Phil pulling the trigger on his move from California

mikeintopeka · 2020-01-16T15:43:19+00:00

He has bought a lot in Tiger's neighborhood in Jupiter, FL and plans to start building soon. He'll then move after his son graduates from high school next ye...

mikeintopeka

If anyone is investigating a potential move to a more tax-friendly state in the US, this is a fairly basic calculator to project your potential tax liability as a resident of that state. I've found it isn't 100% accurate in all cases, but paints a fair assessment to compare options you may be considering.

https://smartasset.com/retirement/retirement-taxes

DonM

They do pay taxes in each state where they win money on tour, though. But all of his endorsements and such would surely be considered to be earned in his state of residence.

Hard to believe that goof is worth $40 million per year to the world. 🙂
I don't actually dislike him, but still.

Natpharm

DonM hey do pay taxes in each state where they win money on tour

I'm pretty sure this is the case. I remember reading a story in the past about pro atheletes hating to play games (as visitors) in CA because of the extreme high taxes paid on game checks.

Weirfan

DonM They do pay taxes in each state where they win money on tour,

This is true as it is for baseball, hockey etc.

Par4QC

Natpharm I can understand having to pay taxes in the state 'where you work'. But, generally, it is withheld from any paycheck issued in that state,(at the home state's rate) then forwarded to the state of residence, if different from work state. I don't see why Pro athletes would be any different than any factory workers, or others. It could fall under discrimination, if you'd ask me.

Par4QC

Weirfan I live in IL. But if(when) I worked in IA, taxes were withheld at the IL rate, then forwarded. I did not pay tax in 2 states, on 1 income.

mikeintopeka

Philip Rivers announced he is permanently moving from California to Florida. His 2019 base compensation from the Chargers was $16,000,000 so wouldn't include any incentives but more importantly endorsements.

I wonder what team goes after him for 2020 and beyond?

https://www.espn.com/nfl/story/_/id/28516182/philip-rivers-permanently-moves-san-diego-signaling-possible-split-chargers

azgreg

Par4QC
It's my understanding that pro athletes are independent contractors and are responsible for paying their own taxes.

Weirfan

Par4QC

https://www.forbes.com/sites/kurtbadenhausen/2017/04/18/income-taxes-for-pro-athletes-are-reminder-of-how-complicated-u-s-tax-code/#744c2f48411e

https://www.marketwatch.com/story/why-pro-athletes-may-lose-a-fortune-because-of-the-new-tax-law-2018-12-06

Par4QC

Weirfan migawd. That was almost too complicated to read, let alone fully understand. 😁 Horrible deal. Except for accountants.

johnnydoom

I never understood why most pro athletes have to pay taxes for out of state games. They aren’t being paid by the venue or a business in the state they are visiting and they aren’t being paid from ticket sales. I‘m guessing that the team owners are considered part of a joint venture by virtue of being in a league? Corporations send people across state lines on business all the time but the employee’s earnings while across state lines don’t generally seem to be taxed except by their home state. Golfers I can understand a little better since the entity that pays them is the tournament site.

Par4QC

azgreg Golfers, perhaps. But I can't see team players being considered as such; esp. with contracts that may well be the duration of their careers. Are we not then, also independent contractors when we take 'any' job? We may leave, without notice, or be terminated the same. No contracts.

Pro life seems unduly complicated. Think I shall remain as I am. Not worth a shit, and unpaid. 😂

Gatorman

I laugh on the part where the guy says Michelson following Tiger to Florida... Please

DC300

Don't blame him, surprised anyone stays in CA