Tags: Cam Newton | Super Bowl | football | tax

Forbes: Cam Newton's Super Bowl Earnings Will Be Gobbled Up in California

Forbes: Cam Newton's Super Bowl Earnings Will Be Gobbled Up in California
(Photo: AP)

By    |   Thursday, 04 February 2016 11:08 AM

Carolina Panthers quarterback Cam Newton faces a monster tax bill for playing in San Francisco this weekend, surpassing the $47,000 paid by Denver Broncos QB Peyton Manning to New Jersey two years ago.

Newton is looking at a tax bill of $159,560 if the Panthers win on Sunday because of California’s 13.3 percent tax rate of 13.3 percent, the highest in the country, according to Forbes magazine.

That’s because the state looks at how many days an athlete spends inside a state earning income.

“In looking at the seven days Newton will spend in California this week for Super Bowl 50, he will pay the state $101,600 on $102,000 of income should the Panthers be victorious or $101,360 on $51,000 should they lose,” Forbes magazine writes.

But don’t cry too much for Newtown. He signed a five-year, $103.8 million contract extension in June and has earned $58,800 this year for week 17 of the 2015 season and $71,000 in playoff bonuses. Newton is due a $10 million signing bonus and $13 million in base salary for the 2016 season.

“The result: Newton will pay California 99.6% of his Super Bowl earnings if the Panthers win,” according to Forbes. “Losing means his effective tax rate will be a whopping 198.8%. Oh yeah, he will also pay the IRS 40.5% on his earnings.”

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Carolina Panthers quarterback Cam Newton faces a monster bill for playing in San Francisco this weekend, surpassing the $47,000 paid by Denver Broncos QB Peyton Manning paid to New Jersey on his Super Bowl earnings of $46,000 two years ago.
Cam Newton, Super Bowl, football, tax
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2016-08-04
Thursday, 04 February 2016 11:08 AM
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