It’s that time of year again. Super Bowl hype’s been building up for weeks, with predictions, bets, and sneak peeks of $8 million-a-minute commercials.
This year’s finale could have a strange twist for Broncos quarterback Peyton Manning, who’s enjoyed a dazzling comeback from a near career-ending neck injury.
A Super Bowl win for Manning would mean an extra $92,000. If the rings go to the Seahawks, Manning and his Broncos walk away with $46,000 each, notes K. Sean Packard in an article for Forbes.com.
Read: Ravens and 49ers to pay “jock tax”
Packard, an accountant who caters to pro athletes, says whether Manning plays next year depends on the outcome of an off-season neck exam.
“New Jersey, and every other state that imposes a jock tax, taxes players on their calendar-year income from each employer….If Manning is able to play next season, his New Jersey income tax would be $46,989 on $92,000 for winning the Super Bowl, or 51.08%. If they lose and he is able to play in 2014, he will pay New Jersey $46,844 on his $46,000, which amounts to a 101.83% tax on his actual Super Bowl earnings in the state—and this does not even consider federal taxes!”
Read the rest of this bizarre tax tale here.
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