A few million?He will make "a prorated portion of
the...minimum".And his Kings buyout will be taxed heavily, at a
rate similar to what he would have paid if he was making that lump sum the
entire year.This is not good for Jimmer. He is hanging onto his NBA
dream by the skin of his teeth, so he better not brush for a while!
@YaskY, You must not know much about how taxes work if you thnk
he's taxed on his buyout "at a rate similar to what he would have been
paid if he was making that lump sum the entire year" There is a
difference between the amount that is withheld and the taxes you end up paying.
That is why people typically have a refund or owe the govt more at the end of
the year - what is withheld almost never matches your taxes due. He'll be
taxed according to the total amount of money he made during the year, just like
every other person in the world is. The fact a big lump sum came in one big
chunk doesn't impact the total taxes he will owe as opposed to if that
amount had been spread over the year.I'm embarrassed if you
didn't know that. And no, I'm far from a tax expert or accountant.
But I would have though people had a BASIC understanding of how they are taxed.
Sad that you didn't.And yes, Jimmer has made a few million.
Good luck Jimmer. You bring a touch of class to any team, not to mention
connecting from way deep.
Wait, I read a bunch of comments on here from Utes the other day that said no
NBA team would sign him and he would have to go to Europe to play?There were rumors that 2-3 teams at least had interest. Now it appears
Chicago has interest too?Fascinating how such a non-NBA talent gets
offers from NBA teams.Wonder if the Utes have any more insights they
could share?Sacramento is such a clown organization.
@JazzSource, you (and I) well know, the reason for no NBA team taking him when
Sacramento was offering him, was the deal, not Fredette. Now, if no team really
wanted him AFTER he was waived, then they were be correct. Another example of
why no one should speak before all the facts are in.
Even as a first round draft pick, Jimmer has always been one of the lowest paid
players on the King's roster. His "buy out" comes halfway through
the regular season, and does not include the fourth year team option that was
not picked up. So he is getting a lump sum payout of half his annual contract
amount ($ 2.4 million) for this, his third year in the NBA.But his
total checks for these three years have been subject to heavy taxes, as much as
55 percent of his salary. There's federal tax, and an additional 13.3% in
California state taxes (the highest state income tax in the United States). Also
the Medicare tax and surcharge, plus the "jock taxes" paid to the 16 to
20 states in which he plays on the road. So even discounting the higher
withholding that will result from this lump sum payout, it is a stretch to say
that Jimmer has earned, or will go on to earn, "a few million" for his
play in the NBA. He has been little more than a lowly paid warm body for
scrimmages.I stand by my comments. Jimmer has always been overrated.
Y-Ask-Y : overpaid, overtaxed, overrated...Whaaa...? Dude, you are all over the
place.Last time I checked, player contracts and compensation
weren't evaluated on an "after-tax" basis. With the money these
guys make, they are all in the highest tax bracket. Jimmer has made "a few
million," and like every other player, paid his taxes on "a few
million."And you apparently still didn't understand the
point Sports Are Great was making - whether his salary was paid over the course
of the year or in a lump sum, at the end of the day his 2014 tax obligation will
be the same - there's nothing to discount. Only his withholding would
change. When you find yourself in a hole, stop digging.As far as
being overrated, it's hard to say - the Kings were a bad fit from day 1; he
may do better elsewhere, or he may end up in Europe. Either way, he'll
remain in the highest tax bracket for a few more years, at least. I hope the
best for him - he's a great kid.