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A Breakdown Of How Much NBA Players Make After Massive Taxes & Deductions
Unlike any other era, huge sums of money are being handed out to current NBA players like never before, and other sports stars have taken notice to the massive payouts.
Once a guy is signed and the details come out, people often wonder just how much these NBA athletes actually take home, because it’s never the final figure.
ESPN recently partnered with sports tax expert Robert Raiola, director of the sports and entertainment group PKF O’Connor Davies, to analyze the salaries of the league’s highest paid players. The results were a bit shocking, to say the least.
Here’s a breakdown of what they found:
“You’ll notice that deductions from gross salary include federal, state and city taxes (and in Kyle Lowry’s case, Canadian taxes), agent fees (assumed at 3 percent) and a maximum 401K contribution of $18,000. In the case of players who live in a no-income-tax state, you’ll see that they are paying taxes — so-called “Jock Taxes” from playing in other states.
You’ll also see that players get back the 10 percent of their salary that was held in escrow from last season, after it is taxed. And they lose 10 percent to escrow for this year, which will be given back as long as the owners pay the players the agreed upon 51 percent of Basketball Related Income (BRI). You’ll also notice a surplus that players will get this year. Every player receives $355,449 (before taxes) because after the 10 percent escrow was given back, there was additional money, a shortfall of $163.5 million in total, that needed to be given back to reach the agreed upon percentage.”
Here are just a few of the NBA stars and a breakdown of what is taken out and what they actually take home: