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-   -   NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings (http://www.cockytalk.com/showthread.php?t=203604)

b381l 01-28-2014 11:02 PM

NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
http://www.forbes.com/sites/kurtbade..._medium=social

I really love feel good stories like this. After reading this, I know you'll agree.

"Peyton Manning has the opportunity to pull a John Elway and ride off into the sunset as a Denver Bronco after winning his second ring, not that he wants to retire. His career will hinge upon an offseason exam on his surgically-repaired neck, according to ESPN ’s Chris Mortensen. Obviously, the most important implication of the exam will be Manning’s health. But whether his career continues will have an effect on how much tax New Jersey can collect from him for his appearance in the Super Bowl XLVIII."

"Should the Broncos beat the Seahawks, Manning—and the rest of his teammates—will earn $92,000. The loser’s share in the Super Bowl is $46,000. So why does Manning’s future beyond February 2 matter to New Jersey? It would seem logical that the Garden State would apply its tax rates on the $92,000 or $46,000 Manning earns for his week in East Rutherford. Unfortunately, we are dealing with tax laws, not logic."

rioninusc 01-28-2014 11:26 PM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
So is this a tax that NJ added in, or does this happen in every state the players travel to? If that is the case I feel bad for the Tax rep that files their taxes.

b381l 01-28-2014 11:35 PM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Quote:

Originally Posted by rioninusc (Post 4073489)
So is this a tax that NJ added in, or does this happen in every state the players travel to? If that is the case I feel bad for the Tax rep that files their taxes.

Every state that doesn't practice reciprocity with Colorado. What the article doesn't say is that he gets a tax credit to Colorado for the double tax on those same earnings. Filing tax returns for all these players is a lot of trouble and takes a bunch of time.

ucan'tlickourcocks 01-29-2014 12:01 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Flat tax? Fairtax?

This article shows how ridiculous our tax laws are!

partyguy708 01-29-2014 12:30 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Quote:

Originally Posted by b381l (Post 4073470)
http://www.forbes.com/sites/kurtbade..._medium=social

I really love feel good stories like this. After reading this, I know you'll agree.

"Peyton Manning has the opportunity to pull a John Elway and ride off into the sunset as a Denver Bronco after winning his second ring, not that he wants to retire. His career will hinge upon an offseason exam on his surgically-repaired neck, according to ESPN ’s Chris Mortensen. Obviously, the most important implication of the exam will be Manning’s health. But whether his career continues will have an effect on how much tax New Jersey can collect from him for his appearance in the Super Bowl XLVIII."

"Should the Broncos beat the Seahawks, Manning—and the rest of his teammates—will earn $92,000. The loser’s share in the Super Bowl is $46,000. So why does Manning’s future beyond February 2 matter to New Jersey? It would seem logical that the Garden State would apply its tax rates on the $92,000 or $46,000 Manning earns for his week in East Rutherford. Unfortunately, we are dealing with tax laws, not logic."

boo hoo!

Todd803 01-29-2014 01:12 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Quote:

Originally Posted by b381l (Post 4073470)
http://www.forbes.com/sites/kurtbade..._medium=social

I really love feel good stories like this. After reading this, I know you'll agree.

"Peyton Manning has the opportunity to pull a John Elway and ride off into the sunset as a Denver Bronco after winning his second ring, not that he wants to retire. His career will hinge upon an offseason exam on his surgically-repaired neck, according to ESPN ’s Chris Mortensen. Obviously, the most important implication of the exam will be Manning’s health. But whether his career continues will have an effect on how much tax New Jersey can collect from him for his appearance in the Super Bowl XLVIII."

"Should the Broncos beat the Seahawks, Manning—and the rest of his teammates—will earn $92,000. The loser’s share in the Super Bowl is $46,000. So why does Manning’s future beyond February 2 matter to New Jersey? It would seem logical that the Garden State would apply its tax rates on the $92,000 or $46,000 Manning earns for his week in East Rutherford. Unfortunately, we are dealing with tax laws, not logic."

Now I understand why he keeps having to do those pizza commercials. Sad really.

b381l 01-29-2014 01:15 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Quote:

Originally Posted by ucan'tlickourcocks (Post 4073511)
Flat tax? Fairtax?

This article shows how ridiculous our tax laws are!

flat tax/fair tax is a federal tax to take the place of our current tax structure......this is a state tax issue.

