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re: Official Brice Turang Watch Thread - Updated - Friday @ 4pm Deadline
Posted on 6/11/18 at 2:56 pm to ProjectP2294
Posted on 6/11/18 at 2:56 pm to ProjectP2294
I'm not a tax expert but if he gets the 3.5 million signing bonus in one lump sum up front, wouldn't it be subject to federal income tax of 39.6 % plus state income tax from the state he resides in?
2
Posted on 6/11/18 at 4:20 pm to oldtimefootball
quote:
I'm not a tax expert but if he gets the 3.5 million signing bonus in one lump sum up front, wouldn't it be subject to federal income tax of 39.6 % plus state income tax from the state he resides in?
Not quite. 2018 Tax brackets would put him at 37% but only on whatever is over 500k
And sports contracts are different and are taxed on where earned (so if you play for the Astros (no state income tax) but play at Chicago, that pay will be docked illinois income tax)
But signing bonuses have different rules and may go to state of residency... Which California is much higher topping out at 13.1% over Wisconsin's 7.65%
Super exciting tax information specifically about mlb signing bonuses
This post was edited on 6/11/18 at 4:25 pm
Posted on 6/11/18 at 6:01 pm to oldtimefootball
Don't forget the Agent's share, 15%?
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