Probably 90%+ of NFL players would have no idea what to ask for, or how to go about get it, structuring it, etc. It's the agent's job to know the market and his players worth in comparison to other players.
(08-22-2023, 01:42 PM)Awful Llama Wrote: [ -> ]The league has been itching to place a permanent franchise in Europe anyway, so I guess we have to hope Joe doesn't hear about your tax laws and start lobbying Roger to move the team
I’d be quite happy for the Bengals to come to Europe come on Mike play hardball with the city
It’s not tax law though it’s clauses inserted in contracts and our players contracts are fully guaranteed if you’re down for 95k a week that’s what you earn + bonuses for goals appearances etc. I’m surprised more players don’t insist on it.
American sports contracts will never fail to baffle me.
(08-22-2023, 12:09 PM)Luvnit2 Wrote: [ -> ]It depends on how they set up the contract. He can defer income of the contract to avoid taxes. Also, just an FYI, the 37% is the maximum tax on income, but 23% is capital gain taxes he can use if he defers income a few years minimum.
He will pay taxes to city of Cincinnati for games weeks in city, he will pay city taxes (if applicable) to city for road games. In some cases, no city taxes, in others taxes are higher.
As for expenses, they come off of his income and reduce his tax liability. Many NFL players defer income to not only reduce current tax liability, but also to build a retirement off ramp.
Any deferred income, the Bengals would have to place into an account (they can earn interest, not the player) to pay it as the contract dictates.
A player like Joey B. can also get a break from an agent on their fees. It is like negotiating with a real estate agent, the higher the selling ask price, the lower the rate. It is very common to pay 5% to sell a house versus the standard 7% ask by real estate agents.
What part of the contact can be considered capital gains? I would imagine he's a W-2 employee, so I can't really see what would fall into "capital gains"
(08-22-2023, 01:37 PM)BengalsLUFC Wrote: [ -> ]Don’t know if it’s the same over there but over here the club pays the taxes, insurance etc.
So if Burrow earns 320 million over the next 6 years chances are minus agent fees he’s going to earn 320 million.
It's definitely not the same over here. If he has a 320 million dollar contract, he's taking home $160 million
(08-22-2023, 05:32 PM)Hammerstripes Wrote: [ -> ]It's definitely not the same over here. If he has a 320 million dollar contract, he's taking home $160 million
If he's lucky...............
(08-22-2023, 06:05 PM)George Cantstandya Wrote: [ -> ]Here is an interesting article from January of this year that states what some players might take home after taxes. It mentions several NFL players. I can't for the validity of it and I don't know if it factored in taxes NFL players pay for out of state games. But thought you all might find it interesting given the topic:
https://www.gobankingrates.com/net-worth/sports/how-much-star-athletes-pay-in-taxes/
Yep. Some stuff i read all pretty much said take home was 50-60% with variables due to different circumstances. Some of the dudes on your list aren't even taking home 50%. Yeeeeesh.
(08-22-2023, 01:02 PM)HarleyDog Wrote: [ -> ]I think this is smart. Why pay an agent 10% or more if you know what you want and what satisfies you? Heck, all you have to do is read the paper to know what the latest big contract was and then rate yourself accordingly. After all, Lamar is his own brand. All agents do is muddy the waters and in many cases cause disputatiousness between players and their teams.
To a point. Then there are the Jerry Maguire's of the world. I bet Tee would already have a contract if he had another agent.
I would bet a lot of players (most) wouldn't know how to read a full contract and all the small print in what it entirely entails.
(08-22-2023, 10:10 AM)WeezyBengal Wrote: [ -> ]As someone who sees about 40% of his paycheck go to taxes twice a month...yes, I did know this lol
40%? Really? You must make a lot of money.