Carson Tinker has retired after ten years

Loved that guy. He was always making adjustments.

When expecting the federal and state government to take half - even if he was in an income tax-less state, that state is getting that money back somewhere else - and the agent to take 10%, he earned roughly 2.5 million in the bank. So that ends up being about 250k/year. Of course, that was very likely more variable with some years being much lower and some much higher depending on contract structure.

He could be a millionaire right now if he managed his money prudently and didn't try to keep up with the franchise quarterbacks. Considering he was essentially making the kind of money an up and coming engineer or lawyer in his age group would be making, I suspect he didn't bother trying to match the star QB's Urus or the best defender's G-Wagon.

Walk on snapper.
Lost his girl friend and probably future wife in the tornado.

You think someone who made grossed 6 million dollars only netted 2.5 million ?

I'm sure he netted over 3.5 easily even if he didn't itemize and only took a standard deduction which would be the worst case scenario. With a half decent CPA he easily netted 4 million dollars.

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You think someone who made grossed 6 million dollars only netted 2.5 million ?

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It's a pretty fair assessment, yes.

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I'm sure he netted over 3.5 easily even if he didn't itemize and only took a standard deduction which would be the worst case scenario. With a half decent CPA he easily netted 4 million dollars.

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I would like you to explain your thought process here. There is very little he could do to reduce his income tax burden in a way that would make him more wealthy.

Itemized deductions represent money that has been spent. If he's able to itemize it, he doesn't have that money anymore. Outside of contributing to retirement accounts, which has a very low tax-free cap (and is a before-tax contribution even worth it at that income level?), people don't have access to the funds they used that allowed them to deduct from their tax filing. They already used them.

Standard deduction is almost a rounding error for someone who grosses $6M.

ETA: Income taxes are theft.

I plugged it into my tax program here at work. on a 595,000 salary, assuming he is single and takes the std deduction.

federal tax currently is about 173,500
State tax assuming 5% 29,000
Soc security tax 10,000
medicare tax 8,600

total tax about 221,000

take home 374,000 X 10 yrs 3,740,000

if he invested in the stock market, bought real estate, he should have multi millions.

All states are different. In Ala we deduct the federal tax on our Ala return so the Ala tax is more like 3.5 %
Social Sec tax has a cap on it, and it changes every year. Medicare did have a cap, but not anymore.
Our federal tax system has always had tax brackets and your total income isnt in the highest bracket. Its graduated.

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You think someone who made grossed 6 million dollars only netted 2.5 million ? I'm sure he netted over 3.5 easily even if he didn't itemize and only took a standard deduction which would be the worst case scenario. With a half decent CPA he easily netted 4 million dollars.

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His agent took 10% - that seems to be common from what I’ve read in the past - and likely based off pretax too but I don’t know certain.

I was talking about someone with 10 years experience in those fields...hitting that mid-career threshold.