Talk of releasing Jones. Sad but true -- adios amigo

[OldSchool101]

Worked in Illinois lived in Wisconsin. Didn't have to pay Illinois state tax

I would think it would be Where residence is established but sounds like some income for athletes States fight over. Lol

 

[Half Empty]

Stopped it, but for a while, California wanted to tax a percentage of my military retirement pay for the time I was stationed in the state.

 

[PikeBadger]

I never said you have to agree with anyone and that goes for me or the Packers FO. I don’t agree with every decision the Packers FO makes and you are in here enough to know that.

Also who are these “cool guys” I’d like to be one of those I’m more like an outcast beyond the pale

Nah. No more than anyone else. We're all outcasts in our own way.

 

[PikeBadger]

Worked in Illinois lived in Wisconsin. Didn't have to pay Illinois state tax

Yes. I think that's a state by state issue to be determined by each state. Something to certainly pay attention to now witth all the remote work. It used to be mostly pilots and flight crews that commuted long distances.

 

[AKCheese]

"Professional athletes’ taxes, or “jock taxes”, have become a common way for states to fund their governments off the backs of the athletes who play there. When athletes play in a state that collects income tax, any money made from that game is taxed as income earned in that state, which can lead to a bill of thousands of dollars for one day spent in that state."

https://www.mightytaxes.com/jock-tax-professional-athletes-state-tax/

“Fund their state off the backs of”??? That athlete is using a lot of state provided resources and infrastructure to make that game check he flies in and picks up. It called no such thing as a free lunch. Wellllllll except in Alaska - the state/oil companies actually PAY us to live here LOL

 

[PikeBadger]

Thanks I didn't know that was the percentage. It was good negotiating. If I understand it correctly the Packers can walk away in two years if he doesn't produce. And as far as the guaranteed money, it's one year's salary. I'm expecting he'll produce though. A solid back with at least another 3 to 4 solid years. Last year was an aberration and probably helped in negotiation.

Generally the Packers have paid 25-35% guaranteed on 2nd contract players they want to keep. They are easily one of the strictest negotiators in the league in this regard and all the agents know it. Star QB's are the outlier. It never ceases to amaze me what other franchises pay free agents in bonuses/guaranteed money. I don't understand their thought processes in the least.

 

[PikeBadger]

“Fund their state off the backs of”??? That athlete is using a lot of state provided resources and infrastructure to make that game check he flies in and picks up. It called no such thing as a free lunch. Wellllllll except in Alaska - the state/oil companies actually PAY us to live here LOL

Seward gets the last laugh. At 2 cents an acre it is easily one of the greatest investments of all time.

 

[Heyjoe4]

Worked in Illinois lived in Wisconsin. Didn't have to pay Illinois state tax

That's right - we pay taxes for income earned to the state in which we live, not where the work may be done.

 

[Poppa San]

Seward gets the last laugh. At 2 cents an acre it is easily one of the greatest investments of all time.

Better than the $24 for Manhattan Island? Or France planting a flag and claiming the entire Mississippi river watershed that they later got paid to sell?

 

[Pokerbrat2000]

I'm starting to suspect those were a friustrating couple of years for Gute, and admire him for keeping his eye on the ball, always putting the longterm interests of the team first, and sticking to (and trusting) his master plan.

I imagine that a GM tries to steer clear of getting too close to the players. Obviously a friendly working relationship is good, but not if it clouds the GM's #1 goal, the good of the team. As fans we probably only see a small part of the full truths behind every one of Gute's decisions. I also respect that Gute doesn't publicly get into *** for tat with social media or his pressers. He keeps it professional and close enough to the vest, that protects his and the teams integrity.

Hard to criticize many of Gute's decisions. As of today, I would say he scores pretty high on some of the toughest ones that he has faced.

 

[Pokerbrat2000]

I may be way off base but is a football game (as far as salary is concerned) more than just 1/7 of the work week? And 1/7 more if they spend the night? And if we play against Chicago; they have to pay taxes to Wisconsin and Illinois? Sounds strange.

Interesting. I guess they have to pay taxes in the state (country?) where the game is played. Must be a helluva tax return......

