Page 1 of 3 123 LastLast
Results 1 to 12 of 61

Hybrid View

Previous Post Previous Post   Next Post Next Post
  1. #1
    Join Date
    Jan 2007
    Location
    Southern PA
    Posts
    6,854
    Blog Entries
    3

    Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    ...his taxes!

    When adding in Maryland's state and local Baltimore County tax rates, he will earn less than Drew Brees who pays less in Louisiana taxes.

    By choosing to remain a Raven, Flacco is now set to pay a combined marginal income tax rate of 51.98 percent. This overwhelming tax rate is composed of the federal, Maryland, and Baltimore County income tax rate, as well as the Medicare tax. And that’s excluding his “jock tax” liability for away games – play the Patriots at Gillette Stadium, pay Massachusetts income tax on earnings for that game - and other taxes levied against him such as Maryland’s property tax.
    http://www.atr.org/tax-bite-leaves-f...ond-best-a7506

    I've always been surprised someone like Jerry Jones doesn't tout Texas' low taxes when trying to woo potential free agents?!? Maybe the NFL doesn't allow that as some of the East Coast teams (especially the Giants, Jets, and New England) have some of the highest taxes rates' in the country.





  2. #2
    Join Date
    Aug 2006
    Location
    Westminster - Raventown, MD!
    Posts
    13,099
    Blog Entries
    1

    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    In that case, Tennessee could make a killing on free agents. They are one of the lowest taxed states.

    So look out world, here come the Titans!

    No? I think other factors are going to keep outweighing taxes.
    .
    .
    “When I think of a Baltimore Raven - we go in there, we take your lunch box, we take your sandwich, we take your juice box, we take your applesauce, and we take your spork and we break it. And we leave you with an empty lunch. That’s the Baltimore Raven way.” - Steve Smith Sr.


    Call me a Special Teams coach again. I dare you! I double dare you, MFer!





  3. #3
    Join Date
    Apr 2009
    Posts
    13,453
    Blog Entries
    5

    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by RavenScallywag View Post
    In that case, Tennessee could make a killing on free agents. They are one of the lowest taxed states.

    So look out world, here come the Titans!

    No? I think other factors are going to keep outweighing taxes.
    Florida is the other state for no income taxes. That's why Labron James went there instead of NY. He saved millions in income taxes and NY fans were pissed because Labron wanted to go there. I'll be moving to my condo in Daytona when my mom dies to escape high taxes here.

    These states mentioned are favorite places for retirees to move to.





  4. #4
    Join Date
    Jan 2012
    Location
    Cockeysville, MD
    Posts
    22,231
    Blog Entries
    1

    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Politics? Here? C'mon guys I know it's slow but........





  5. #5

    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    That is if Joe files his state return as a Maryland resident. It would not surprise me if he files his tax as a NJ resident.

    Then again, Joe might have a sound team of financial advisers who could potentially help him minimize his tax rate. Until we know his actual tax rate or status of residency, I think this post is rather simplistic.





  6. #6
    Join Date
    Aug 2009
    Location
    Wayne Manor, Gotham
    Posts
    48,541
    Blog Entries
    8

    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by Random Thoughts View Post
    That is if Joe files his state return as a Maryland resident. It would not surprise me if he files his tax as a NJ resident.

    Then again, Joe might have a sound team of financial advisers who could potentially help him minimize his tax rate. Until we know his actual tax rate or status of residency, I think this post is rather simplistic.
    He has to pay taxes to the state where the money is earned. He then gets a credit for that amount from the state that he is a resident of. Pro athletes actually have to file returns for every state they play a game in.





  7. #7

    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by GOTA View Post
    He has to pay taxes to the state where the money is earned. He then gets a credit for that amount from the state that he is a resident of. Pro athletes actually have to file returnss for every state they play a game in.
    So does that mean his agent gets taxed by every state the players he represents play in? I mean if they get paid a percentage of what their clients make, shouldn't they have the same taxes?





  8. #8
    Join Date
    Aug 2009
    Location
    Wayne Manor, Gotham
    Posts
    48,541
    Blog Entries
    8

    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by Strange Bru View Post
    So does that mean his agent gets taxed by every state the players he represents play in? I mean if they get paid a percentage of what their clients make, shouldn't they have the same taxes?
    No. An agent can earn the money from his office. He can claim that he meets his clients in various places but the work that he performs is from a particular location. A player is paid for games that take place in specific locations. The only thing a pro athlete can do is decide to play in a state that is tax friendly so at least half his salary is taxed at a more favorable rate. Teams from Texas and Florida have always pushed that when trying to sign free agents.

    I used to work for a public accounting firm that had several MLB players as clients. Their returns were really crazy because you would have to account for every single game as a percent in a particular state. California at the time was talking about making it even worse by wanting to count rainouts differently. I'm glad I got out of there before that happened.





  9. #9

    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by GOTA View Post
    He has to pay taxes to the state where the money is earned. He then gets a credit for that amount from the state that he is a resident of. Pro athletes actually have to file returns for every state they play a game in.
    The term 'Jock Tax' is a misnomer. Technically anyone who earns money in a state is supposed to file taxes in that state. For example, if you are a salesman who travels, you are supposed to file taxes for each state in which you make a sale. However, for most of the population the tax money that that state would receive is not enough to merit going after (i.e. it would cost more to try to collect than what they would collect).





  10. #10
    Join Date
    Aug 2007
    Location
    Houston, TX Y'all
    Posts
    34,414

    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by KidSampson View Post
    The term 'Jock Tax' is a misnomer. Technically anyone who earns money in a state is supposed to file taxes in that state. For example, if you are a salesman who travels, you are supposed to file taxes for each state in which you make a sale. However, for most of the population the tax money that that state would receive is not enough to merit going after (i.e. it would cost more to try to collect than what they would collect).
    I'd hardly call it a misnomer ....

    http://taxfoundation.org/tax-topics/jock-taxes





  11. #11

    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by HoustonRaven View Post
    I'd hardly call it a misnomer ....

    http://taxfoundation.org/tax-topics/jock-taxes
    It's a misnomer in the sense that it leads people to believe that these rules only apply to 'jocks'.





  12. #12
    Join Date
    Aug 2009
    Location
    Wayne Manor, Gotham
    Posts
    48,541
    Blog Entries
    8

    Re: Flacco is "technically" the 2nd-highest paid NFL player when taking into account...

    Quote Originally Posted by KidSampson View Post
    The term 'Jock Tax' is a misnomer. Technically anyone who earns money in a state is supposed to file taxes in that state. For example, if you are a salesman who travels, you are supposed to file taxes for each state in which you make a sale. However, for most of the population the tax money that that state would receive is not enough to merit going after (i.e. it would cost more to try to collect than what they would collect).
    That's exactly it. I've seen states go after other professions as well. PA is especially aggressive. Even Philly is pain in the ass. They are much worse than NYC.





Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Link To Mobile Site
var infolinks_pid = 3297965; var infolinks_wsid = 0; //—->