack, or your number came up in roulette. Even if you ended up losing overall you would still have to pay taxes on the wins you had then lost back to the house. Insane. But the seed has been planted, LIberals are content to see it grow.
__________________


Quote:
“I think it’s unfair. We voted for Hillary Clinton, but it is Trump who won. It is unfair,” Heloïse said.
Gentlemen, he said I don't need your organization, I've shined your shoes
I've moved your mountains and marked your cards
But Eden is burning either brace yourself for elimination
Or else your hearts must have the courage for the changing of the guards.
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -4. The time now is 06:55 AM.

Powered by vBulletin, Jelsoft Enterprises Ltd.
Content copyright ©2000 - 2017 usmessageboards.com all rights reserved