Re: Quinton Patton signs with the Jets
Quote:
Originally Posted by
Tech52
New York
But their HQ and Stadium isn't in NYC
Re: Quinton Patton signs with the Jets
Quote:
Originally Posted by
qng001
But their HQ and Stadium isn't in NYC
Yeah I know. Wasn't really sure what part of Big Apple was being questioned there
Re: Quinton Patton signs with the Jets
I've also read somewhere, some away games are taxed by the city where the game is played, for the amount of one game's pay. It that true? And, I wonder how that affects their tax in their home city/state.
Re: Quinton Patton signs with the Jets
Bottom line. It seems most NFL players are not set up for life from their salaries.
Re: Quinton Patton signs with the Jets
Quote:
Originally Posted by
DJDAWG
Bottom line. It seems most NFL players are not set up for life from their salaries.
....unless you play in Texas, Tennessee or Florida. No state income tax.
Re: Quinton Patton signs with the Jets
Quote:
Originally Posted by
HogDawg
State Income Tax Brackets - New York
$79,600 - $212,500 |
6.65% |
$212,500 - $1,062,650 |
6.85% |
$1,062,650+ |
8.82% |
So here's how far 775K will go in NYC:
$ 775,000
<271,250> 35% Fed Tax Rate (assuming he has a few writeoffs)
< 53,088> NY State Tax Rate
<155,000> 20% commission Fee to his sports agent (this is purely a guess!)
$ 295,662 NET
So a player would have about
295K left over for all living expenses, travel expenses, child care, expensive tolls and parking in NYC, etc...
HD,
Keep a couple of things in mind. There is a city income tax in New York City that would reduce this income even more. However, the NFL limits agent commissions on league salaries to 3%. An agent can earn a higher percentage on endorsement deals. I suspect Quinton will live in New Jersey near the team's facility.
Commission Limits
"An agent’s commission varies, based on the sport he represents. Generally, a sports agent earns between 4 and 10 percent of an athlete’s playing contract, though some leagues place limits on what percentage an agent can charge in commission. For example, the National Football League states that an agent can't receive more than 3 percent of player salaries. The National Basketball Association places the limit at 3 percent too. Major League Baseball and the National Hockey League don't have any limits on agent commissions, however.
Re: Quinton Patton signs with the Jets
The commission of $155,000 and any state income tax are deductible expenses in calculating federal tax.
Re: Quinton Patton signs with the Jets
Jet will not be competitive for at least another 2-3 years. There are so many holes in both sides of the ball for them.
Re: Quinton Patton signs with the Jets
Quote:
Originally Posted by
latech
Jet will not be competitive for at least another 2-3 years. There are so many holes in both sides of the ball for them.
While true, this is irrelevant from Patton's perspective. Right now, what he needs is to prove that he can produce. There are plenty of good players on uncompetitive teams.
Re: Quinton Patton signs with the Jets
Quote:
Originally Posted by
olddog75
The commission of $155,000 and any state income tax are deductible expenses in calculating federal tax.
True. But even after deducting the 155K, he'll still likely be in a 35% tax bracket. I mean, come on od75.....you are really dragging us down into the swamp weeds now.
http://www.aquarius-systems.com/User.../4-Cutters.jpg
Re: Quinton Patton signs with the Jets
Quote:
Originally Posted by
The Historian
HD,
Keep a couple of things in mind. There is a city income tax in New York City that would reduce this income even more. However, the NFL limits agent commissions on league salaries to 3%. An agent can earn a higher percentage on endorsement deals. I suspect Quinton will live in New Jersey near the team's facility.
Commission Limits
"An agent’s commission varies, based on the sport he represents. Generally, a sports agent earns between 4 and 10 percent of an athlete’s playing contract, though some leagues place limits on what percentage an agent can charge in commission. For example, the National Football League states that an agent can't receive more than 3 percent of player salaries. The National Basketball Association places the limit at 3 percent too. Major League Baseball and the National Hockey League don't have any limits on agent commissions, however.
If true, this is a real surprise. Frankly, I don't know why anyone would even bother representing a player like Patton making the NFL minimum (of course we are making an assumption on his salary here.) You're saying the agent would only be paid $23,250 (3%) on a 1-yr contract worth 775K? That's terrible money. By the time an agent negotiates the deal, hires (or pays the lawyer) to draw up the contracts and revise 'em a few times, and then picks up a few dinner and travel expenses --that agents typically absorb-- this could be minimum wage work. :laugh:
No thanks. I can find a lot of ways to make 23K faster than that.
Re: Quinton Patton signs with the Jets
Quote:
Originally Posted by
HogDawg
No thanks. I can find a lot of ways to make 23K faster than that.
https://www.youtube.com/watch?v=MFV1biHrOBU
1 Attachment(s)
Re: Quinton Patton signs with the Jets
Quote:
Originally Posted by
Tech52
Yeah I know. Wasn't really sure what part of Big Apple was being questioned there
Here's the location of the facilities. None are in NYC 5 boroughs (Manhattan, Bronx, Brooklyn, Queens, Staten Island). Giants HQ is next to MetLife Stadium.
I was up there last Dec for work, the area of Morristown, NJ is really nice.
Attachment 13942
Re: Quinton Patton signs with the Jets
My bad on the Big Apple reference. I do like the idea of White and Patton being reunited on the Jets roster though.
Re: Quinton Patton signs with the Jets
Quote:
Originally Posted by
qng001
Here's the location of the facilities. None are in NYC 5 boroughs (Manhattan, Bronx, Brooklyn, Queens, Staten Island). Giants HQ is next to MetLife Stadium.
I was up there last Dec for work, the area of Morristown, NJ is really nice.
Attachment 13942
My father was brought up in that area just north of Morristown. Newton, NJ a really nice area for Yankee country. I still have relatives in the area.