Goofyboy 01-29-2014 01:31 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
This article comes from Forbes Magazine. Take it with a grain of salt. If Manning pays an effective tax rate higher than a pair of married teachers, I'd be surprised. He's not to be pitied.

JerseyBird 01-29-2014 01:36 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Fuggedaboudit!

GamecockNeal 01-29-2014 01:40 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
He really needs that money to continue his cheating/"open marriage" lifestyle.

b381l 01-29-2014 02:44 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Quote:

Originally Posted by Goofyboy (Post 4073604)
This article comes from Forbes Magazine. Take it with a grain of salt. If Manning pays an effective tax rate higher than a pair of married teachers, I'd be surprised. He's not to be pitied.

You don't have a clue.

usc90grad 01-29-2014 07:38 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
This has nothing to do with Manning not needing the money. Geez people...wake up.

JerseyBird 01-29-2014 08:18 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Blame it on Jordan ;-)

http://www.insidehoops.com/jordans-r...x-041212.shtml

The 1991 NBA Finals was a defining moment in professional sports. It was Michael Jordan’s first NBA Finals, the end of the “Showtime” era for the Lakers, and the beginning of the Bulls dynasty. However, at the same time, a more ominous and quietly discussed tax policy was approved by California State taxing authorities forever changing American sports.

As the story goes, soon after the celebrations, parades and excitement of the ’91 Finals, the State of California notified Michael Jordan that he would owe taxes for the days he spent in Los Angeles. In direct response to this new egregious policy, Illinois passed a bill famously known as “Michael Jordan’s Revenge” – imposing income taxes on athletes from California and any other state that imposed a tax on their residents. Many city and state governments followed suit, seizing the opportunity to reach into the pockets of visiting athletes. Today, nearly every state that hosts professional sports teams has enacted their own Jock Tax policy. Even city local taxing authorities such as Cleveland, Kansas City, Detroit and Philadelphia established similar rules independent of the state.

Lalli25 01-29-2014 08:19 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Quote:

Originally Posted by GamecockNeal (Post 4073607)
He really needs that money to continue his cheating/"open marriage" lifestyle.

What the hell are you talking about?

Cock Kool-Aid 01-29-2014 08:30 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Quote:

Originally Posted by partyguy708 (Post 4073540)
boo hoo!


That's racist, bro.

JohnnyB21 01-29-2014 09:55 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Quote:

Originally Posted by Lalli25 (Post 4073684)
What the hell are you talking about?

There are rumors he cheats on his wife and they have an 'open marriage'...

We wont know until a big headed, tall, oddly shaped quarterback allstar comes of of one of the 32 NFL team cities, most likely Indianapolis.

Gamecock_girl_west 01-29-2014 10:14 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
People need to stop with rumors about people's personal lives. Manning and his wife maintain a privacy about their life, and that has led to some horrific rumors about his having an affair and whether they are the parents of their twins. It truly is awful. When he first got to the league the rumor was that he was gay. He keeps his private life private. His alleged affair was with a weather reporter, fairly public person in Indy, with how Deadspin and other 'sports journalists' love to break these 'scandals' I am sure if there was a shred of proof it would have been outed by now.

And yes, NJ does this to everyone, not just athletes. Many offices have NYC and NJ locations, and if you do business regularly in the NJ office, you are subject to NJ taxes. So if you live in CT, you pay NY, NJ and CT taxes. Lucky you.

The Yancey 01-29-2014 10:19 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Quote:

Originally Posted by Goofyboy (Post 4073604)
This article comes from Forbes Magazine. Take it with a grain of salt. If Manning pays an effective tax rate higher than a pair of married teachers, I'd be surprised. He's not to be pitied.

T

Sadly this is true. Malcolm Senior was a friend of mine. He had little use for his dipshit son who has now turned a well respected business magazine into a yellow journalism rag.

usc90grad 01-29-2014 10:45 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Quote:

Originally Posted by JohnnyB21 (Post 4073704)
There are rumors he cheats on his wife and they have an 'open marriage'...

We wont know until a big headed, tall, oddly shaped quarterback allstar comes of of one of the 32 NFL team cities, most likely Indianapolis.

Have heard the same. Have a friend that says he used to hit on her and her friends when she lived in Indy. She's not the type to lie either.

JerseyBird 01-29-2014 10:52 AM

Re: NJ Taxes Could Eat Up All of Peyton Manning's Super Bowl Earnings
 
Wow everyone on here knows famous people or is only a step removed from knowing famous people. I gotta find someone famous to know :thumbsup:


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