It isn't just players who have to pay the jock tax. Every team employee who travels—including coaches, doctors, and trainers—must pay their share of the jock tax. From what I found every US state except five: Florida, Nevada, Texas, Washington, and Tennessee have the tax.

The best strategy that I could find is for athletes (their CPA's) keep track of all the days that they are "working in their paid profession" and what State they were in on those days. They only pay 1 State for each day worked in that State. For instance if a Packer player reports 3 working days in California, they wouldn't have to report those days as part of their State Income made in Wisconsin.

Also interesting to read this:

"Section 162(m) of the Internal Revenue Code. This section allows performance-based bonuses to be exempt from the $1 million deduction limit for executive compensation.
Players can structure performance-based bonuses based on specific criteria like touchdown passes, rushing yards, or other achievements. By doing this, they not only incentivize their performance but also reduce their taxable income. This strategy has the potential to create substantial tax savings."

Navigating the NFL Player Tax Game: Strategies and Insights

Welcome to the latest edition of our newsletter, where we dive into the fascinating world of NFL player taxes. Professional athletes like Patrick Mahomes often face unique tax challenges due to their substantial earnings.

www.linkedin.com

 

[Pokerbrat2000]

Couldn't agree with this article more when it comes to the "swap" at RB.

Packers' decision to swap Aaron Jones for Josh Jacobs was right move

The Green Bay Packers made the right decision to sign Josh Jacobs to replace Aaron Jones.

lombardiave.com

 

[Pkrjones]

Worked in Illinois lived in Wisconsin. Didn't have to pay Illinois state tax

You're the one!!! No wonder IL is $300+billion short in '24!!

 

[Poppa San]

It isn't just players who have to pay the jock tax. Every team employee who travels—including coaches, doctors, and trainers—must pay their share of the jock tax. From what I found every US state except five: Florida, Nevada, Texas, Washington, and Tennessee have the tax.

The best strategy that I could find is for athletes (their CPA's) keep track of all the days that they are "working in their paid profession" and what State they were in on those days. They only pay 1 State for each day worked in that State. For instance if a Packer player reports 3 working days in California, they wouldn't have to report those days as part of their State Income made in Wisconsin.

Also interesting to read this:

"Section 162(m) of the Internal Revenue Code. This section allows performance-based bonuses to be exempt from the $1 million deduction limit for executive compensation.
Players can structure performance-based bonuses based on specific criteria like touchdown passes, rushing yards, or other achievements. By doing this, they not only incentivize their performance but also reduce their taxable income. This strategy has the potential to create substantial tax savings."

Navigating the NFL Player Tax Game: Strategies and Insights

Welcome to the latest edition of our newsletter, where we dive into the fascinating world of NFL player taxes. Professional athletes like Patrick Mahomes often face unique tax challenges due to their substantial earnings.

www.linkedin.com

not sure I can trust an article with glaring mistakes such as this: "For example, in Florida, where Mahomes plays for the Tampa Bay Buccaneers. " I bet they meant Brady.

 

[Pokerbrat2000]

not sure I can trust an article with glaring mistakes such as this: "For example, in Florida, where Mahomes plays for the Tampa Bay Buccaneers. " I bet they meant Brady.

Good catch, but I don't think it really changes the information that the article is presenting. Either poorly worded (could have meant Brady, could have meant to say "...in Florida, IF Mahomes plays for the Tampa....", a brain fart or a really uniformed on Football tax geek writing it.

Here is who the author says she is:

Sherice Mangum on LinkedIn: #leadership #enterpreneur #health #benefits #money #healthcare

I wanted to reintroduce myself I’m Sherice M, Business Life Insurance Broker, Succession, Tax Advisor and Mom of 4. Based in Phoenix,AZ (But licensed in…

www.linkedin.com

 

[rmontro]

Kind of makes the schedule seem more important, like how many games you play in states that don't have income tax.

 

[Pokerbrat2000]

Kind of makes the schedule seem more important, like how many games you play in states that don't have income tax.

This is a decent article, although the numbers/players info is outdated. What I wish it would do is breakdown 1 players total taxes, if that player was on each of the 32 teams. When compiling said number, leave the road schedule the same, but change the home team games.

