NBA Stars Losing Hefty Amounts of Their Salary to the Taxman
Just about everyone knows that professional athletes make a ton of money. Whether you agree with athlete salaries or not, the fact is those hefty numbers you always see reported when an athlete signs a new deal aren’t really all that they’re cut out to be. Oh sure, they are making a lot of money, but they are also paying quite a large tax bill. In some cases, that bill can put a huge dent in their actual earnings.
According to a new report, when determining whom the highest paid NBA player is, it depends on which numbers you use. Kobe Bryant earns more than any other NBA player, coming in with a salary of $23 million this year. However, if you look at his tax bill, which is estimated at $11.4 million, then his actual take home pay is only $12.1 million. That means he is paying close to half of his salary to the taxman.
Several factors played a role in determining these tax numbers, including where a player lives, and where he plays both his home and road games. Road games play a big role in the equation because some cities enforce the so-called “jock-tax” on individuals who come to the area to work. Pro athletes schedules are easy to track, so these cities can easily implement this tax.
There’s no question that NBA players are well compensated for their services, but remember, most players are giving a huge percentage of their income back in taxes, thus reducing how much they actually take home by a large portion. Of course, these tax numbers are an estimate and there are certain measures these players can take to help reduce their tax bill. So they might be able to take more home than estimated.
Likewise, if you need help finding the all of the best ways to save on your tax bill, then contact. GROCO today.
Why Do Some Leaders Fail?
Why Do Some Leaders Fail? Why are some leaders more successful than others? Why is it that some leaders are able to reach the pinnacle of success, while others end up on the scrap heap of leaders gone wrong? There is no secret to success. Some people figure out leadership and others don’t. But why…
Corporate America Is Buying Back Stocks at Record-Setting Pace
Corporate America Is Buying Back Stocks at Record-Setting Pace If you don’t follow the stock market closely then you may have missed an ongoing trend this year. Corporate America is buying back stocks at a massive rate. In fact, these buybacks are happening at a record-setting pace. So how big are the numbers, exactly? They’re…
Simple Steps to Building a Culture Of Direct Communication
Simple Steps to Building a Culture Of Direct Communication How’s the communication culture where you work? Is there open and direct communication? Do employees feel like they can speak with their bosses freely? Are supervisors easily accessible and willing to listen? Or, does it feel like you never know exactly what is going on, or…
How to Take Your Small Business to the Next Level
How to Take Your Small Business to the Next Level Are you looking for ways to give your small business a boost? Do you want your small business to shed its “small” description? Owning and running a small business has several challenges. In many cases, you have to wear multiple hats and do most of…