Mr. Tibbs
- southeast DuPage
If you are an employee paid by W-2. or 1099 as an independent contractor, you will pay the same income tax to fed and state, and the payroll taxes are just about equalized with FICA/Medicare or Self Employment tax.This is kind of a nerdy side question — but does anyone know how NIL income is earned from a tax perspective compared to the NFL? Do they use something like LLCs as S-Corps for 1099s instead of the W-2 “normal” wage? Just wondering if there are any nuances where $1m in one is not actually the same as the other after considering tax setup.
no meaningful tax arbitrage game can be played there. in other words , you cant let taxes wag the economic dog