02-09-2022, 11:27 AM
(02-08-2022, 08:35 PM)Soonerpeace Wrote: Take Bengals defensive end Trey Hendrickson, who finished fifth in the NFL in sacks during the regular season. His 2022 income is $11.19 million. If the Bengals win, Hendrickson, like each of his teammates, would receive $150,000. He would then owe $48,000 in taxes to the state of California. If the Bengals lose, Hendrickson will owe $47,700, meaning he would net only $27,300 for playing in the Super Bowl. Keep in mind, we are only focused on taxes to California. If federal income taxes are also included, Hendrickson would owe the IRS $27,750—meaning he’d lose $450 by playing in a lost Super Bowl.
There is no way in hell these numbers are correct.
$47,700 taxes on $75K
$48,000 taxes on $150K
And it is impossible to be taxed at a rate over 100%. So no way Hendrickson would owe $75,450 taxes on $75,000 income.
State income taxes paid are a deduction on Federal Income taxes due.
This guy does not know what he is talking about.
