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Post by unionstation82 on Feb 20, 2019 12:55:10 GMT -6
The worst part of Manny Machado going to San Diego is the fact he will pay 40m over 10 yrs to Crylafornia in Taxes. Why dont people see that state sucks badly If you’re rich, California is great. |
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Post by blcoach8 on Feb 20, 2019 13:22:24 GMT -6
glad Machado is in the NL......hope Harper is, too.
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Post by Deleted on Feb 20, 2019 13:25:03 GMT -6
glad Machado is in the NL......hope Harper is, too. It's looking that way. Phillies more than likely with the Giants being a possibility. |
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Post by blcoach8 on Feb 20, 2019 13:42:47 GMT -6
glad Machado is in the NL......hope Harper is, too. It's looking that way. Phillies more than likely with the Giants being a possibility. I didn't want either of them. |
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Post by astrosdoug on Feb 20, 2019 14:04:49 GMT -6
Not sure how long Yuli's new hair style will last
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Post by Deleted on Feb 20, 2019 15:47:20 GMT -6
i'd have to check, but. I wonder how tax laws work in the case if you work in one state and live in another. I am sure there can't be double taxation.
Any been in this situation?
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Post by Hunter McCormick on Feb 20, 2019 16:12:38 GMT -6
The worst part of Manny Machado going to San Diego is the fact he will pay 40m over 10 yrs to Crylafornia in Taxes. Why dont people see that state sucks badly If you’re rich, California is great. I guess it depends on how rich. The truly wealthy can afford attorneys to avoid some taxes. But in general I would expect the rich are still going to get hit pretty hard in a state where the income tax is almost 14%. The middle class definitely takes a hit. Poor folks probably love Cali with all the handouts. As long as they're below the poverty threshold, they pay nothing in state income tax. |
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Post by Hunter McCormick on Feb 20, 2019 16:19:49 GMT -6
i'd have to check, but. I wonder how tax laws work in the case if you work in one state and live in another. I am sure there can't be double taxation. Any been in this situation? Tricky business, that. You're right, you don't get taxed twice. But especially in the case of huge salaries like MLB stars, the states want to grab as much as they can. I think MLB players are treated as residents in the state where their team is based. So for 81 games worth of their salary, they pay taxes to that state. But they also have to pay taxes to other states for the portion of their schedule where they're on the road. www.bna.com/baseballs-highestpaid-players-n57982090595/ |
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Post by Saint on Feb 20, 2019 16:27:51 GMT -6
Here's a question since taxes came up:
If you get paid $100 an hour as an independent contractor, how much of that should you net after subtracting all of the taxes you should self-pay quarterly? (And if you pay quarterly, do you still have to pay something at the end of the year if you self-paid correctly during the year?)
I'm not a tax guy...
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Post by bearbryant on Feb 20, 2019 17:00:17 GMT -6
Not sure how long Yuli's new hair style will last |
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Post by Deleted on Feb 20, 2019 17:05:03 GMT -6
Here's a question since taxes came up: If you get paid $100 an hour as an independent contractor, how much of that should you net after subtracting all of the taxes you should self-pay quarterly? (And if you pay quarterly, do you still have to pay something at the end of the year if you self-paid correctly during the year?) I'm not a tax guy... Heard there is a CPA firm over there that may help you.... Dewey, Cheatem, and Howe.  Seriously dude, a baseball forum isn't the greatest place to get tax advise. Ask this guy..... |
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Post by Saint on Feb 20, 2019 17:55:22 GMT -6
Here's a question since taxes came up: If you get paid $100 an hour as an independent contractor, how much of that should you net after subtracting all of the taxes you should self-pay quarterly? (And if you pay quarterly, do you still have to pay something at the end of the year if you self-paid correctly during the year?) I'm not a tax guy... Heard there is a CPA firm over there that may help you.... Dewey, Cheatem, and Howe. Seriously dude, a baseball forum isn't the greatest place to get tax advise. Ask this guy..... It's for a project a friend of mine is working on. Couple people sounded knowledgeable so figured it was worth a shot. I wouldn't base a life choice off of it. |
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Post by paastrosfan on Feb 20, 2019 18:04:56 GMT -6
Maybe playing with some quality clubhouse guys like Hosmer and Myers will help with his attitude. And if it doesn't, they can drop him after the first 5 years when his production will likely start to decline anyways. I still think it's a solid deal for both sides given their situations. The Padres still have a fairly low team payroll with this deal so it's not like it's going to burden them financially. I thought the opt out after 5 was just a player option. Heard a report on the mlb radio today, Manny can be a role model for the young latino players. He would be the last person's play to follow. If he couldn't get up for the NLCS and WS what can motivate a player. "I am Manny and I am good". |
