07-28-2020, 07:01 PM
(07-28-2020, 04:52 PM)bengals1969 Wrote: $23.9 bonus. That has to be taxable in the state where its earned, in this case Ohio. 5% tax rate? That's a cool $1.2 million dollars.
As for the always voracious Feds, it's 37%. That's a cool $8.8 million dollars.
A painful 42% taxation rate.
I'm not a tax account, I just pay for one in my real life, but that big a bite has to sting.
Welcome to the Bengals Joe!
Don't forget another 5-10% of the contract amount to his agent. Add in training and advisor fees (Ex: Jordan Palmer), and these numbers keep shrinking, and shrinking.
Most of these guys are lucky to see half of their listed contracts in actual dollars hitting their accounts.
