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When $35M is really $15M: How much NBA stars actually earn
Posted on 9/19/17 at 11:15 am
Posted on 9/19/17 at 11:15 am
How much the NBA's biggest stars actually earn
quote:
At the beginning of each season, when the salaries of pro athletes are publicized, we're always left wondering: How much do they actually take home?
This NBA season, we partnered with sports tax expert Robert Raiola, director of the sports and entertainment group for PKF O'Connor Davies, to analyze the salaries of the league's highest paid players. We crunched their paychecks to come up with our best estimates of what they walk away with after deductions, as outlined to us by representatives of the players union.
You'll notice that deductions from gross salary include federal, state and city taxes (and in Kyle Lowry's case, Canadian taxes), agent fees (assumed at 3 percent) and a maximum 401K contribution of $18,000. In the case of players who live in a no-income-tax state, you'll see that they are paying taxes -- so-called "Jock Taxes" from playing in other states.
You'll also see that players get back the 10 percent of their salary that was held in escrow from last season, after it is taxed. And they lose 10 percent to escrow for this year, which will be given back as long as the owners pay the players the agreed upon 51 percent of Basketball Related Income (BRI). You'll also notice a surplus that players will get this year. Every player receives $355,449 (before taxes) because after the 10 percent escrow was given back, there was additional money, a shortfall of $163.5 million in total, that needed to be given back to reach the agreed upon percentage.
Note that only paychecks were analyzed here and not any additional revenue the players take in, such as endorsement income.
Posted on 9/19/17 at 11:16 am to SPEEDY
Translation: the government sucks and takes way too much money from people.
Posted on 9/19/17 at 11:19 am to SPEEDY
The max 401k deduction....lol
Posted on 9/19/17 at 11:20 am to JetsetNuggs
The take away here is that Cleveland/Ohio take 6 percent from Lebron and what exactly do they have to show for it?
Posted on 9/19/17 at 11:20 am to CunningLinguist
quote:
The max 401k deduction....lol
why is that funny?
Posted on 9/19/17 at 11:20 am to SPEEDY
They make a lot of money, but they spend a lot of money, too.
Posted on 9/19/17 at 11:21 am to SPEEDY
Man I feel so bad for them.
Posted on 9/19/17 at 11:23 am to SPEEDY
We need to get rid of the deductions for state and local taxes. Actually I think we should get rid of basically all deductions.
Posted on 9/19/17 at 11:23 am to TH03
Harden smart for playing in TX. frick them taxes.
Posted on 9/19/17 at 11:28 am to Mr. Elvert
quote:
Harden smart for playing in TX. frick them taxes.
If he owns a house, they're getting their money from him in property taxes.
Posted on 9/19/17 at 11:34 am to TH03
quote:
If he owns a house, they're getting their money from him in property taxes.
I doubt he is paying $2.7 million a year in property taxes, which is the approximate difference in income taxes on the amount Harden made if he was taxed at the Cali rate
And Curry is still paying property taxes himself
Posted on 9/19/17 at 11:37 am to SPEEDY
Yeah, we all know this. We saw the 30 for 30 "Broke."
$12m net pay in the bank is still a shitload of money if you're not spending it on dumb shite.
$12m net pay in the bank is still a shitload of money if you're not spending it on dumb shite.
This post was edited on 9/19/17 at 11:39 am
Posted on 9/19/17 at 11:38 am to SPEEDY
Well yea, the cali rate is stupid.
Steph is getting raped.
Steph is getting raped.
Posted on 9/19/17 at 11:42 am to JetsetNuggs
$15MM a year in income taxes
you'd think athletes would be the biggest anti-tax screamers in the world
I know I would
that shite is criminal
you'd think athletes would be the biggest anti-tax screamers in the world
I know I would
that shite is criminal
Posted on 9/19/17 at 11:44 am to Goldrush25
quote:
$12m net pay in the bank is still a shitload of money if you're not spending it on dumb shite.
the athletes who make major $ and go broke don't lose that fortune on buying dumb shite
they invest the money in shitty things and lose their arse. the historic trend was: (1) record labels (2) car dealerships and (3) restaurants but now a bunch of guys have lost tens of millions on land deals (I think brunell and TO were in this situation). also there are the cases of money managers straight up stealing millions (Tank Black, ya'erd)
Posted on 9/19/17 at 11:45 am to cgrand
quote:
$15MM a year in income taxes
you'd think athletes would be the biggest anti-tax screamers in the world
I know I would
that shite is criminal
pretty sure Floyd Mayweather just dropped a quote talking shite about people bitching b/c of all the taxes he pays
found it
LINK
quote:
A lot of times, “Aw, man. It’s gonna affect us.” My man, you ain’t makin’, if you ain’t makin’ four, five, six hundred million dollars, man, it’s not gonna affect you no f***in’ way. So, it’s only gonna affect somebody like me. I’m the motherf***** that should be trippin’, payin’ thirty-four, twenty-five, twenty-six million dollars. I should be trippin’.
This post was edited on 9/19/17 at 11:46 am
Posted on 9/19/17 at 11:49 am to SPEEDY
I think I can get by on that
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