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Post by paastrosfan on Feb 20, 2019 18:10:18 GMT -6
i'd have to check, but. I wonder how tax laws work in the case if you work in one state and live in another. I am sure there can't be double taxation. Any been in this situation? Taken from turbo tax: I checked into it when my sibling fell under this situation. "In general, you'll pay state taxes on all the personal income you earn in your home state (unless you live in a state without personal income taxation). If you work in a state but don't live there, you are considered a non-resident of that state. You will probably be required to pay taxes on any income you earn there, too." |
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Post by thomasj13 on Feb 20, 2019 18:13:22 GMT -6
i'd have to check, but. I wonder how tax laws work in the case if you work in one state and live in another. I am sure there can't be double taxation. Any been in this situation? Taken from turbo tax: I checked into it when my sibling fell under this situation. "In general, you'll pay state taxes on all the personal income you earn in your home state (unless you live in a state without personal income taxation). If you work in a state but don't live there, you are considered a non-resident of that state. You will probably be required to pay taxes on any income you earn there, too." In simple, you get taxed on income you're making at the time you receive the money. So if it's away game it's whatever the income taxes are at that state. |
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Post by paastrosfan on Feb 20, 2019 18:29:11 GMT -6
Taken from turbo tax: I checked into it when my sibling fell under this situation. "In general, you'll pay state taxes on all the personal income you earn in your home state (unless you live in a state without personal income taxation). If you work in a state but don't live there, you are considered a non-resident of that state. You will probably be required to pay taxes on any income you earn there, too." In simple, you get taxed on income you're making at the time you receive the money. So if it's away game it's whatever the income taxes are at that state. Off hand I don't know the per cent number on personal income tax in California, but it is one of the highest in the country. As a matter of fact Tucker Carlson was talking about it a few days ago on his show saying businesses and families are fleeing the state because of it. |
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Post by Hunter McCormick on Feb 20, 2019 19:26:59 GMT -6
Here's a question since taxes came up: If you get paid $100 an hour as an independent contractor, how much of that should you net after subtracting all of the taxes you should self-pay quarterly? Difficult to estimate. Fixed costs like insurance, workman's comp payments, and purchase (or lease) of a work vehicle will be amortized differently (per hour) depending on the number of billable hours per year. If you can accurately predict the number of billable hours, you could do a better job of determining how much of the costs can be deducted per hour. Guess a lower number of hours than you actually work and you'll be liable for a greater tax burden since you've deducted more from your tax liability per billable hour. Guess a higher number of billable hours than you actually work and the reverse is true. You'll pre-pay more taxes than you need to. I'm not a tax guy either, but if you 'correctly' paid in each of your four quarterly payments, you won't owe anything. If you overpaid, you can get a refund, just like the average Joe who has his taxes deducted by his employer. If you underpaid, you'll owe something. I reckon if you underpay by 10% or so, you won't pay a penalty. And that's not necessarily a bad thing if the money is earning you interest somewhere. But if you underpay by a LOT, the IRS is likely to come after you for interest (and a punitive penalty) on the balance of the unpaid taxes. |
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marshall
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Post by marshall on Feb 20, 2019 20:31:00 GMT -6
Here's a question since taxes came up: If you get paid $100 an hour as an independent contractor, how much of that should you net after subtracting all of the taxes you should self-pay quarterly? (And if you pay quarterly, do you still have to pay something at the end of the year if you self-paid correctly during the year?) I'm not a tax guy... The biggest thing you have to know is that there are multiple taxing agencies and each one has it's own rules. Since you're not a tax guy, getting someone who is is critical. Research them as much as possible and beware those who promise the lowest tax bill because they often put you in jeopardy and then disappear when the taxing entity comes calling.
I was once taxed by a city I didn't live in or work in because that is where the employer cut the check. They really are ALL out to get your money by whatever trick or trap they can envision, whether constitutional or not.
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Post by astrosdoug on Feb 21, 2019 5:02:35 GMT -6
This one didn't turn out very well for the good guys, but it's nice nonetheless to see some faces from the '87 team which really doesn't have much of its playing time preserved for posterity on Youtube.
Knepper vs. Sutcliffe
(and they are remarking how extreme it is that Sutcliffe earns $2 million/year)
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Post by Deleted on Feb 21, 2019 8:11:41 GMT -6
I can remember how aghast everyone was back in 1979, when the first $1M/annual contract was given.
