Nutt gives 100K back to Ole Miss...

[dawgstudent]

For as much as I dislike the Rebels, my liking of their football coach increases each day.

Edit to say: No idea how taxes work as far as tax brackets but I wonder if this helped them save some $$.

 

[dawgstudent]

For as much as I dislike the Rebels, my liking of their football coach increases each day.

Edit to say: No idea how taxes work as far as tax brackets but I wonder if this helped them save some $$.

 

[jackstefano]

and still be in the highest tax bracket. I think it's just a show of good faith.

 

[Optimus Prime 4]

You don't go under a level and all your earnings are taxed at a lower level. The taxes are stepped, or graduated, or whatever the word is. Lowering the highest amount doesn't affect the lower amounts. God, I can't say what I'm thinking. You know what I mean.

 

[Hooston728]

Good faith my ars. He knows this season's team wont live up to expectations. I cant see how you like this guy. He was an evil leprechaun at Ark and he remains an evil leprechaun at Um. Sure he pulls little tricks like this out of the magic leprechaun bag every now and then but they are short lived.

 

[dawgstudent]

[No message]

 

[dawgstudent]

[No message]

 

[MarriedtoStateGrad]

edited b/c I'm an idiot.

 

[HamilReb]

from hogville. Just a hunch though.

 

[UpTheMiddlex3Punt]

By that measure, Croom should get a bonus for last years CF.

 

[8dog]

b/c almost everything in that post is incorrect.

 

[Optimus Prime 4]

your income is not all taxed at the same rate. That was my whole point to DS.

 

[graddawg]

Charitable donations are deductable. It won't lower his bracket enough to matter; but you get taxed on Adjusted Gross Income, which is after you take your deductions. <span style="font-weight: bold;">You are correct that if your AGI puts you in the top bracket, then all your AGI is taxed at that rate.</span> <br style="font-weight: bold;">
God help me, why am I talking taxes on a sports board. Time for a drink.

Uh, no. Our tax code is based on marginal tax rates (that's the word you were looking for OP4). The marginal rate, which is your "tax bracket" is the amount you pay on your "last dollar earned." Everyone pays the same amount the first $8,500 they earn and the same on what they earn between $8,501 - $33,950...and so on. (these are 2009 tax brackets, btw) Are you one of those people that think there's a point where it's actually a bad idea to make an extra $2,000 a year because "it will move you into a higher tax bracket?

 

[Todd4State]

Charitable donations are deductable. It won't lower his bracket enough to matter; but you get taxed on Adjusted Gross Income, which is after you take
your deductions. <span style="font-weight: bold;">You are correct that if your AGI puts you in the top bracket, then all your AGI is taxed at that
rate.</span>
<br style="font-weight: bold;">

God help me, why am I talking taxes on a sports board. Time for a drink.

Uh, no. Our tax code is based on marginal tax rates (that's the word you were looking for OP4). The marginal rate, which is your "tax
bracket" is the amount you pay on your "last dollar earned." Everyone pays the same amount the first $8,500 they earn and the same on what they
earn between $8,501 - $33,950...and so on. (these are 2009 tax brackets, btw) Are you one of those people that think there's a point where it's
actually a bad idea to make an extra $2,000 a year because "it will move you into a higher tax bracket?

One of the Hospitals I work at sponsers the "Dream Home" for Batson Children's Hospital. One of my co-workers said that she didn't want to win the house because if she sold it immediately after she won it , there would be a 2,000 dollar penalty for not living in it for two years.

I was like- forget that. I'd sell it, pay off my mortgage on my house that I'm living in, pay the penalty or whatever, and then I'd still have money left over. Not to mention there's no telling what I would be saving from not having to make a mortgage payment every month.

To me that would be worth a one time payment of two thousand bucks.

 

[RebelBruiser]

Charitable donations are deductable. It won't lower his bracket enough to matter; but you get taxed on Adjusted Gross Income, which is after you take
your deductions. <span style="font-weight: bold;">You are correct that if your AGI puts you in the top bracket, then all your AGI is taxed at that
rate.</span>
<br style="font-weight: bold;">

God help me, why am I talking taxes on a sports board. Time for a drink.

Uh, no. Our tax code is based on marginal tax rates (that's the word you were looking for OP4). The marginal rate, which is your "tax
bracket" is the amount you pay on your "last dollar earned." Everyone pays the same amount the first $8,500 they earn and the same on what they
earn between $8,501 - $33,950...and so on. (these are 2009 tax brackets, btw) Are you one of those people that think there's a point where it's
actually a bad idea to make an extra $2,000 a year because "it will move you into a higher tax bracket?

