Reed it's essentially a 1099, which is essentially having your own business so it's a % of income not a flat dollar amount so he will pay much much more than that.
He literally would pay over 10 million in taxes if the fight does what I think it would.
This is the calculation example for $20 mil
Originally posted by oc9979
this is how the tax table works on page 89 on the 1040 intructions http://www.irs.gov/pub/irs-pdf/i1040.pdf
anything over $372,950 is multiply by 35%, and from the result you subtract by $22,316.50
For example if he makes
$20,000,000.00 X %35= $7,000,000
7,000,000-$22,316.50=$6,977,683.50
Floyd would pay $6,977,683.50 in taxes if he made 20 millions
Also, you have to take into consideration that he is a self-employed. So he will deduct trainers fees, security fees, transportation, cutman, money donated to charity, mortgate, and etc.
Reed it's essentially a 1099, which is essentially having your own business so it's a % of income not a flat dollar amount so he will pay much much more than that.
He literally would pay over 10 million in taxes if the fight does what I think it would.
You read it wrong... That 350k is the annual income you have to earn in order to reach the tax bracket of 35%... that is the annual income threshold marker.
You read it wrong... That 350k is the annual income you have to earn in order to reach the tax bracket of 35%... that is the annual income threshold marker.
plus if he received a 1099 and K1(which is the form to use to report income from a company given to each shareholder or partners). He will have to file 1040 Schedule SE and pay taxes for self employment income
Reed it's essentially a 1099, which is essentially having your own business so it's a % of income not a flat dollar amount so he will pay much much more than that.
He literally would pay over 10 million in taxes if the fight does what I think it would.
here it comes... *****s super genius researches......
floyd hasnt even declined and theyre on a roll searching for excuses already ... its like they already knew from the bottom of there heart that floyd will say "NO"
*****s trying to find every possible excuse and way to stop the fight. in their heart, they know pac will beat him.
*****s trying to find every possible excuse and way to stop the fight. in their heart, they know pac will beat him.
Originally posted by reedickyaluss
Thanks for the well thought out post Pullcounter... you really prove yourself to be one of the best contributors on NSB.
just remeber reed......pullcounter was a *****.....one of the biggest on NSB i'm told. So really how much stock do we put into "her" comments?? She's just trying to fit in with the "in" crowd and jump on that bandwagon of success.
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