IRS The Big Super Bowl Winner

According to Fox Business out of Tom Brady's $97,000 super bowl winnings' "taxes will exceed $62,164...". Keep in mind all the other Patriot players also received $97,000 each which also requires them to pay federal taxes as well.

Let us not forget about the losing players who each received and extra $49,000 in taxable monies. This is assuming each fulfilled their rather complicated eligibility requirements.


NFL players typically file taxes in 10 to 12 jurisdictions
Brady's tax amounts I mentioned above doesn't include Arizona's taxes on athlete's earnings when they perform in that state. Bankrate.com reports, "If you live in a nontax state, you could easily end up paying state tax on 60 (percent) to 65 percent of your earned income from the team, even though you don't have a tax in the state you reside in." and this doesn't include the local taxes.

Professional Football Good For Taxes, Not So Great For Player Wannabes
There's lots of other expenses that come out of players' pockets. Agent fees can range up to 3% (more if agents land them endorsements). Ground transportation costs incurred on away games to meet with personal trainers, agents, scouts, etc. Let us not forget those hefty fines the NFL imposes. Temporary housing when they require outside rehab facilities. Rookies are expected to pick up the tab for at least one or more meals for the team as a matter of "rites of passage". The costs of accountants and business agents to handle their money. NFL player dues (typically $10,000 a year). Social Security & Medicare taxes.

Odds of Getting Into The NFL
Only 3-4% of high school players get the opportunity to play college football... a pool of 3,500 players who could be drafted... the number of players who were drafted by NFL teams in 2011: 254. In other words, only approximately 7% of eligible players get drafted."

It's all fine and dandy when we hear some of the huge salaries being reported but Bloomberg Businessweek says the average salary of an NFL player in 2011 was $1.9 million. The median salary was $770,000 (before expenses).

In Conclusion
The big winners are the TV providers, owners, government and the NFL. These are the ones that receive the lion's share of the money without assuming any of the physical risks. Given the odds that only 150 or so players will make any decent amount of money any given year and will be less likely to last more then a season or few, it's best for most folks to consider another line of work.

Like gambling we all tend to focus on the winners and forget for every winner there are thousands of wannabes who will not see a dime in the end. This is true not just in the NFL but also in most sports.

Anyone have any thoughts they want to add on this?