Now California is a ‘gem’ on taxes. Let's say he moved before this weekends tournament in San Diego. Assume he just barely makes the cut and earns $1000 dollars.
Next say this is the only money he earned in California in the year.
Does he get taxed at the rate of earning $1000 dollars on his California taxes, No he gets taxed at the max rate. He must show his total earnings for the year $100 million, add the $1000 then tax the $1000 dollars at the $100 million rate.
Honestly it's not that simple as the State of California believes in the 5 days he is there at the tournament the endorsement money should also be taxed at 5/365 for the money earned in California.
To: Quick Shot
Unfortunately Texas's property tax is amongst the highest offsetting no income tax. here are the best States for lowest taxation once you add all the the various taxes up (not inc Fed.) Source About.com
Alaska at 6.4% of income
Nevada at 6.6% of income
Wyoming at 7% of income
Florida at 7.4% of income
New Hampshire at 7.6% of income
posted on 01/21/2013 1:02:38 PM PST
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