Super Bowl LIII: The Income Tax Rates on Some of the Athletes Playing Could Approach LIII%
--(BUSINESS WIRE)--Jan 31, 2019--Wolters Kluwer Tax & Accounting:
What: The Super Bowl is the biggest single sporting event of the year. Not only do professional teams compete all season for the chance to play, cities compete for the chance to host. With all the money associated with the game, it is not surprising that the tax man also gets involved.
Why: Professional athletes and sporting events are an attractive target for states seeking revenue since the athletes are highly paid and it is relatively easy to track the amount of their activity in each state. The Super Bowl also draws a lot of fans who spend money on taxable items like hotel rooms, food and souvenirs. The taxes can really start to add up.The typical player in the Super Bowl can owe state income taxes not only to the state of Georgia, where Super Bowl LIII is played, but also to the state of residence of the team (California or Massachusetts), the state of domicile of the player, and to every other state in which the player has played a game that year, if the state has an income tax, as all except nine do The states use a “duty days” calculation or a “games played” calculation, but the calculation in each state is a little different If an athlete has changed teams during the year, it gets a little more complicated Some cities where professional athletes play also have a city income tax Professional athletes also have to pay a federal income tax with a top rate of 37 percent Georgia has a top income tax rate of 5.75 percent, and Atlanta has a sales tax rate of 8.9 percent, although, to win hosting the Super Bowl, the sales tax on Super Bowl tickets had to be waived
Who: Tax experts are available to discuss the potential tax issues surrounding Super Bowl LIII.
Contact: To arrange interviews with state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact:
MARISA WESTCOTT 212-771-0853 firstname.lastname@example.org
View source version on businesswire.com:https://www.businesswire.com/news/home/20190131005637/en/
CONTACT: MARISA WESTCOTT
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: FOOTBALL PROFESSIONAL SERVICES CONSULTING FINANCE OTHER PROFESSIONAL SERVICES SPORTS
SOURCE: Wolters Kluwer Tax & Accounting
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PUB: 01/31/2019 11:00 AM/DISC: 01/31/2019 11:01 AM