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re: When $35M is really $15M: How much NBA stars actually earn
Posted on 9/19/17 at 2:01 pm to lsufball19
Posted on 9/19/17 at 2:01 pm to lsufball19
quote:
Someone explain this to me. Harden has that he pays 600k+ in State income taxes, but Texas doesn't have any state income taxes. Do players have to pay state income taxes for road games or am I missing something?
You pay taxes (or are required to file, I should say) to the state in which you earn them. This is true for everyone, not just basketball players.
This post was edited on 9/19/17 at 2:29 pm
0
Posted on 9/19/17 at 2:08 pm to OceanMan
quote:The average federal effective tax rate of LeBron, Curry, and Harden was 35.6%. You would have to make well over a million without any deductions to get to that level.
I'm actually really surprised that these stars get taxed at similar rates as I do.
Posted on 9/19/17 at 2:09 pm to lsufball19
quote:
That's just odd to me. If my job has me travel to another state for work, I don't get state income taxes from that state deducted from my salary. I work in TN btw, so no state income taxes here either
Your company's deduction and your responsibility to file proper returns are not the same thing. Its not your employers responsibility for you to have the proper amount of withholding and filing.
Typically the amount is small enough that it shouldn't really matter to the taxing authorities, but for ppl making $20M/year, they need to file properly.
There are tons of rules around this, like he duration of work, reciprocal agreements and tax credits for taxes paid to a different state, but generally speaking, if you earn in a different state you should be filing in that state.
Posted on 9/19/17 at 2:09 pm to lsufball19
Dp
This post was edited on 9/19/17 at 2:10 pm
Posted on 9/19/17 at 2:14 pm to buckeye_vol
quote:
The average federal effective tax rate of LeBron, Curry, and Harden was 35.6%. You would have to make well over a million without any deductions to get to that level.
I was just making th joke that you could basically do this with any level of income.
I know how tax rates work
Posted on 9/19/17 at 2:18 pm to TbirdSpur2010
quote:
Depends on your personal overhead, but yeah, a million dollars doesn't go as far as you think when you break it down.
A million per month? Got to disagree with you. Netting $1M/month is a shite ton of money. If you were to do that for 2-3 years, you really shouldn't have to ever even think about money again.
Most of this board probably nets less than $5-10k per month, and does just fine.
Posted on 9/19/17 at 2:19 pm to SPEEDY
I can get by on $2 million a year pre tax.
Posted on 9/19/17 at 2:20 pm to OceanMan
quote:
Most of this board probably nets less than $5-10k per month, and does just fine.
, when you break it down to monthly net, it's ridiculous. $5k or $1MM - not all that different. 
Posted on 9/19/17 at 3:39 pm to MontyFranklyn
How dare someone want to keep their money. Socialist
Posted on 9/19/17 at 3:53 pm to OceanMan
My bad I read it as 1 million per year
Posted on 9/19/17 at 4:02 pm to SPEEDY
How will they go on with only $15M per year?
Posted on 9/19/17 at 4:53 pm to JetsetNuggs
quote:
Translation: the government sucks and takes way too much money from people.
that ain't shite, In parts of europe, they take 60-70% of ur pay.
Now, with all of the dead beat immigrants they have, they are looking to grab even more from people.
Posted on 9/19/17 at 4:58 pm to TJGator1215
quote:
How dare someone want to keep their money. Socialist
In a discussion about taxes, i once had a co-worker tell me the story of a member of her church who left the USSR in the mid-80s. She came
To the US and became very wealthy...but my co-worker thought it was so terrible that she had to pay such a high tax rate.
She didn't get it. Apparently you don't either.
Posted on 9/19/17 at 5:00 pm to SPEEDY
Am I supposed to feel bad for these guys?
Posted on 9/19/17 at 5:03 pm to lsusa
quote:
Do players have to pay state income taxes for road games or am I missing something?
Yes, you pay taxes to cities and states you play in.
People forget that some one showed the paycheck of pirates center fielder(cutch). He had paid X amount to Missouri, and 1% to St.Louis(earning tax).
I think you pay to the states ur in for that pay period, here is cutch's stub:
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Posted on 9/19/17 at 5:07 pm to SeeeeK
Look at that pittsburgh professional athlete fee. 9K per pay period, and thats on top of Pa and pittsburgh taxes.
Jesus christ
Jesus christ
Posted on 9/19/17 at 5:08 pm to SPEEDY
They have to pay taxes ?? Shocker
Dumbass
Dumbass
Posted on 9/19/17 at 5:08 pm to Scruffy
quote:
Am I supposed to feel bad for these guys?
Just shut up and pass the hat around for Kang James, serf
Posted on 9/19/17 at 6:28 pm to SPEEDY
Why on earth do these guys owm homes in states where they don't pay state income tax?
Is the smarter angle not to simply RENT, put the money you would pay in property taxes in a fund & watch it grow. Then buy once your playing time & massive paychecks stop rolling in?
It's not THAT hard to save money...
Is the smarter angle not to simply RENT, put the money you would pay in property taxes in a fund & watch it grow. Then buy once your playing time & massive paychecks stop rolling in?
It's not THAT hard to save money...
Posted on 9/19/17 at 6:45 pm to forever lsu30
There is a website called Crunch Base where you can see the investments that private equity firms, individual investors, home offices, etc have made in private companies.
It's amazing how many guys in the NBA are making venture capital investments in the same types of companies that your big name Silicon Valley firms are doing. Kyrie Irving, Kevin Durant, Iguodala, and Carmelo were the ones I remember being the most prominent (non athletes with a ton of high profile investments included Ashton Kutcher, Kevin Spacey, and Nas).
These guys are all going way, way above the traditional athlete traps of investing in car washes, restaurants, and fashion companies. Some of them also invest in movies which rarely pay off, but it's pennies compared to what they drop on Apps and companies like Lyft, Jucero (which I don't get, but whatever), and others.
It's amazing how many guys in the NBA are making venture capital investments in the same types of companies that your big name Silicon Valley firms are doing. Kyrie Irving, Kevin Durant, Iguodala, and Carmelo were the ones I remember being the most prominent (non athletes with a ton of high profile investments included Ashton Kutcher, Kevin Spacey, and Nas).
These guys are all going way, way above the traditional athlete traps of investing in car washes, restaurants, and fashion companies. Some of them also invest in movies which rarely pay off, but it's pennies compared to what they drop on Apps and companies like Lyft, Jucero (which I don't get, but whatever), and others.
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