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Nico’s money problems
Posted on 4/22/25 at 7:31 am
Posted on 4/22/25 at 7:31 am
I’m pretty sure Nico’s dad doesn’t work. He’s the classic mooch, living off his son’s money.
I wouldn’t be surprised if the decision to squeeze TN for more cash originated with the dad, but the guy’s too dumb to foresee the risk involved with such a poorly conceived idea.
Now Nico’s at UCLA, getting around 1.5 before taxes. So that’s less than 800K after taxes. Still a lot of money, but not nearly as much as it sounds with expensive CA prices for everything and this money being used by everyone to live on.
That dumpster fire of a family may look back at this decision as the beginning of the fall.
It could get so bad the dad may have to get a job too.
I wouldn’t be surprised if the decision to squeeze TN for more cash originated with the dad, but the guy’s too dumb to foresee the risk involved with such a poorly conceived idea.
Now Nico’s at UCLA, getting around 1.5 before taxes. So that’s less than 800K after taxes. Still a lot of money, but not nearly as much as it sounds with expensive CA prices for everything and this money being used by everyone to live on.
That dumpster fire of a family may look back at this decision as the beginning of the fall.
It could get so bad the dad may have to get a job too.
14
Posted on 4/22/25 at 8:52 am to Grinder
quote:
getting around 1.5 before taxes. So that’s less than 800K after taxes
Some of ya'll act like tax experts, pretending to have any idea how tax for NIL works.
Posted on 4/22/25 at 8:55 am to Grinder
He'll be in a 12.3% California income tax bracket.
37% Federal tax bracket, assuming he's not married.
NIL considered income? It damn sure isn't long term capital gains. 800K is probably close even if he claims 10 dependents.
37% Federal tax bracket, assuming he's not married.
NIL considered income? It damn sure isn't long term capital gains. 800K is probably close even if he claims 10 dependents.
This post was edited on 4/22/25 at 9:03 am
Posted on 4/22/25 at 9:10 am to Victor R Franko
If you are filing as single, the 37% federal tax bracket starts at $626k. You don't pay 37% tax on every dollar earned.
The California 12.3% tax bracket starts at over $700k.
But he will pay a huge amount of taxes.
The California 12.3% tax bracket starts at over $700k.
But he will pay a huge amount of taxes.
Posted on 4/22/25 at 9:23 am to tdme
Yeah, you're correct. I forgot about the brackets being progressive. His real difference is the California tax.
Using this simply example website, he'll certainly get a big wet bite taken out of his arse. He needs Andy Dufresne.
Cali tax calculator
Using this simply example website, he'll certainly get a big wet bite taken out of his arse. He needs Andy Dufresne.
Cali tax calculator
This post was edited on 4/22/25 at 9:43 am
Posted on 4/22/25 at 10:01 am to TheDeathValley
quote:
Some of ya'll act like tax experts, pretending to have any idea how tax for NIL works.
Then explain how it works so that these kids end up paying little to no taxes.
And let's be quiet... we have an NIL tax expert that's going to be chiming in.
Posted on 4/22/25 at 10:02 am to tdme
Posted on 4/22/25 at 10:03 am to Grinder
quote:
He’s the classic mooch, living off his son’s money.
Exhibit 1
Posted on 4/22/25 at 10:07 am to TheDeathValley
quote:
Some of ya'll act like tax experts, pretending to have any idea how tax for NIL works.
Some of yall bash ppl on how things work without telling us how things work.
Posted on 4/22/25 at 10:13 am to Grinder
tbqh, I think all the men in that family are mentally retarded
Posted on 4/22/25 at 10:15 am to TheDeathValley
quote:
Some of ya'll act like tax experts, pretending to have any idea how tax for NIL works.
