Article Posted on 02/07/2019
SUPER BOWL PLAYERS TAX LIABILITY
The New England Patriots bonus for winning the Super Bowl was $118,000. The losing Rams share was $59,000 each. Each player received this amount no matter if they played or their position. In addition, each player received $29,000 for winning their respective divisional round, plus another $54,000 for their conference round wins.
Assuming that each of the players are in the top 37% federal tax bracket that adds up to a federal tax bill of $74,370 for each Patriot or $52,540 for each of the Ram players. Plus an additional 1.45% Medicare Tax.
Wait a second. We are not done with taxes. There is also state taxes. Georgia has a top rate of 5.75%. The Super Bowl bonus alone will add $6,785 from each of the Patriots and $3,105 for each of the Rams to the Georgia state coffers.