April 16, 2022, 05:09 PM
RogueJSKCollege Athletes Who Cashed In Have a Painful New Homework Assignment: Their Taxes
quote:
Originally posted by ZSMICHAEL:
They will be paid as independent contractors. What makes it difficult is some of them are paid with things like free pizza for a year or short term lease on a high end vehicle. Those things will have to be assigned a monetary value and tax paid accordingly. Kind of like when you win the "free vacation" on some game show.
The difference being that on a game show, you generally have the option to take the cash value of the prize instead of the prize itself, and can then use a portion of that cash to pay off the taxes.
Good luck paying the IRS in pizza.
April 16, 2022, 05:35 PM
ZSMICHAELquote:
The difference being that on a game show, you generally have the option to take the cash value of the prize instead of the prize itself, and can then use a portion of that cash to pay off the taxes.
^^^^^^^^^^
I learn something new every day. They used to never tell the contestants back in the day. {Black and white TV you know}. The gifts on Queen for a Day used to be a washer/dryer combo for the lady who told the biggest sob story.
April 16, 2022, 05:40 PM
shovelheadI’m waiting for the outcry “We need to forgive tax debt for students” next.
April 16, 2022, 07:43 PM
Belwolfquote:
Originally posted by shovelhead:
I’m waiting for the outcry “We need to forgive tax debt for students” next.
Followed by claims of racism by the Au'Jus' types.