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Discussion in 'PatsFans.com - Patriots Fan Forum' started by raduray, Jun 9, 2019.

  1. chris_in_sunnyvale

    chris_in_sunnyvale In the Starting Line-Up

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    I've received awards with cash offsets for taxes*. It's an easy calculation.

    Assume tax withholding by the organization at 40% fed+state (as an example). Award is valued at $50K. Divide $50K by 0.6 to get $83,333 which will be the total award value added to your income. That extra $33,333 will be withheld as tax on both the $50K award and tax on the cash offset. So you get your $50K award and paid your taxes on it without having to cough up extra cash.

    * LOOK AT ME! I GOT AN AWARD!**

    Regards,
    Chris

    ** stupid leg lamp
     
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  2. captain insano

    captain insano Experienced Starter w/First Big Contract

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    its not called taxachusetts for nothing.
     
  3. Tunescribe

    Tunescribe PatsFans.com Supporter PatsFans.com Supporter

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    I understand that, but it's an unreasonable standard. Gold and diamonds aren't used to buy groceries and make mortgage payments for obvious reasons. There should be a category for provable gifts, which a Super Bowl ring assuredly is, apart from income .
     
    Last edited: Jun 10, 2019
  4. raduray

    raduray PatsFans.com Supporter PatsFans.com Supporter

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    Wow, I’m regretting mentioning the taxes :(
     
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  5. chris_in_sunnyvale

    chris_in_sunnyvale In the Starting Line-Up

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    Taxes on the rings are required by law, so that was bound to be part of the story. What would be interesting to know is if Kraft offset this burden with a cash offset for the taxes or just left it up to the employees to deal with on their own.

    Regards,
    Chris
     
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  6. KontradictioN

    KontradictioN Florida Man PatsFans.com Supporter

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    He probably gave them a spa day gift.
     
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  7. tasmlab

    tasmlab Starting QB, won 20 SBs, number is retired PatsFans.com Supporter

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    Scar was retired in 2014 unfortunately. Bum's only got 5 rings.
     
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  8. Chevy

    Chevy Rotational Player and Threatening Starter's Job

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    True, bonuses and pay are taxable. Reimbursed expenses, however, are not.
     
  9. Hyped

    Hyped PatsFans.com Supporter PatsFans.com Supporter

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    My memory is fuzzy, but thought the DeG experiment only lasted a year in 2015...hmmmm....
     
  10. shmessy

    shmessy . PatsFans.com Supporter

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    2 years. 2014 and 2015.

    He was in the first “Do Your Job” doc.
     
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