One of the Hospitals I work at sponsers the "Dream Home" for Batson Children's Hospital. One of my co-workers said that she didn't want to win the house because if she sold it immediately after she won it , there would be a 2,000 dollar penalty for not living in it for two years.

I was like- forget that. I'd sell it, pay off my mortgage on my house that I'm living in, pay the penalty or whatever, and then I'd still have money left over. Not to mention there's no telling what I would be saving from not having to make a mortgage payment every month.

To me that would be worth a one time payment of two thousand bucks.

Yea, my guess is that the taxes on one of those dream homes would be well over $2000 for you to live there for 2 years. The $2000 penalty taken out of what you could sell the thing for is pocket change.

I'd probably take a week vacation at the place before putting it on the market, but that would be it.

 

[AROB44]

I really hate to jump in here on a tax question but, when you make as much as Nutt, you deductions and your personal expemptions ger "phased out" I think. Therefore, he probably will not get a tax deduction for his contribution. At some level of income you basically pay a flat tax. Remember --- the top 5% pay somewhere around 80% to 90% of all income tax.

 

[Agentdog]

people that think there's a point where it's actually a bad idea to make an extra $2,000 a year because "it will move you into a higher tax bracket?

Yep, it amazes me how many people will spend (or turn down in this example) a dollar in an attempt to save $.30 on the dollar in tax.

On Nutt, that $100K may be in addition to all his other job related expenses.......legal fees for adoptions, tuition to military academys, hush money to female news anchors, tutors, bag money, Escalades, and other things that go along with cost of goods purchased. That 100K, in addition to the other deductions, probably gets him down low enough to have Earned Income Credit after he uses his players illegitimate kids as qualifying dependents. Only after a kickback to the baby moma of course.

Just kidding.

 

[xxxWalkTheDawg]

Charitable donations are deductable. It won't lower his bracket enough to matter; but you get taxed on Adjusted Gross Income, which is after you take your deductions. <span style="FONT-WEIGHT: bold">You are correct that if your AGI puts you in the top bracket, then all your AGI is taxed at that rate.</span> <br style="FONT-WEIGHT: bold">
God help me, why am I talking taxes on a sports board. Time for a drink.

Uh, no. Our tax code is based on marginal tax rates (that's the word you were looking for OP4). The marginal rate, which is your "tax bracket" is the amount you pay on your "last dollar earned." Everyone pays the same amount the first $8,500 they earn and the same on what they earn between $8,501 - $33,950...and so on. (these are 2009 tax brackets, btw) Are you one of those people that think there's a point where it's actually a bad idea to make an extra $2,000 a year because "it will move you into a higher tax bracket?

If Noel Addy, Dawkins, Herring, or especially Yoder reads this board... They are smiling now.

 

[GloryDawg]

Nutt was smart enough to get an CPA to do his taxes. I am sure that person has advise Nutt what to do to save on his taxes. Ole Miss might have been only one of many getting money. Who knows.

 

[Cohendawg]

The man knows his taxes, but I was glad to get out of his class with C. And just a hunch, but Addy probably doesn't even know we have a football team, much less read about them on SPS.</p>

 

[xxxWalkTheDawg]

The man knows his taxes, but I was glad to get out of his class with C. And just a hunch, but Addy probably doesn't even know we have a football team, much less read about them on SPS.</p>

I wound up with a B in Yoder's class.. Hell Addy's classes gave me fits. I did alright in all accounting classes that were not named Intermediate Accounting. Systems under Lehman was a good bit of work... but it came easy to me. I couldn't stand that book they taught Intermediate Accounting out of. There has to be better choices out there.

 

[patdog]

The donation to UM won't save him a dime in taxes because at very high income levels your deductions (including charitable contributions) start getting limited and by the time you get to Nutt's income level you basically don't save anything on taxes by donating to charity. Not to mention that nobody ever gives to charity for the sole reason of saving on taxes because you can never save even 1/2 in taxes what you gave to charity. For example, if I give $1,000 to charity I'll save about $300 on my Federal and State taxes.

 

[Father Daniel Mullenski]

coach's club...these mofos should give back BIGTIME! Croom was a taker, it will be interesting to see how benevolent Big Dan will be to our cause. Say what you want but that's a lot of damn money they are making. I'm impressed with Nutt's jesture and with his character.

 

[jackstefano]

i didn't want to go all forensic accountant on the board, so i made the simple statement above in response to DS. you, however, have amply explained the consequences of high-earner charitable donations.