Taxes

[Alyosha12]

If a player gets $10mill how much does he have to pay back in taxes?
Or any other player for that matter, i would guess that 20% would be the tax in the US and 30% in Canada?

[SmoothKobra]

Does Chris Bosh pay Canadian taxes or US taxes?

[chrice]

Depends on what state also. For example, if they were in California, they'd pay 9.3% for state + 35% for everything over 357K.

[Alyosha12]

Depends on what state also. For example, if they were in California, they'd pay 9.3% for state + 35% for everything over 357K.

So that makes it 35% minimum wow thats a lot.
So that means that means if a player signs a $10mill/year deal he only keeps $5.5mill thats really weak.

I knew Euro salaries were getting close of those in the NBA but i never knew it was this close.
For example a player like Papaloukas makes 4mill euro a year thats $6mill and thats after taxes, and he housing, car and everything else so a 4mill euro deal is equal to a $12mill/year deal in the NBA
wow.
And this year the Euro market is going crazy you don't hear of a contract going under 1mill euros so thats just crazy.
IMO in 5-10 years Euro pay checks will equal those in the NBA now won't that be something a bidding war between Euro clubs and NBA clubs lol.

[chrice]

Yes, you're probably right. I would like to be paid in Euros right now too...I know a lot of consultants that are negotiating their contracts in Euros because of how strong it is against the dollar.

We don't make the best choices here financially in the US unfortunately. High consumption, High Debt, High Inflation does not make this a good time for us.

[UDRIH14]

i believe anyone on the raptors have to file foreign tax since they make there income in canada and america...depending on where there domicile for the financial year is, and the number of days accumulated they live in which country.....theres always an exception

[rewill17]

43% is the highest tax bracket in Canada, which is where all of the Raptors are, is how much of the post tax credit and deduction and loss from previous years you have to pay. Plus property tax depends on where you live and your surrounding amenities. Plus payroll tax to makeup for MLSE's social benefits.

You can't calculate it based on your infromation, because you are missing net worth statement.

By seeing your baseless guesses, I guess you are a person who never done his taxes.

(Its okay budy, so havent I )

[Huskies1947]

There are a lot of work around though too. Like for example you could get tax breaks for not actually taking residence but proving you are just fullfilling a work contract. You could also rent out your place instead of owning it.

An accountant is an NBA players best friend.

[Albanian Damien]

You might get paid a little more in Europe but I'm pretty sure the living expenses are also higher there so it probably evens out.

[Alyosha12]

You might get paid a little more in Europe but I'm pretty sure the living expenses are also higher there so it probably evens out.

They have no living expenses, the teams give them a big apartment or house a car, they can eat at restaurants forfree, because usually a few of them are small sponsors and the players get a few meals a day there if they so wish etc.

Players in most of the euro clubs have no living expenses to pay.

[Malinhion]

Yeah, its too bad they have to spend all that money in europe. ;P

[jefe]

Depends on what state also. For example, if they were in California, they'd pay 9.3% for state + 35% for everything over 357K.

So that makes it 35% minimum wow thats a lot.
So that means that means if a player signs a $10mill/year deal he only keeps $5.5mill thats really weak.

I knew Euro salaries were getting close of those in the NBA but i never knew it was this close.
For example a player like Papaloukas makes 4mill euro a year thats $6mill and thats after taxes, and he housing, car and everything else so a 4mill euro deal is equal to a $12mill/year deal in the NBA
wow.
And this year the Euro market is going crazy you don't hear of a contract going under 1mill euros so thats just crazy.
IMO in 5-10 years Euro pay checks will equal those in the NBA now won't that be something a bidding war between Euro clubs and NBA clubs lol.

The US tax system is a graduated system based on income "brackets" - hence the 35% of everything over 357k - and a flat 35% of 10 mill (which is the wrong method of calculation anyway) is 3.5 mill, not 4.5 mill. Basically ... you fail at math.

[Alyosha12]

Depends on what state also. For example, if they were in California, they'd pay 9.3% for state + 35% for everything over 357K.

So that makes it 35% minimum wow thats a lot.
So that means that means if a player signs a $10mill/year deal he only keeps $5.5mill thats really weak.

I knew Euro salaries were getting close of those in the NBA but i never knew it was this close.
For example a player like Papaloukas makes 4mill euro a year thats $6mill and thats after taxes, and he housing, car and everything else so a 4mill euro deal is equal to a $12mill/year deal in the NBA
wow.
And this year the Euro market is going crazy you don't hear of a contract going under 1mill euros so thats just crazy.
IMO in 5-10 years Euro pay checks will equal those in the NBA now won't that be something a bidding war between Euro clubs and NBA clubs lol.

The US tax system is a graduated system based on income "brackets" - hence the 35% of everything over 357k - and a flat 35% of 10 mill (which is the wrong method of calculation anyway) is 3.5 mill, not 4.5 mill. Basically ... you fail at math.

You fail at reading the whole thread, the person i was referring too said that the players also have to pay a state tax which in Cali si 9.3 so i summed up to 45%
You fail at reading, i said minimum of 35% because of that taking into account that some stats have a smaller state tax or don't have one at all.