Recipient? Our own Nolan Ryan and in Houston.
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Post by talshill on Feb 21, 2019 8:57:19 GMT -6
Here's a question since taxes came up: If you get paid $100 an hour as an independent contractor, how much of that should you net after subtracting all of the taxes you should self-pay quarterly? (And if you pay quarterly, do you still have to pay something at the end of the year if you self-paid correctly during the year?) I'm not a tax guy... I'm not an accountant, but I have a couple of family members that are and I've spent a long time trying to come up with creative ways to keep more of my income. So, I'll venture a guess. At $100/hr for 40 hrs/week, the gross income would be 208K which puts you in the 35% income tax bracket. Of course, there are a lot of variables. Filing single or married? Do you pay for your own health insurance? How many deductions do you have? In what state was the income earned? Did you contribute to an IRA/401(k)/403(b)? Did you use your car in the business? So, we'll make a couple of assumptions to answer your question. The guy is married, filing jointly, and he has two kids. He worked as an independent contractor all year. He took two weeks of vacation during the year, which means he lost 8k in income, so he actually made 200K. He contributed 10k to an IRA, 9K for health premiums for his family of 4, and has 4 deductions (himself, spouse, 2 kids under 15). He gets a 24K deduction for filing jointly. As of 2018, you don't get deductions for your kids; i.e, personal exemptions are kaput. Deducting for the three exemptions mentioned means his AGI is 157K (200-(10+9+24)). So, he'll be taxed on 157K. His income tax owed would be $8907 + 22% of the amount over $77,400, which comes to a total of $26,419 in income taxes. (If he didn't have enough deductions to get below 165K in AGI he really got screwed. He'd owe $28,179 plus 24% on any amount over 165k.) He'll also owe 8K in FICA and about $2900 in Medicare tax. So, a total of about 38k in taxes so far. He'll get a tax rebate of 2k per child, so now 34K total. He earned this money in TX, so no state income tax. So, this dude made 200k and took home about 123k. This is near best-case scenario; actual mileage may vary. |
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Post by talshill on Feb 21, 2019 9:04:02 GMT -6
One of my daughters is an anesthetist (CRNA) and single. Talk about an old-fashioned screw job come tax time. We were just working on hers the other day.
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Post by Saint on Feb 21, 2019 9:07:06 GMT -6
Here's a question since taxes came up: If you get paid $100 an hour as an independent contractor, how much of that should you net after subtracting all of the taxes you should self-pay quarterly? (And if you pay quarterly, do you still have to pay something at the end of the year if you self-paid correctly during the year?) I'm not a tax guy... I'm not an accountant, but I have a couple of family members that are and I've spent a long time trying to come up with creative ways to keep more of my income. So, I'll venture a guess. At $100/hr for 40 hrs/week, the gross income would be 208K which puts you in the 35% income tax bracket. Of course, there are a lot of variables. Filing single or married? Do you pay for your own health insurance? How many deductions do you have? In what state was the income earned? Did you contribute to an IRA/401(k)/403(b)? Did you use your car in the business? So, we'll make a couple of assumptions to answer your question. The guy is married, filing jointly, and he has two kids. He worked as an independent contractor all year. He took two weeks of vacation during the year, which means he lost 8k in income, so he actually made 200K. He contributed 10k to an IRA, 9K for health premiums for his family of 4, and has 4 deductions (himself, spouse, 2 kids under 15). He gets a 24K deduction for filing jointly. As of 2018, you don't get deductions for your kids; i.e, personal exemptions are kaput. Deducting for the three exemptions mentioned means his AGI is 157K (200-(10+9+24)). So, he'll be taxed on 157K. His income tax owed would be $8907 + 22% of the amount over $77,400, which comes to a total of $26,419 in income taxes. (If he didn't have enough deductions to get below 165K in AGI he really got screwed. He'd owe $28,179 plus 24% on any amount over 165k.) He'll also owe 8K in FICA and about $2900 in Medicare tax. So, a total of about 38k in taxes so far. He'll get a tax rebate of 2k per child, so now 34K total. He earned this money in TX, so no state income tax. So, this dude made 200k and took home about 123k. This is near best-case scenario; actual mileage may vary. So basically, it would be smart to put aside/pay 40% for tax purposes and then if things go well he'll get a refund back the next year? |
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talshill
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Post by talshill on Feb 21, 2019 9:18:36 GMT -6
