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Started By
Message
Can someone put numbers down as to tax implications re: Coaching in FL vs LA?
Posted on 11/23/16 at 10:16 am
Posted on 11/23/16 at 10:16 am
Say Jimbo's making 7 million a year in FL vs 7 million a year in LA. What's the state income tax in LA costing him vs FL and whatever else he might be paying in FL vs not here.
7
Posted on 11/23/16 at 10:17 am to Chad504boy
i read LA income tax vs FL property tax would basically be a wash
Posted on 11/23/16 at 10:18 am to Chad504boy
I live in an income tax free state. They make up for it with property tax.
Posted on 11/23/16 at 10:19 am to jcole4lsu
It wouldn't be a wash, but yeah, property taxes are higher in Florida than Louisiana.
Posted on 11/23/16 at 10:20 am to jcole4lsu
quote:
i read LA income tax vs FL property tax would basically be a wash
aren't property tax public records? Can't we look up what jimbo pays in property tax? Can't imagine its nearly as much as income tax on 7 million salary.
Posted on 11/23/16 at 10:21 am to Chad504boy
It's hard to say because we don't know what type of properties Jimbo would purchase in BR. Do you know the value of his properties in Florida?
Posted on 11/23/16 at 10:22 am to jcole4lsu
It isn't a wash...we have no idea how expensive jimbo's home is. And FL makes most of its revenue from it's sales tax...a lot of that comes from tourism. Not to mention FL has one of the smallest budgets in the country
Posted on 11/23/16 at 10:22 am to GumboPot
quote:
Do you know the value of his properties in Florida?
nope, but i do know 35% of 7 million is well north of 2 million per year.
Posted on 11/23/16 at 10:23 am to Chad504boy
That would be Federal not State.
Posted on 11/23/16 at 10:23 am to Chad504boy
quote:
Can't we look up what jimbo pays in property tax?
I think so. Do you know Jimbo's current address?
Posted on 11/23/16 at 10:23 am to StinkBait72
quote:
That would be Federal not State.
ah, so what % is a fair estimate in LA?
Posted on 11/23/16 at 10:24 am to Chad504boy
LA state tax is 6%.
Federal is out of the equation.
Federal is out of the equation.
Posted on 11/23/16 at 10:24 am to GumboPot
Anyone who says it's a wash has no idea what they're talking about. I can guarantee the LSU offer has some sort of tax offser
Posted on 11/23/16 at 10:27 am to Chad504boy
Bi-weekly pay schedule. Just looking at a single man to not make this too complicated.
Fl: $0.00
La: 13,562
so 13,562 * 26 = 352,612
Fl: $0.00
La: 13,562
so 13,562 * 26 = 352,612
Posted on 11/23/16 at 10:28 am to jcole4lsu
quote:
i read LA income tax vs FL property tax would basically be a wash
As is usually the case. The states are going to get their money one way or another.
Posted on 11/23/16 at 10:28 am to GumboPot
quote:
LA state tax is 6%.
so without equating property tax differences, over a 6 year span, we have a gap of roughly 2.5 million total.
Posted on 11/23/16 at 10:28 am to Chad504boy
We just need his address now.
Posted on 11/23/16 at 10:29 am to Chad504boy
6% of 7 mil which is 420k. He'd pay less property and gas taxes here but that wouldn't come close to touching the 420k. That isn't anything to sneeze at but the FSU make it sound like more than it is. It's nothing that can't be overcome.
This post was edited on 11/23/16 at 10:30 am
Posted on 11/23/16 at 10:29 am to GumboPot
9251 SHOAL CREEK DR
TALLAHASSEE FL 32312
what i found under his name.
TALLAHASSEE FL 32312
what i found under his name.
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