Kene signs rookie contract

[zcecsch]

What you actually have to pay in taxes at the end of the year is of course most important, but withholdings does determine whether you get the money now or when you file your taxes the next year

 

[cyclonemagic]

MN income tax is 10% !

I am sure Kene is happy to be drafted by the Vikings. But, Kene is from Texas. He is probably thinking that there are no state income taxes in Texas.

 

[VeloClone]

I am sure Kene is happy to be drafted by the Vikings. But, Kene is from Texas. He is probably thinking that there are no state income taxes in Texas.

Wait until he get the joy of paying taxes in up to 18 other states in addition to Minnesota.

 

[Cycsk]

Kene is a great illustration of why not to rush to the Transfer Portal!

 

[83cy]

Well to beat this to death. Minnesota top rate of 9.85% kicks in at $166,040. Anyway congrats to Kene.

 

[SCarolinaCy]

As an engineer, I got $940/month

$805 here, in 1968--for the first two months. Got paid $133 the third month working for Uncle Sam.

 

[Stormin]

So Kene should have held out for a smaller contract so he would pay less taxes?

 

[BCClone]

Wait until he get the joy of paying taxes in up to 18 other states in addition to Minnesota.

And some even some municipalities. I guess the giants/jets play in Jersey so that might help a little.

 

[MuskieCy]

Wait until he get the joy of paying taxes in up to 18 other states in addition to Minnesota.

And local income tax in many cities.

First world problems.

 

[isufbcurt]

Depends. Doesn't matter what withholding is he still owes roughly $245,000 fed tax and roughly $70,000 Mn tax and fica and medicare tax but still a nice sum.

get a decent accountant and he won't pay anywhere near that

 

[NWICY]

get a decent accountant and he won't pay anywhere near that

Did you drop him a email yet ?

 

[demoncore1031]

 

[demoncore1031]

 

[demoncore1031]

 

[demoncore1031]

 

[demoncore1031]

I knew Kene was fast, but damn!!

 

[BoxsterCy]

So, nobody at the gym is going to "Hey, bro, do you even do legs?" at him.

 

[NickTheGreat]

So Kene should have held out for a smaller contract so he would pay less taxes?

My wife used to work at a bank and the Senior VP was complaining about a car allowance "putting him in a higher tax bracket"

This was at a BANK.

 

[nrg4isu]

My wife used to work at a bank and the Senior VP was complaining about a car allowance "putting him in a higher tax bracket"

This was at a BANK.

To be fair, no one ever accused bankers of being good with money. I have a friend whose wife is an economist - she wanted to buy a bigger house so they could deduct more property taxes.

 

[isufbcurt]

To be fair, no one ever accused bankers of being good with money. I have a friend whose wife is an economist - she wanted to buy a bigger house so they could deduct more property taxes.

Bankers are morons when it comes to anything taxes. If I billed for the amount of time I spend explaining client's tax returns to bankers I could probably double my income.