Kene signs rookie contract

[kirk89gt]

He still had a good Friday...don't get me wrong...but realistically he actually got about $325k.

35% federal tax give or take
10% MN tax
7-10% to agent
Additional union dues

If he can walk away with 50% of the starting number, he is doing pretty good. The IRS loves bonuses.

 

[LarryISU]

I worked 35 years before I earned that much.....

I was thinking the same thing. I left Ames and I'll bet it took me 10 years to make $150,000. After 20 years I had probably made $400,000 total. And this is a 4th-rounder!!!! Just imagine what all those guys ahead of him are getting. Owww! Sharp pain behind my eye! Larry..... out!

 

[Neptune78]

He still had a good Friday...don't get me wrong...but realistically he actually got about $325....

7-10% to agent.......

Is that really the number for agent fees? I thought it was closer to 4-5%.

 

[EvilBetty]

Ummm...I think he's going to be alright.

Could you imagine over 700K just dropping in your account on a Friday afternoon with no college debt? Drinks are definitely on him!

 

[JM4CY]

Is that really the number for agent fees? I thought it was closer to 4-5%.

Closer to tree fiddy in reality.

 

[uthaman]

Clearly he needs to get married quickly so he can get the tax brackets shifted.

Yep, get married and have a kid or two. Easiest way there is to turn $700k into ZERO. Even Uncle Sam can't touch the power of a wife, a daughter and Target

 

[cyred]

22% under a million, 37% over.

Not that I have to worry about the latter.

Bonuses aren’t taxed at the same rate as regular income? It does show up on your w-2 separately?

 

[BCClone]

Bonuses aren’t taxed at the same rate as regular income? It does show up on your w-2 separately?

The withholding is different.

 

[cyrocksmypants]

Bonuses aren’t taxed at the same rate as regular income? It does show up on your w-2 separately?

Bonuses are taxed differently. And it all goes combined on your W2.

 

[FallOf81]

The young man is always associated with the word ... smart. I'm sure he will also live a lifestyle for years to come well below his means and invest wisely. Good for him!

 

[FallOf81]

MN income tax is 10% !

 

[IcSyU]

Is that really the number for agent fees? I thought it was closer to 4-5%.

For a big contract you may get it that low...the few sports agents I've worked with its higher. The rookie contract normally is higher than the second because they know you're unlikely to stick as a client and the dollar figures are smaller.

This is how some people end up with their uncle as their agent and investment guy....they decide the agent and advisor isn't worth it and wonder how they're filing for bankruptcy later.

 

[Bipolarcy]

Is that really the number for agent fees? I thought it was closer to 4-5%.

They call agents 10 percenters for a reason, although I suppose there are better deals to be had.

 

[Neptune78]

....they decide the agent and advisor isn't worth it and wonder how they're filing for bankruptcy later.

Ala, Matt Campbell. Sans the bankruptcy part.

 

[zcecsch]

Ala, Matt Campbell. Sans the bankruptcy part.

Campbell knows he doesn't need an agent to say "give my assistant coaches more money" to Pollard and to say "no" to anyone else who offers him a job, he can do that himself easily

 

[SoapyCy]

A million bucks per TD.

 

[83cy]

Bonuses are taxed differently. And it all goes combined on your W2.

Bonuses are not taxed differently. Withholding is different but it's all w-2 ordinary income and taxed the same.

 

[cyrocksmypants]

Bonuses are not taxed differently. Withholding is different but it's all w-2 ordinary income and taxed the same.

6 of one, half a dozen of the other.

 

[IcSyUclone]

Will be fun to watch him beat out EIU and kNU for snaps!

 

[Mr.G.Spot]

Bonuses aren’t taxed at the same rate as regular income? It does show up on your w-2 separately?

They are taxed, tmk, as if that was your weekly, bi-weekly paycheck on an annual basis. Usually puts u at the top bracket.....now 36%....