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Polikarpov 11-28-2006 07:09 AM

Are prize money subject to tax?
 
Sorry for the idiocy.

I was just wondering if the prize earnings of the players flashed in our screen are the money before/after tax.

Thanks!

MariaV 11-28-2006 07:11 AM

Re: Are prize money subject to tax?
 
Before tax. The players have to pay taxes on all the prize money they get.

Polikarpov 11-28-2006 07:16 AM

Re: Are prize money subject to tax?
 
Quote:

Originally Posted by MariaV (Post 4506453)
Before tax. The players have to pay taxes on all the prize money they get.

Thanks!

I guess they're not as rich as I thought!

RonE 11-28-2006 07:29 AM

Re: Are prize money subject to tax?
 
Quote:

Originally Posted by MariaV (Post 4506453)
Before tax. The players have to pay taxes on all the prize money they get.

Unless of course Steffi Graf's father is entrusted to looking after your account :tape:

Allstar 11-28-2006 11:22 AM

Re: Are prize money subject to tax?
 
Quote:

Originally Posted by RonE (Post 4506474)
Unless of course Steffi Graf's father is entrusted to looking after your account :tape:

Or you're called Boris Becker

Action Jackson 11-28-2006 11:26 AM

Re: Are prize money subject to tax?
 
Not if they win in Monte Carlo.

RonE 11-28-2006 11:33 AM

Re: Are prize money subject to tax?
 
Quote:

Originally Posted by GeorgeWHitler (Post 4506929)
Not if they win in Monte Carlo.

Didn't Edberg at one point move to London for tax benifits?

Action Jackson 11-28-2006 11:35 AM

Re: Are prize money subject to tax?
 
Quote:

Originally Posted by RonE (Post 4506959)
Didn't Edberg at one point move to London for tax benifits?

Edberg didn't want to live among other tennis players, well he didn't get hassled too much and he liked the quiet life did Stefan.

Some of the Spanish players are based in Andorra and it's not just cause of the mountains.

ezekiel 11-28-2006 02:14 PM

Re: Are prize money subject to tax?
 
Florida and Monte Carlo don't have income tax so I guess many players live there as well as Miami and MC tournaments are well placed and covered . But other parts of Europe have insane taxes to fund those socialist programs especially scandinavia, germany and france . Most American players are reluctant to play there

2moretogo 11-28-2006 02:33 PM

Re: Are prize money subject to tax?
 
Related question,

They have to pay taxes on vehicles and stuff right?

Cuz, I remember reading that some players prefer to take the cars over the money...

(P.S. I always thought that you got the car and the money)

victory1 11-28-2006 02:50 PM

Re: Are prize money subject to tax?
 
Quote:

Originally Posted by ezekiel (Post 4507276)
Florida and Monte Carlo don't have income tax so I guess many players live there as well as Miami and MC tournaments are well placed and covered . But other parts of Europe have insane taxes to fund those socialist programs especially scandinavia, germany and france . Most American players are reluctant to play there


Florida does have taxes. They don't have state taxes but they do have every other taxes (Federal, MEDICARE, etc.). If you pay 25% of your income in taxes, usually 15% of it is Federal and the other 10% is split for the others and everyone pays federal & medicare (even if you have no need for it).

Deboogle!. 11-28-2006 03:08 PM

Re: Are prize money subject to tax?
 
Quote:

Originally Posted by alas_8! (Post 4506460)
Thanks!

I guess they're not as rich as I thought!

Sure they are, the ones who have endorsements anyway. Even if you only get to keep 60% of it, 60% of a lot is still a lot :p
Quote:

Originally Posted by 2moretogo (Post 4507347)
Related question,

They have to pay taxes on vehicles and stuff right?

Cuz, I remember reading that some players prefer to take the cars over the money...

(P.S. I always thought that you got the car and the money)

any prizes or earnings, you pay taxes on - at least Federal income tax. If you win the lottery, you pay back close to half of it. If you go on The Price is Right and win a living room furniture set, you pay tax on it, etc.

Lee 11-28-2006 03:28 PM

Re: Are prize money subject to tax?
 
Quote:

Originally Posted by Deb!. (Post 4507473)
If you win the lottery, you pay back close to half of it. If you go on The Price is Right and win a living room furniture set, you pay tax on it, etc.

Not in Canada ;) That's why the residency makes the difference!

alfonsojose 11-28-2006 03:38 PM

Re: Are prize money subject to tax?
 
I can marry and live in Canada then :D

sanpo 11-28-2006 03:48 PM

Re: Are prize money subject to tax?
 
Yeah, that's why some players base themselves in Monaco, where the taxes I presume are low or zero. ;)


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