Chase Brown declares for NFL Draft, opts out of bowl game

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#26      

Mr. Tibbs

Mr. Tibbs
southeast DuPage
Mr. Tibbs
spillini said:
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.
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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.

no meaningful tax arbitrage game can be played there. in other words , you cant let taxes wag the economic dog
 
#27      

spillini

spillini
spillini
Mr. Tibbs said:
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.

no meaningful tax arbitrage game can be played there. in other words , you cant let taxes wag the economic dog
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Thanks. What about ability to plug funds into retirement vehicles? Solo 401k etc? (Fully acknowledging most players are not going to consider this)
 
#28      

Mr. Tibbs

Mr. Tibbs
southeast DuPage
Mr. Tibbs
all I can say is, in general , the feds have tried to equalize all these things so that it is no longer a form vs substance issue.
But I cant give you an answer for sure on retirement stuff.

its been A LONG time since I practiced
 
#32      

Birdus

B
Birdus
Mr. Tibbs said:
yes. it will be interesting to see in what round he gets selected
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I'll say late 3 or early 4. He is going to make a lot of money. I hope he stays healthy and maximizes his earnings. Good luck Chase!
 
#38      

Illini2010-11

I
Sugar Grove
Illini2010-11
Emerson Bigguns said:
All the talk about NIL money vs. NFL money ignores one major factor.
Every kid who puts on pads dreams of playing on Sundays.
Chase your dreams, young man. Thanks for the memories.
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The other thing is no classes to attend, even if they were token classes to maintain eligibility. Football is 100% job. Unless NIL is so much larger than projected money in NFL, it is a no brainer choice to me.
 
#41      

DeonThomas

DeonThomas
South Carolina
DeonThomas
BWBW said:
Thanks for the memories, Chase.
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bob hope bow GIF by The Academy Awards
 
#42      

KenR

K
KenR
Until the college revenue sports athletes become paid employees (and they will at some point) of their respective programs the players can not be compelled to participate in the exhibitions known as bowl games. That is as it should be. When the day comes that they are paid employees it would make sense provisions compelling participation in exhibitions/bowl games would universally, system wide, be included in their contract.

Chase, in theory, is not a paid employee at this point so I wish him all the luck in the world in reference to his future regardless of what his destiny turns out to be. Chase was/is a credit to his university, his family and his ultimate legacy no matter what that ultimately encompasses and we all should be proud that he played for our Beloved. Rock on Chase!!
 
#43      

phats22

P
phats22
Merry Christmas, Chase. You gave us years of amazing memories. Glad you're making the best decision you can for your future and clearly we're a big reason for the recent success of the program.
Forever I L L!!!!!
 
#46      

jjv0004

J
Greenville, SC
jjv0004
I wish the kid well in the NFL. The impact of him not being out there next year for the Illini will be huuuuge. I believe the offense takes a major step back.
 
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