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Started By
Message
It cost OBJ nearly $170K to play for the Rams last year
Posted on 6/19/22 at 10:47 am
Posted on 6/19/22 at 10:47 am
On November 12, OBJ sign a $750,000 deal with the Rams, to be paid in bitcoin. Bitcoin was priced at $64,293, so he got 11.6 BTC
Bitcoin fell to $17,749 yesterday, 11.6 BTC are worth $207,048.
However his federal & California taxes combine for 50.3% of the original $750K. He owed $377,250 in taxes, which is currently $170K less then what he his salary from the Rams is currently worth.
Bitcoin fell to $17,749 yesterday, 11.6 BTC are worth $207,048.
However his federal & California taxes combine for 50.3% of the original $750K. He owed $377,250 in taxes, which is currently $170K less then what he his salary from the Rams is currently worth.
22
Posted on 6/19/22 at 10:47 am to TigerintheNO
Lmao
Posted on 6/19/22 at 10:49 am to TigerintheNO
You gotta pay the price to be a champion
Posted on 6/19/22 at 10:52 am to TigerintheNO
i’m sure he still has plenty of money
Posted on 6/19/22 at 10:53 am to TigerintheNO
Literally 1 night at the club for him.
Posted on 6/19/22 at 10:55 am to tiggerthetooth
or one night in the Super Dome
This post was edited on 6/19/22 at 10:56 am
Posted on 6/19/22 at 11:00 am to TigerintheNO
Posted on 6/19/22 at 11:30 am to TigerintheNO
quote:
However his federal & California taxes combine for 50.3%
That’s not his effective tax rate. That is likely closer to 30%.
Posted on 6/19/22 at 11:42 am to TigerintheNO
Is this assuming he has held it all in bitcoin and never sold it? Seems like a big assumption
Posted on 6/19/22 at 11:53 am to TigerintheNO
A fool and his money are soon parted
Posted on 6/19/22 at 11:58 am to Eighteen
quote:
year by Eighteen
Is this assuming he has held it all in bitcoin and never sold it? Seems like a big assumption
Yea it's assuming he didn't also buy the dip and it's actually much much worse at this point in time. Also if he didn't sell it's not a realized loss at the moment just not a source of equity.
Posted on 6/19/22 at 12:03 pm to TigerintheNO
He’d have paid 10X that for a SB
Posted on 6/19/22 at 1:14 pm to siliconvalleytiger
Yep, he has a SB ring now to go around and show off now, I doubt he gives a shite about the 170k.
Posted on 6/19/22 at 1:26 pm to tucoco
He probably didn’t lose 170k. Who knows if he kept the BTC or sold it. I’d bet he sold before it went off the rails.
I haven’t done personal taxes since BTC became big so I don’t know what the treatment would be, I assume this would be like being paid in stock but I’m not sure on that.
I do know unless he somehow never played out of the state of cali that would also change the tax treatment. So playing in FL that game check would be diff than Cali.
I haven’t done personal taxes since BTC became big so I don’t know what the treatment would be, I assume this would be like being paid in stock but I’m not sure on that.
I do know unless he somehow never played out of the state of cali that would also change the tax treatment. So playing in FL that game check would be diff than Cali.
Posted on 6/19/22 at 2:42 pm to TigerintheNO
Wouldn’t he have been paid in BTC weekly over the season since they get paid per game?
Posted on 6/19/22 at 3:09 pm to TigerintheNO
quote:
However his federal & California taxes combine for 50.3% of the original $750K. He $377,250 in taxes
That’s not how taxes work.
It’s closer to 345,000, I assume he has a decent cpa that can knock that down a bit more too
This post was edited on 6/19/22 at 3:10 pm
Posted on 6/19/22 at 3:11 pm to Dire Wolf
It's actually closer to $300k in taxes bc of road games
This post was edited on 6/19/22 at 3:12 pm
Posted on 6/19/22 at 3:17 pm to SirWinston
quote:I just didn’t feel like doing all that math
It's actually closer to $300k in taxes bc of road games
Posted on 6/19/22 at 3:20 pm to TigerintheNO
If he got paid in Bitcoin his finance team would have forbid him to sell it for a year just for tax purposes alone. If you owned your crypto for more than a year, you will pay a long-term capital gains tax rate, which is determined by your income. For single filers, the capital gains tax rate is 0% if you earn up to $40,400 per year, 15% if you earn up to $445,850 and 20% if you make more than that.
Posted on 6/19/22 at 3:24 pm to SirWinston
Read (Darren Rovell) the money earned from the Rams was taxed at that rate (50.3), since he was already in the highest tax bracket, when he signed the deal with the Rams.
The Browns had paid him $4.25 MM in a termination fee, a month before(instead of the $7.25 MM his contract). That would be in addition to what he earned in salary prior to that point.
The Browns had paid him $4.25 MM in a termination fee, a month before(instead of the $7.25 MM his contract). That would be in addition to what he earned in salary prior to that point.
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