What Do NFL Players Pay in Taxes? - SmartAsset

Top NFL players lose more than 45% of their income in taxes. On top of federal and state taxes, they have to pay a "jock tax" to every state in which they...

smartasset.com

 

[Schultz]

Actually, you were comparing athletes wages to money that someone wins in Vegas. I guess you meant to say, they were unemployed or maybe they were professional athletes, there to play a sport and gamble?

BTW, NFL Players are professional athletes, but are employed by their team.

I don't care if you have a million dollar salary or haven't worked a day in your life. If you hit a big enough jackpot in Vegas you are filling out a Nevada tax form. Same if you are at Churchill in Louisville you get a Kentucky tax form. It does not matter what State you live in. So no I did not mean to say either of the things you alluded to in your above post.

 

[Pokerbrat2000]

I don't care if you have a million dollar salary or haven't worked a day in your life. If you hit a big enough jackpot in Vegas you are filling out a Nevada tax form. Same if you are at Churchill in Louisville you get a Kentucky tax form. It does not matter what State you live in. So no I did not mean to say either of the things you alluded to in your above post.

Correct me if I am wrong, but you said that taxes on Casino winnings are "pretty much the same as the jock tax". When in reality, they are not the same.

Technically, all money made while gambling is taxable and should be reported to the IRS when you file your taxes. Some casinos will collect your tax information when you win a certain amount (varies by Casino and activity you win at). That information is provided to the IRS and you will receive a Form W-2G. If you are not a professional gambler (not your normal source of income), your winnings (after deducting your losses and expenses) are usually taxed at 24%. Professional gamblers declare their net gains as ordinary income and are taxed as such. As far as state tax goes, you are taxed on gambling winnings in the State you live in, not the state you won it in. Now some States where casinos are located do take a % of the winnings before you get them, but if that is the case, you are only taxed on the amount after the cut.

 

[milani]

All it did was add more taxes to the tax question!
From what I read though, the bulk of taxes do traditionally get paid in the State players work in. I guess that makes sense though, if the Company is licensed to do business in a particular State their Employees pay taxes in said State. Otherwise what benefit would it be for a particular State to attract businesses.
That Jock tax (in my interpretation) is a resolution to accommodate the various States (rightfully) arguing that a portion of the work was actually performed in their locale.
I can’t imagine paying Taxes in dozens of States but it’s clear on that article that does actually happen depending on the income type. The Jock tax is basically a form of a “delayed” Excise Tax, which are defined as taxes on goods, services or activities at time rendered. Kinda hard to grab the player to make them settle up before they jump back on a plane.

Needless to say, if you are an athlete you’d better have a Tax Advisor. It’s complicated even down to that $10,000 threshold on State taxes refund being Taxed by the Feds

To think back in the day when someone like Jerry Kramer battled to get $26,000 out of Lombardi it was so easy to do your taxes that even a caveman could do them.

 

[Pokerbrat2000]

To think back in the day when someone like Jerry Kramer battled to get $26,000 out of Lombardi it was so easy to do your taxes that even a caveman could do them.

They probably had 2 guys to a room, while staying in $5/night hotels too.

I would love to/hate to, see todays expenses for a professional football team.

 

[swhitset]

Worked in Illinois lived in Wisconsin. Didn't have to pay Illinois state tax

That was true for me with Minnesota at first… and then WI and MN dropped the Reciprocity agreement… and I had to file in MN. I haven’t worked that job since 2011 so I have no idea what the current status is.

 

[swhitset]

I would think it would be Where residence is established but sounds like some income for athletes States fight over. Lol

It literally has nothing to do with residency.

 

[longtimefan]

That was true for me with Minnesota at first… and then WI and MN dropped the Reciprocity agreement… and I had to file in MN. I haven’t worked that job since 2011 so I have no idea what the current status is.

Thought Minnesota and Illinois were the same. Not really sure

 

[swhitset]

That's right - we pay taxes for income earned to the state in which we live, not where the work may be done.

That is not correct. State taxes are owed to the state according to the individual laws of the states in which the work is done. Many states have reciprocity agreements in place which allow you to file your taxes in your home state… the states then redistribute the money according to the terms of the agreement. However if you do work in a state where no agreement is in place, you have to file state income tax in that state.