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Thread: Quinton Patton signs with the Jets

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    Re: Quinton Patton signs with the Jets

    Quote Originally Posted by Tech52 View Post
    New York
    But their HQ and Stadium isn't in NYC

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    Re: Quinton Patton signs with the Jets

    Quote Originally Posted by qng001 View Post
    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

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    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.

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    Re: Quinton Patton signs with the Jets

    Bottom line. It seems most NFL players are not set up for life from their salaries.

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    Re: Quinton Patton signs with the Jets

    Quote Originally Posted by DJDAWG View Post
    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.

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    Re: Quinton Patton signs with the Jets

    Quote Originally Posted by HogDawg View Post
    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 agentís commission varies, based on the sport he represents. Generally, a sports agent earns between 4 and 10 percent of an athleteís 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.

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    Re: Quinton Patton signs with the Jets

    The commission of $155,000 and any state income tax are deductible expenses in calculating federal tax.

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    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.

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    Re: Quinton Patton signs with the Jets

    Quote Originally Posted by latech View Post
    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.

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    Re: Quinton Patton signs with the Jets

    Quote Originally Posted by olddog75 View Post
    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.


  11. #26
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    Re: Quinton Patton signs with the Jets

    Quote Originally Posted by The Historian View Post
    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.

    No thanks. I can find a lot of ways to make 23K faster than that.

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    Re: Quinton Patton signs with the Jets

    Quote Originally Posted by HogDawg View Post

    No thanks. I can find a lot of ways to make 23K faster than that.
    https://www.youtube.com/watch?v=MFV1biHrOBU

  13. #28
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    Re: Quinton Patton signs with the Jets

    Quote Originally Posted by Tech52 View Post
    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.

    nyc_nj.jpg

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    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.
    Have you considered those Dogs?

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    Re: Quinton Patton signs with the Jets

    Quote Originally Posted by qng001 View Post
    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.
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