I'm not an accountant, but I have a couple of family members that are and I've spent a long time trying to come up with creative ways to keep more of my income. So, I'll venture a guess. At $100/hr for 40 hrs/week, the gross income would be 208K which puts you in the 35% income tax bracket. Of course, there are a lot of variables. Filing single or married? Do you pay for your own health insurance? How many deductions do you have? In what state was the income earned? Did you contribute to an IRA/401(k)/403(b)? Did you use your car in the business? So, we'll make a couple of assumptions to answer your question. The guy is married, filing jointly, and he has two kids. He worked as an independent contractor all year. He took two weeks of vacation during the year, which means he lost 8k in income, so he actually made 200K. He contributed 10k to an IRA, 9K for health premiums for his family of 4, and has 4 deductions (himself, spouse, 2 kids under 15). He gets a 24K deduction for filing jointly. As of 2018, you don't get deductions for your kids; i.e, personal exemptions are kaput. Deducting for the three exemptions mentioned means his AGI is 157K (200-(10+9+24)). So, he'll be taxed on 157K. His income tax owed would be $8907 + 22% of the amount over $77,400, which comes to a total of $26,419 in income taxes. (If he didn't have enough deductions to get below 165K in AGI he really got screwed. He'd owe $28,179 plus 24% on any amount over 165k.) He'll also owe 8K in FICA and about $2900 in Medicare tax. So, a total of about 38k in taxes so far. He'll get a tax rebate of 2k per child, so now 34K total. He earned this money in TX, so no state income tax. So, this dude made 200k and took home about 123k. This is near best-case scenario; actual mileage may vary. So basically, it would be smart to put aside/pay 40% for tax purposes and then if things go well he'll get a refund back the next year? Again, without knowing details it's difficult to be exact or even close. I could be way off. The example I gave was quick-and-dirty and ignored lots of variables. High wage-earners are well-advised to consult an accountant BEFORE earnings are accrued so that steps can be taken to avoid nasty surprises at the end of the year. In his case, I'd put aside half and never expect a refund, but it's imperative for him to see an accountant NOW, especially if he's new to the high-income brackets. Many tears can be avoided that way. |
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Post by ɮօʀȶǟʐ on Feb 21, 2019 9:24:31 GMT -6
Also, he should not be aiming for a refund. A tax refund is just you lending your money, interest free, to the government. You're far better off underpaying taxes throughout the year, putting that extra money in an interest-bearing account, and paying any shortages in April.
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talshill
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Post by talshill on Feb 21, 2019 9:25:02 GMT -6
And I don't remember the exact percentage, but if you're off on paying what you owe (I think it's below 90% of what you should have paid), uncle Sam has a nice little penalty with interest waiting for you.
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Post by paastrosfan on Feb 21, 2019 9:31:38 GMT -6
Also, he should not be aiming for a refund. A tax refund is just you lending your money, interest free, to the government. You're far better off underpaying taxes throughout the year, putting that extra money in an interest-bearing account, and paying any shortages in April. [br ***** Talk to a lot of people and they think it is great when getting back a big refund. |
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Post by talshill on Feb 21, 2019 9:32:22 GMT -6
Also, my advice for life insurance is this: buy term insurance (not more than you need) and avoid any life insurance that accrues cash value (whole life, universal life, etc.). You will come out much better in the long run to buy the cheaper insurance and invest the difference in premiums into an index mutual fund. A 25-year-old with no dependents doesn't generally need 500k in life insurance. Now I've pissed off the insurance salesmen on the board.
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talshill
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Post by talshill on Feb 21, 2019 9:35:00 GMT -6
Also, he should not be aiming for a refund. A tax refund is just you lending your money, interest free, to the government. You're far better off underpaying taxes throughout the year, putting that extra money in an interest-bearing account, and paying any shortages in April. [br ***** Talk to a lot of people and they think it is great when getting back a big refund. They think it's great giving Uncle Sam an interest-free loan for a whole year? Money they could have otherwise used? But I suppose it makes sense; most people don't save any money or have a clue how it works anyway, so it works like a forced savings account for them. |
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Post by paastrosfan on Feb 21, 2019 9:38:23 GMT -6
[br ***** Talk to a lot of people and they think it is great when getting back a big refund. They think it's great giving Uncle Sam an interest-free loan for a whole year? Money they could have otherwise used? But I suppose it makes sense; most people don't save any money or have a clue how it works anyway, so it works like a forced savings account for them. There is not many tax deductions for the tax payer now. Unless you have kids under 17 or siblings going to college. That is how I used the lifetime learning credit this tax season. |
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