Wentz Replaced in Philadelphia?

[Allen]

Smart guy ... Texas has no State income tax!

I don't think it's that simple. He will pay state tax based on where it's earned. At one point, the states with high income taxes (New York, California) tried to get professional athletes to pay their state's tax when playing games there even if they played for a Texas (wherever) team. Not sure how that panned out but thought it was an interesting take on things. As is, I'm sure Wentz has to pay taxes at Pennsyltucky rates, at a minimum.

 

[sl1000794]

I don't think it's that simple. He will pay state tax based on where it's earned. At one point, the states with high income taxes (New York, California) tried to get professional athletes to pay their state's tax when playing games there even if they played for a Texas (wherever) team. Not sure how that panned out but thought it was an interesting take on things. As is, I'm sure Wentz has to pay taxes at Pennsyltucky rates, at a minimum.

Don't believe that that is true. He will pay his Penn. state income tax on the income that he takes while he lives and plays there. When he moves to Texas his retirement income that he is paid (earned) in Texas will be state tax free.

That's why so many NY retires move to Florida to retire which is also state tax free.

I made 90% of my retirement investment while working in CA. If I could show ND residence of 183+ days every year I would establish ND residency and file ND state income tax not CA state income tax which would cut my tax rate in half and it would stick.

 

[Allen]

Don't believe that that is true. He will pay his Penn. state income tax on the income that he takes while he lives and plays there. When he moves to Texas his retirement income that he is paid (earned) in Texas will be state tax free.

That's why so many NY retires move to Florida to retire which is also state tax free.

I made 90% of my retirement investment while working in CA. If I could show ND residence of 183+ days every year I would establish ND residency and file ND state income tax not CA state income tax which would cut my tax rate in half and it would stick.

Ahh, you're thinking of retirement income. I was thinking in the here and now since he's a few years away from retiring. The bottom line though is that the gov't tends to look at where the income was earned if it's salaried or hourly. Oil workers coming up to ND pay ND state income tax for the income earned here, regardless if they spend 184 days in Texas.

 

[sl1000794]

Ahh, you're thinking of retirement income. I was thinking in the here and now since he's a few years away from retiring. The bottom line though is that the gov't tends to look at where the income was earned if it's salaried or hourly. Oil workers coming up to ND pay ND state income tax for the income earned here, regardless if they spend 184 days in Texas.

Yes, you are right, they earned it in ND and owe ND state income taxes on their earnings. When Wentz retires from football his income will come from deferred investments and from endorsements that he will earn while he is a resident of Texas and he will not pay Penn. state income taxes. His earned income from Penn. will be over.

 

[Yoby]

I've always thought Wentz's would end up a coach. Be good for him to get out of the physical since he is injury prone. I like him, but he is always hurt.

 

[sl1000794]

I've always thought Wentz's would end up a coach. Be good for him to get out of the physical since he is injury prone. I like him, but he is always hurt.

I'm sure that when Carson retires he will be set for life monetarily, so he would REALLY WANT to coach to do that. If he just wants to stay in the game he can be an analyst and not even have to travel every weekend to announce a game. He can stay at home most of the week and just be a Dad.

 

[Prairie Doggin']

Smart guy ... Texas has no State income tax!

And, it's overrun with wild boar. Win/win.