Cursed Lemon
Registered Bruiser
Let's take a league-minimum contract on a team that's in the middle in terms of revenue sharing.
How much money does this player actually make, given job-related expenses (e.g. an agent) and taxes?
- Jul 13, 2005
- 42,256
- 6,854
So I get a 600k contract
My agent probably eats 10% of it, then taxes will eat up anywhere from 35-50% more of what remains. So when all is said and done I will probably clear anywhere from 270k-350k depending on where I live. General guess would be players basically clear about 50% of what they make on average after taxes and agent fees
That's above the NHLPA limit, which was around 4% for agents, iirc.
This is on taxes and fees:
http://hfboards.mandatory.com/showthread.php?t=1752383&highlight=player+taxes
A bit more on Agencies:
http://hfboards.mandatory.com/showthread.php?t=1761737&highlight=agencies
Penguins23
Le Magnifique
They get a per diem for each day they are on the road which is probably around $100. Someone might be able to get the exact amount.
Voight
#winning
NHLPA Agents get a cut every year? I thought it was only a one time "fee" when the contract is signed.
So;
Wages - Agent Fee % - Tax % = Take Home Pay
Some of that contract will go to the NHLPA as a membership fee.
BillDineen
Former Flyer / Extinct Dinosaur Advisor
- Aug 9, 2009
- 9,226
- 7,809
What about escrow?
cheswick
Non-registered User
What about escrow?
There's that too. I think they're taking 14% this season? They usually get some or most of it refunded once the final calculations come in.
I believe agent fees are deductable on your taxes in the US but not Canada. But the taxation of a pro athelete who competes in various states and provinces is pretty complicated when it comes to tax time.
In Canada there would EI and CPP deductions, in the US I assume there's somethign similar. (FICA?)
Salary - escrow-taxes- govt deductions - agent fees - membership dues = final salary
jol
Registered User
In Canada there would EI and CPP deductions, in the US I assume there's somethign similar. (FICA?)
Salary - escrow-taxes- govt deductions - agent fees - membership dues = final salary
I guess employee pays FICA (social security) for about first $115000 of salary.
Players pensions, do players put money into any kind of plans? If they put that's deduction, up to certain amount? They get something from NHL?
JOL
LadyStanley
Registered User
They get a per diem for each day they are on the road which is probably around $100. Someone might be able to get the exact amount.
But that's only if the team does not pick up the meal cost (i.e., team meal in cities/on plane).
Here's the US per diem rates (which won't include hotel either as the team picks that up). http://www.gsa.gov/portal/content/104877
LadyStanley
Registered User
http://aoprals.state.gov/web920/per_diem_action.asp?MenuHide=1&CountryCode=1079
US per diem rates for NHL Canadian cities:
- Calgary 05/01 09/30 321 111 432
- - 10/01 04/30 236 103 339
- Edmonton 01/01 12/31 201 84 285
- Montreal 01/01 12/31 201 104 305
- Ottawa 01/01 12/31 178 87 265
- Quebec 05/01 09/30 355 130 485
- - 10/01 04/30 189 113 302
- Toronto 01/01 12/31 184 105 289
- Vancouver 05/15 09/15 262 129 391
- - 09/16 05/14 167 119 286
- Winnipeg 01/01 12/31 192 115 307
10coach*
Registered User
- Feb 21, 2014
- 3,098
- 0
But that's only if the team does not pick up the meal cost (i.e., team meal in cities/on plane).
Here's the US per diem rates (which won't include hotel either as the team picks that up). http://www.gsa.gov/portal/content/104877
NHL per diem for this season is $103. If a meal is provided it's cut in half to $51.50 and a meal on the plane wouldn't count according to the CBA so players get the whole amount.
Players, staff, broadcasters are given cash prior to the trip so a week long road trip would be $721 in cash assuming no meals.
Penguins23
Le Magnifique
There's that too. I think they're taking 14% this season? They usually get some or most of it refunded once the final calculations come in.
I believe agent fees are deductable on your taxes in the US but not Canada. But the taxation of a pro athelete who competes in various states and provinces is pretty complicated when it comes to tax time.
In Canada there would EI and CPP deductions, in the US I assume there's somethign similar. (FICA?)
Salary - escrow-taxes- govt deductions - agent fees - membership dues = final salary
Hockey players would reach the EI and CPP maximum's in their first month of work so it's not really a big deal.
LadyStanley
Registered User
Players, staff, broadcasters are given cash prior to the trip so a week long road trip would be $721 in cash assuming no meals.
Depends on who they are an employee of. Team, then yes.
Other (network, regional/local TV/radio) -- would depend on specific clauses in employment contract. (IOW, if you travel out early, stay later, team probably doesn't have to pay per diem for non-travel-with-team.)
saskganesh
Registered User
NHLPA Agents get a cut every year? I thought it was only a one time "fee" when the contract is signed.
Representation is ongoing and is not limited to just contracts. Legal, business admin, accounting, endorsem*nts, and future business opportunities as well as (adult) baby sitting and ego stroking. Of course, the players don't get all that money upfront either.
If you're a business, you need staff. And your agent is like the chief of staff.
Voight
#winning
Representation is ongoing and is not limited to just contracts. Legal, business admin, accounting, endorsem*nts, and future business opportunities as well as (adult) baby sitting and ego stroking. Of course, the players don't get all that money upfront either.
If you're a business, you need staff. And your agent is like the chief of staff.
Yea I had a huge brain fart and forgot about that.
mr gib
Registered User
- 65 % ...
Catamo
NHL2com League
Ill throw out a number and say 12,500 approx is the bi-weekly take home of a player who makes 600k.
mr gib
Registered User
this is a great doc ... https://www.youtube.com/watch?v=TSOAwNSv8EM
Captain Bowie
Registered User
- Jan 18, 2012
- 27,139
- 4,414
Ill throw out a number and say 12,500 approx is the bi-weekly take home of a player who makes 600k.
That's about the same as me.
Oh wait, missed that second zero.
chrisj
Registered User
- Mar 7, 2005
- 504
- 0
Representation is ongoing and is not limited to just contracts. Legal, business admin, accounting, endorsem*nts, and future business opportunities as well as (adult) baby sitting and ego stroking. Of course, the players don't get all that money upfront either.
If you're a business, you need staff. And your agent is like the chief of staff.
Depends on the situation as well - some of that (endorsem*nts for example) is on commission.
frivolousz21
2019 STANLEY CUP CHAMPIONS ST LOUIS BLUES
103$ a day for food is insane
They are already super wealthy.
On road trips I would have a team chef and it would be like HS having them eat at least breakfast and dinner together.
Good for team bonding. Good for player diets. Good for keeping young players in check.
Just my opinion tho.
Jumptheshark
Rebooting myself
That's above the NHLPA limit, which was around 4% for agents, iirc.
This is on taxes and fees:
http://hfboards.mandatory.com/showthread.php?t=1752383&highlight=player+taxesA bit more on Agencies:
http://hfboards.mandatory.com/showthread.php?t=1761737&highlight=agencies
But--I can tell you for a fact that 4% covers the basic negotiations--having an agent is like having a car. You can look at the Jack Johnson fiasco as an example--Agent get 4% for negotiating the contract--however--like when you buy a car--handling cash, setting up trust funds and looking after investments costs more and that is how agent make their money
Jaden
Registered User
- Apr 7, 2013
- 25
- 0
This couple month old article answers the title
http://www.tsn.ca/westhead-why-montreal-is-the-worst-nhl-city-when-it-s-tax-time-1.106798