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re: TJ Moe speaks obvious truth about CFB unionizing
Posted on 3/29/14 at 8:15 am to NC1406
Posted on 3/29/14 at 8:15 am to NC1406
quote:I don't think so. Scholarships are already exempt from the federal income tax, and even if not qualified tuition payments are deductible.
If an employee is given benefits (non cash) they must file these benefits with the IRS as income. Are the fine upstanding young men of Northwestern going to need to file the cost of their scholly as income? I would think so.
1
Posted on 3/29/14 at 8:49 am to Gravitiger
Scholarships are non-taxed IIRC up to the limit of what is required to cover tuition and whatnot. Anything over that which most scholarships cover is taxable but the amount is usually insignificant. They will receive a 1099 and it will be reported as well to the IRS.
As an employee it all would taxable. The scholarship would no longer qualify as a deduction and hence the player would become a contract employee once they join the union and any compensation would be taxable not to mention they would also pay union dues as well.
As an employee it all would taxable. The scholarship would no longer qualify as a deduction and hence the player would become a contract employee once they join the union and any compensation would be taxable not to mention they would also pay union dues as well.
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