Okay, so the other day I was watching an NBA game and started wondering, “Man, these guys make a ton of money, but how much do they actually keep after taxes?” So, I did what any curious person would do – I started digging!
The Initial Deep Dive
First, I tried to get a general idea. I quickly found out that most NBA players are in the top tax bracket. I mean, it makes sense, right? They’re pulling in millions!
I saw that this basically means they’re handing over about 37% of their salary to the federal government. That’s a HUGE chunk of change!
State and City Taxes – Ouch!
But it didn’t stop there. Then I realized, “Wait a minute, it’s not just federal taxes!” These guys also have to pay state and city taxes, and that depends on where they play. So, a player for the New York Knicks is going to have a different tax situation than, say, someone playing for the Dallas Mavericks.
- Federal Taxes: 37% (that was the big, scary number I kept seeing).
- State Taxes: This is where it gets tricky, varies wildly depending on the state.
- City Taxes: Some cities add their own tax, making it even more complicated!
Putting it All Together
It’s hard work, different place cause different tax, and I figured out a good estimate. It is not easy to get an absolutely number. I found out that NBA players pay a lot in taxes.
So, next time you see an NBA player making a slam dunk, remember – a good chunk of that paycheck is going straight to Uncle Sam (and the state, and maybe even the city!). It’s a wild ride, figuring out all this tax stuff!
