- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: New Tiger Millionaires
Posted on 4/24/10 at 11:48 pm to hancheye
Posted on 4/24/10 at 11:48 pm to hancheye
quote:
"players also have to pay taxes in every state they play a game in". PLEASE tell me you are shitting us, is this really true? Who taxes the signing bonus other than the feds?
That is the case, however, the amount taxed is based only on the portion earned in that particular state. Thus, pro athletes (and others who earn income from work in different states) need very good accountants.
As to what governments get to tax the bonus, that would be the Feds and whatever state they have their residence in. Thus, they may change their residence to the state where the team is located or keep it where they have it currently or, like Tiger Woods before turning pro in golf, get a place in Florida or some other state where there are no state taxes for their permanent residence).
3
Posted on 4/25/10 at 12:24 am to TigerinSoCal
Great thread. Really informative.
Posted on 4/25/10 at 12:31 am to hancheye
quote:
"players also have to pay taxes in every state they play a game in". PLEASE tell me you are shitting us, is this really true? Who taxes the signing bonus other than the feds?
this happens in every sport.
If football is anything like baseball, the bonus is paid half one year, the other half the next for tax purposes.
Posted on 4/25/10 at 12:42 am to TigerinSoCal
yeah having the pay taxes in every state they play in pretty much sucks but the state views it as a worker earning income in their state so they tax it and make some money. Genius or bullshite depending on which side youre on.
Posted on 4/25/10 at 10:13 am to TigerinSoCal
quote:
That is the case, however, the amount taxed is based only on the portion earned in that particular state. Thus, pro athletes (and others who earn income from work in different states) need very good accountants.
This is true and bites hard. I worked in 7 different states in one year and had to file in all of them. SOme you get something back from and some you file, pay the money to file for that state and get notta back... Was a real pain for me. MAde good money but still a big pain.
Posted on 4/25/10 at 10:17 am to hancheye
No, not true..I am working here in Texas and get to do a lot of stuff with Texans and they tell me that most athletes own homes here in Texas and "reside" in Texas so they don't have to pay state taxes.
Posted on 4/25/10 at 11:11 am to Lsuhoohoo
quote:
yeah having the pay taxes in every state they play in pretty much sucks but the state views it as a worker earning income in their state so they tax it and make some money. Genius or bullshite depending on which side youre on.
then in theory if played for the saints and got injured playing at the falcons you could file for workers comp in georgia right?
Posted on 4/25/10 at 11:12 am to XbengalTiger
well deserved and thanks to all for your service at LSU... 
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News