We've all heard of jock itch - but did you know about "jock tax?"
Brady is also on the hook for Arizona’s “jock tax.”
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IRS Sacks Tom Brady With ‘Super’ Tax Bill
By Matthew Rocco
Published February 05, 2015
FOXBusiness
USA TODAY SPORTS
Tom Brady and the New England Patriots may have won Super Bowl XLIX, but the Internal Revenue Service is about to sack the MVP quarterback.
SUMMARY
BRADY'S 'SUPER' TAX BILL
$97,000 Super Bowl Bonus
39.6% Top Income Tax Rate
3.8% Top Medicare Tax (split with the NFL)
$40,700 Income Tax for Super Bowl Bonus
$21,464 Tax Bill for the MVP's Chevy Truck
$62,164 TOTAL TAX BILL
Brady’s prize from General Motors (GM) also carries a big tax bill. The Colorado—the same truck made famous during the World Series for its “technology and stuff”—is a taxable price under section 74 of the Internal Revenue Code.
http://www.foxbusiness.com/personal-fin ... -tax-bill/
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New Jersey 'Jock Tax' Tackles Super Bowl Earnings
By Matthew Rocco
Published January 31, 2014
FOXBusiness
FOX NEWS
http://www.foxbusiness.com/industries/2 ... -earnings/
Per Diem "Jock Tax"
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oldecapecod11
- Posts: 1054
- Joined: Sat Oct 11, 2014 8:45 am
- Location: Cape Haze, Florida
Per Diem "Jock Tax"
"It was a different game when I played.
When a player made a good play, he didn't jump up and down.
Those kinds of plays were expected."
~ Arnie Weinmeister
When a player made a good play, he didn't jump up and down.
Those kinds of plays were expected."
~ Arnie Weinmeister
Re: Per Diem "Jock Tax"
He'll probably donate the truck to a charity and write that off.oldecapecod 11 wrote:We've all heard of jock itch - but did you know about "jock tax?"
Brady is also on the hook for Arizona’s “jock tax.”
==========
IRS Sacks Tom Brady With ‘Super’ Tax Bill
By Matthew Rocco
Published February 05, 2015
FOXBusiness
USA TODAY SPORTS
Tom Brady and the New England Patriots may have won Super Bowl XLIX, but the Internal Revenue Service is about to sack the MVP quarterback.
SUMMARY
BRADY'S 'SUPER' TAX BILL
$97,000 Super Bowl Bonus
39.6% Top Income Tax Rate
3.8% Top Medicare Tax (split with the NFL)
$40,700 Income Tax for Super Bowl Bonus
$21,464 Tax Bill for the MVP's Chevy Truck
$62,164 TOTAL TAX BILL
Brady’s prize from General Motors (GM) also carries a big tax bill. The Colorado—the same truck made famous during the World Series for its “technology and stuff”—is a taxable price under section 74 of the Internal Revenue Code.
http://www.foxbusiness.com/personal-fin ... -tax-bill/
==========
New Jersey 'Jock Tax' Tackles Super Bowl Earnings
By Matthew Rocco
Published January 31, 2014
FOXBusiness
FOX NEWS
http://www.foxbusiness.com/industries/2 ... -earnings/
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bachslunch
- Posts: 824
- Joined: Tue Oct 14, 2014 7:09 am
Re: Per Diem "Jock Tax"
Heh -- not unlike what happens to people who win money on a game show or hit a casino windfall. There's no free lunch.
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oldecapecod11
- Posts: 1054
- Joined: Sat Oct 11, 2014 8:45 am
- Location: Cape Haze, Florida
Re: Per Diem "Jock Tax"
Maybe everyone here "knew it" - which I doubt very much - but the revelation to me was not the "windfall" penalty/ies but the "per diem" taxes levied against visiting teams - players, coaches, trainers, and all peripheral employees that go on the road with a team.
I simply did not know that "per diem" tax existed.
Maybe some missed it but...
using the Patriots...
they "work" in Massachusetts so they pay State Tax in MA
if they live in MA, they also pay an annual "Excise Tax" (an illegal form of property tax) on the Autos, Boats,
Rec vehicles, etc.
(They also paid Sales Tax on those vehicles and vessels.)
Since the state line is not much more than a good three-iron, some of them live in Rhode Island so they pay applicable state taxes there.
If their primary home is elsewhere, they may or may not pay proportionate taxes in those states and MA.
Everyone knows that... BUT...
when they go to play, let's say, the Bills, they pay a "per diem" tax in New York State for the portion of their taxable year that is spent there. If they fly out on Tuesday for a Sunday game, that 6/365ths of their income that is also taxed by NY.
And this is true for every team and in most states. The exceptions are in the article.
I did not know this and thought it was interesting but the comments lead me to believe that either people
missed this or that I am the only person in the free world that did not know it.
The latter does not shock me or bother me.
I simply did not know that "per diem" tax existed.
Maybe some missed it but...
using the Patriots...
they "work" in Massachusetts so they pay State Tax in MA
if they live in MA, they also pay an annual "Excise Tax" (an illegal form of property tax) on the Autos, Boats,
Rec vehicles, etc.
(They also paid Sales Tax on those vehicles and vessels.)
Since the state line is not much more than a good three-iron, some of them live in Rhode Island so they pay applicable state taxes there.
If their primary home is elsewhere, they may or may not pay proportionate taxes in those states and MA.
Everyone knows that... BUT...
when they go to play, let's say, the Bills, they pay a "per diem" tax in New York State for the portion of their taxable year that is spent there. If they fly out on Tuesday for a Sunday game, that 6/365ths of their income that is also taxed by NY.
And this is true for every team and in most states. The exceptions are in the article.
I did not know this and thought it was interesting but the comments lead me to believe that either people
missed this or that I am the only person in the free world that did not know it.
The latter does not shock me or bother me.
"It was a different game when I played.
When a player made a good play, he didn't jump up and down.
Those kinds of plays were expected."
~ Arnie Weinmeister
When a player made a good play, he didn't jump up and down.
Those kinds of plays were expected."
~ Arnie Weinmeister
-
rhickok1109
- Posts: 1491
- Joined: Sun Oct 12, 2014 8:57 am
Re: Per Diem "Jock Tax"
The reason that Chevrolet decided to give the Colorado truck directly to Malcolm Butler is so Brady won't have to pay a tax on it before handing it off to Butler. This way, Butler pays the tax.