Me and the Super Bowl Rings

[chris_in_sunnyvale]

Nah, that money would also then be taxed.....

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

 

[captain insano]

Sounds like Massachusetts. That state would tax a fart right out of your ass if they could find a way to track farts.

its not called taxachusetts for nothing.

 

[Tunescribe]

A valuable "gift" from your employer = income. Otherwise a company could just pay in gold & diamonds instead of cash and no employees would owe any taxes.

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 .

 

[raduray]

Wow, I’m regretting mentioning the taxes

 

[chris_in_sunnyvale]

Wow, I’m regretting mentioning the taxes

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

 

[Kontradiction]

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

He probably gave them a spa day gift.

 

[tasmlab]

Nah, that money would also then be taxed.....

As for staff members who have six rings....here's who comes to mind:

- Belichick (duh)
- Ernie Adams
- Dante Scarnechia
- Ivan Fears
- Berj Najaran (sp? BB's "assistant")


That's off the top of my head...and I am not sure about McDaniels...he might have been an offensive assistant in 2001-2004 after graduating from John Carroll U?

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

 

[Chevy]

A valuable "gift" from your employer = income. Otherwise a company could just pay in gold & diamonds instead of cash and no employees would owe any taxes.

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

 

[Hyped]

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

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

 

[shmessy]

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

2 years. 2014 and 2015.

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