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re: Hope all those CA recruits are happy paying those CA taxes.
Posted on 12/4/24 at 2:07 pm to Gabe Rippen
Posted on 12/4/24 at 2:07 pm to Gabe Rippen
you think they are paying him his full deal before he steps foot on campus?
0
Posted on 12/4/24 at 2:14 pm to boudinman
You guys come off like jilted figs with lame posts like these FWIW.
Posted on 12/4/24 at 2:15 pm to Tiger in NY
quote:
the state income tax in Cali isn't really that much more than in Louisiana.
Based on what I can find on the interwebs, Cali's top marginal rate is almost triple Louisiana's, they just have a crapton more brackets.
CA Taxable Income if you are single
$0 – $10,756 -1.00%
$10,756 – $25,499 - 2.00%
$25,499 – $40,245 - 4.00%
$40,245 – $55,866 - 6.00%
$55,866 – $70,606 - 8.00%
$70,606 – $360,659 - 9.30%
$360,659 – $432,787 - 10.30%
$432,787 – $721,314 - 11.30%
$721,314 and over - 12.30%
LA Taxable Income if you are single
$0 – $12,500 - 1.85 percent
$12,501 – $37,500 - 3.50 percent
37,501 – $50,000 - 4.25 percent
If he gets $1,000,000/yr without taking any deductions into account he would pay about $104.4 K in Cali vs $41.9 K.
Posted on 12/4/24 at 2:17 pm to mdomingue
Where are your numbers from? I’m asking because I want that tax rate in Louisiana
Posted on 12/4/24 at 2:29 pm to dmart4215
CA max tax rate is 12%. La rate is 4%. Federal rate is the same. So 8% difference. That is if they hit the max rate. NIL is not paid out lump sum, so entirely possible they are under the max.
Posted on 12/4/24 at 2:41 pm to Gabe Rippen
quote:
i’m no tax accountant but i believe if the check clears before 12/31, there will be no california taxes paid
I’m not either but I do know when I get paid for work out of state it gets taxed based on that state regardless of when it is.
Posted on 12/4/24 at 2:41 pm to dmart4215
CA max tax rate is 12%. La rate is 4%. Federal rate is the same. So 8% difference. That is if they hit the max rate. NIL is not paid out lump sum, so entirely possible they are under the max.
Posted on 12/4/24 at 3:00 pm to Gabe Rippen
quote:
i’m no tax accountant but i believe if the check clears before 12/31, there will be no california taxes paid
As someone who pays taxes in CA, the CDTFA is feverishly laughing at your statement right now.
Posted on 12/4/24 at 3:17 pm to TROLA
California will definitely take that position. They are wildly aggressive.
The income was generated from activities that took place in California.
The income was generated from activities that took place in California.
This post was edited on 12/4/24 at 7:42 pm
Posted on 12/4/24 at 3:40 pm to Oilfieldbiology
quote:https://revenue.louisiana.gov/individualincometax
I’m asking because I want that tax rate in Louisiana
You have that tax rate. We are talking about personal state income tax. Sales tax, property taxes, and other millages are not included.
Posted on 12/4/24 at 3:41 pm to KTiger85
quote:
CA max tax rate is 12%.
That is only on the portion greater than about 750K. I posted the graduated rates for you with a calc for a million dollars without any deductions.
Posted on 12/4/24 at 4:16 pm to wesman21
quote:
retain their state of origin as a college student
Unfortunately…
The 183-day rule in California is one of the criteria for determining residency. If you spend more than 183 days in California during a tax year, you may be considered a resident for tax purposes
Posted on 12/4/24 at 11:30 pm to CanebreakCajun
you’ve seen every NIL contract and they are all paid monthly? 0 are lump sums? even the ones that are being paid to people with skilled agents or by people who are skilled in manipulating the tax code?
Posted on 12/4/24 at 11:32 pm to TN Tygah
quote:
I’m not either but I do know when I get paid for work out of state it gets taxed based on that state regardless of when it is.
what work is he getting paid for? playing football? or is that illegal
do we think every business/entity/person who pays NIL checks pays them from the state the school is in? with no manipulation to decrease taxes paid?
Posted on 12/5/24 at 2:29 am to Gabe Rippen
quote:
do we think every business/entity/person who pays NIL checks pays them from the state the school is in? with no manipulation to decrease taxes paid?
In the past, when I've worked in, say Ohio for instance, I've been taxed as if I lived there, regardless of my permanent residence. I don’t remember all the details, but one year I worked in 15 states and paid taxes in each. There are a few exceptions, though.
I don’t think they’ll be taxed in every state they play in, but I'm pretty sure they'll pay California taxes just for being a student there, no matter where they live
Posted on 12/5/24 at 3:36 am to GhostofJackson
Their handlers should be savvy enough to know about taxes.
Posted on 12/5/24 at 5:31 am to boudinman
We live in a glass house here, how about the recruits going to Texas schools?
Posted on 12/5/24 at 6:12 am to mdomingue
quote:
If he gets $1,000,000/yr without taking any deductions into account he would pay about $104.4 K in Cali vs $41.9 K.
More than covered in the spread between the two bags offered.
Posted on 12/5/24 at 6:18 am to boudinman
Yeah I’m sure they’ll be torn up about it as they drive over to the beach after summer workouts then go out in LA while our guys are bouncing back and forth between Fred’s and L’Auberge
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