Mike Leach to UH?

[redpony]

In addition to being a PITB

[mrydel]

[quote="gostangs"]lower tier P-5 jobs are not what they are cracked up to be. Why would any great athlete go to Wash State over the top 3/4 of their conference? It is the Texas Tech syndrome. Very tough to make those programs come around - so 2.5 M in a new 5 year contract in a job he can excel in is a better bet then 2.75 in a job where he probably already knows we will be fired in a year.

Because Texas has no state income tax, he could have a smaller salary and still make more money. This has become an issue with professional athletes living or working in California. They can make far less money in Texas and still have a pay raise. The Rockets Howard took a $30 million contract cut and still ended up with roughly $ 3 mi more. Most recently Kung Fu Panda signed with the Red Sox for roughly the same money offered by the SF Giants and end up taking home an additional 9 million over 3 years by getting out of California. Leach could accept less money and come out financially ahead.

Haha...when Massachusetts offers you lower taxes, that might be a sign you live in a [deleted] state! California maxes out at over 12%. Nice! Bet that goes up in the near future.

Actually, all athletes and coaches pay income tax in any state that they "work" in. I have to do this as well in my line of work. A number of years ago this was instituted because states wanted to grab as much possible inome as they can. In past years, I gad worked in as many as five different states, meaning that I file in each state that took out income taxes. This requires a really good accountant.

Go Ponies![/quote]
Knowing the IRS you may well be right but I cannot imagine a coach or player having to pay taxes on income made while on a "business trip" to another state. I travelled to many states on business in my last job and did not have to pay any taxes to those states. The income is coming from the state in which they home base, not the state in which they play.

[redpony]

mrydel- you might want to check this out. IIRC- Ca. implemented this tax rule to get revenue from professional athletes (NBA, NFL, etc.) when they play in the state of Ca. and a lot of other states followed their lead. I have no idea how that would affect people that do consulting, banking etc.

[mrydel]

I know it does not affect me. But like I said knowing the IRS no telling what kind of rules they have for athletes. And consulting could certainly be different than just doing a regular job on a business trip.

[Stallion]

consider a professional golfer who earns income and has sponsorships in many states. Each state has laws that are triggered for persons "doing or transacting business" in their states. Also get into franchise tax issues with sporting figures who are employees of a corporate entity who does business or transacts business in many states

[mrydel]

Pro golfer is self employed. FB pros are employees of their team/owner.

[Digetydog]

mrydel- you might want to check this out. IIRC- Ca. implemented this tax rule to get revenue from professional athletes (NBA, NFL, etc.) when they play in the state of Ca. and a lot of other states followed their lead. I have no idea how that would affect people that do consulting, banking etc.

According to one of the lawyers I work with, his taxes are a mess b/c he gets taxed by every jurisdiction where his firm has offices (including California) and where he actually does work (he travels often.)

[redpony]

Ha. Glad I am retired. Can you imagine a sales person that does business in 5-6 different states?

[Stallion]

Pro golfer is self employed. FB pros are employees of their team/owner.

You are thinking too narrowly. Pro golfers and celebrities are business conglomerates with their hands in many business ventures. That's why I mentioned income tax AND also corporate franchise taxes.

[mrydel]

Pro golfer is self employed. FB pros are employees of their team/owner.

You are thinking too narrowly. Pro golfers and celebrities are business conglomerates with their hands in many business ventures. That's why I mentioned income tax AND also corporate franchise taxes.

Yet they are still individual entities. You will never convince me that I am in violation of IRS tax codes because I work for a bank in Arkansas that has branches in other states that if I go to one of the other states I would have to pay taxes on income I was paid during that time. I would believe that a player on the Dallas Cowboys is an employee of the Cowboy organization and would not have to pay Pennsylvania taxes when they go play the Eagles. I would, however, believe if Tiger Woods won a golf tourney in Pennsylvania he would be subject to any state taxes they may have.