Tell us how you think it works. I am a tax expert and NIL works just the same way any other income you earn works. Some states are playing with exempting it but there is NO WAY IN THE WORLD California will be one of those states. With few exceptions (like military, rail workers, truck drivers, etc), if you perform a service in the physical boundaries of a state with an individual income tax, you have to file an individual income tax return in that state regardless of whether you claim residence in another state. California and New York are like the Terminator when it comes to claiming income needs to be sourced in that state. You still report that income in your state of residence meaning you are usually double taxed but most states provide taxpayers with some sort of credit for taxes paid to other states to lessen that burden
But tell us what was said that you feel was incorrect? Most people here have gotten the general idea correct that he will now be paying taxes at the highest marginal state tax rate in the country compared to 0% while in Tennessee. Throw in his slight pay cut and the fact the cost of living in LA compared to Knoxville is about 73% higher, he is taking a massive L.
Posted on 4/22/25 at 11:54 am to PeleofAnalytics
quote:
But tell us what was said that you feel was incorrect?
I didn't say it was correct or incorrect. I just find it humorous when this board constantly bring up tax implications as a motivator, and frankly have no idea or a very limited understand of how it works.
Nobody here is making a million plus a year. These athletes have agents and accountants that absolutely work the system in their favor to lower the burden. Just throwing out random number (OP suggested 53%) is just fodder.
Posted on 4/22/25 at 11:56 am to SouthernInsanity
quote:
Then explain how it works so that these kids end up paying little to no taxes.
Never said they would pay "little" to "no taxes" actually.
quote:
SouthernInsanity
Checks out
Posted on 4/22/25 at 12:28 pm to TheDeathValley
quote:
quote:
SouthernInsanity
Checks out
Posted on 4/22/25 at 12:43 pm to Grinder
Arkansas AD basically just insinuated they are going after them for NIL money they’ve already received.
Posted on 4/22/25 at 1:34 pm to TheDeathValley
quote:
Nobody here is making a million plus a year. These athletes have agents and accountants that absolutely work the system in their favor to lower the burden.
Again, as a tax accountant, we can only work so much magic. Tax law in the state is the tax law in the state and there are not many tricks you can use when you are getting a 1099 and the bulk of your expenses are being covered by your football program. This isn't some complicated corporate structure where you can play shell games. He is getting a 1099.
And 53% is not some wild number based off of 2 million dollars. A person making $2 million is paying about $692k of federal tax with an effective rate of about 34.5%. You are going to owe about $76k of self-employment tax since he is getting a 1099. Then throw on about $227k of California income tax at a 11.3% effective rate. Combine that all and it is about 49.8%. You going to quibble about him being off by 3.2%.
Posted on 4/22/25 at 1:47 pm to TheDeathValley
quote:
I didn't say it was correct or incorrect. I just find it humorous when this board constantly bring up tax implications as a motivator, and frankly have no idea or a very limited understand of how it works.
Nobody here is making a million plus a year. These athletes have agents and accountants that absolutely work the system in their favor to lower the burden. Just throwing out random number (OP suggested 53%) is just fodder.
You do realize there are probably accountants/tax preparers on this board? I've done tax returns with a lot more money on them than what Nico is making.
Posted on 4/22/25 at 1:48 pm to Victor R Franko
So according to the. Ali tax calculator he is taxes an additional $165k in stat taxes in Cali (Tenn has no state sales tax).
This would be on same money. Makes the $.4 to $1.5 look even worse.
This would be on same money. Makes the $.4 to $1.5 look even worse.
Posted on 4/22/25 at 2:03 pm to tigeraddict
quote:
So according to the. Ali tax calculator he is taxes an additional $165k in stat taxes in Cali (Tenn has no state sales tax).
This would be on same money. Makes the $.4 to $1.5 look even worse.
From a monetary standpoint, his situation definitely got a lot worse. He lost some serious coin with not just a lower NIL deal but paying more in taxes.
Posted on 4/22/25 at 2:27 pm to TheDeathValley
quote:
These athletes have agents and accountants that absolutely work the system in their favor to lower the burden.
Nico has neither of these
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