But state taxes are deductible on your federal return so reduce those actual rates by 33-40% to find the real income tax affect.Originally Posted by denverYooper
Thought this was interesting:
But you also need to add in sales taxes and other local taxes. FL has a high sales tax rates at around 6.6%.
But Rodgers leads the league in frumpy expressions and negative body language on the sideline, which makes him, like Josh Allen, a unique double threat.
-Tim Harmston
Good points TD.
When the going gets weird, the weird turn pro ~Hunter S.
Knew a guy who lived in SC a long time ago. When he bought a car, he couldn't just pay the taxes on the sales amount plus $40 (WI charge at the time) to register it. It was sales tax plus $800 dollars to register it for a new car. No idea how it worked or used cars.
Bud Adams told me the franchise he admired the most was the Kansas City Chiefs. Then he asked for more hookers and blow.
True and false. Yes for people making "normal" money. But when you hit AMT level (as all pro athletes likely do) - those deductions often don't exist.
Sales/Property taxes are much higher in states without income tax - but these guys aren't buying 10M homes (yearly) to account for the difference.
The measure of who we are is what we do with what we have.
Vince Lombardi
"Not really interested in being a spoiler or an underdog. We're the Green Bay Packers." McCarthy.
Sorry, but you are mistaken on the AMT. The majority of athletes earning W-2 wages would not be in the AMT unless they have other sources of income from very specific sources. The AMT top tax rate is 28% and the top athlete's are paying 39.6%. The regular tax is much higher than the AMT amount.
The sad part of the AMT is it hits the people making 200K-500k which is not the original intent of the law.
Last edited by ThunderDan; 03-11-2015 at 12:26 PM.
But Rodgers leads the league in frumpy expressions and negative body language on the sideline, which makes him, like Josh Allen, a unique double threat.
-Tim Harmston
Fair point. Lets just agree the IRS sucks. For the highest paid NFL athletes looking to sign on day one of FA, I'd guess state income tax is a question.
Last edited by Fosco33; 03-11-2015 at 12:48 PM.
Let's just say that the IRS allows us to have an army and roads and a whole host of other necessary and unnecessary services.
But Rodgers leads the league in frumpy expressions and negative body language on the sideline, which makes him, like Josh Allen, a unique double threat.
-Tim Harmston
Take this to FYI if you want to continue!
But Rodgers leads the league in frumpy expressions and negative body language on the sideline, which makes him, like Josh Allen, a unique double threat.
-Tim Harmston
Ahhh... we can have those services without a completely burdensome collection agency (granted - that is just followed flawed policy). But the IRS seems to be married too closely to politics and has moved away from it's true purpose. Allowing loopholes and not taxing the wealthy while killing the middle/upper middle class...
Aren't professional athletes considered independent contractors with 1099 income as opposed to W-2 wages? Does AMT apply to 1099 income? Probably doesn't matter anyway, because after going through the test they likely will have paid enough anyway. As you said, those who fail the AMT test and have to pay extra are usually the moderately well paid more than the highly paid.
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