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Tears Gator Tears

SpikeUM said:
@TheOriginalCane @wspcane

I was thinking about taxes, like I often do; if Rashada was supposed to repay LW for reneging on the deal, and instead the GC paid it, is that phantom income?
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Welllllll....

If the LW stuff was done on payroll, you can easily reverse it out by year-end, and then just not issue a W-2 at all.
 
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TheOriginalCane said:
Welllllll....

If the LW stuff was done on payroll, you can easily reverse it out by year-end, and then just not issue a W-2 at all.
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Well.....unless the Borg, I mean the collective, sent the money to Rashada for him to repay, for LW it would be an expense on the Rashada side and income from the GC payment?!?!?
 
wspcane said:
Satisfaction of debt is still income. But in theory his net pay from it should be $0.
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Yeah, I responded a little bit differently, but your response made me think of something different, something we've already discussed in different threads, and which involves WHO paid WHOM.

When we have discussed buyouts, I believe we have said that we pay the new coach a grossed-up amount, and then HE pays his old employer.

So I think the ultimate answer would be determined by whether the Gaytor Collective paid the Rashadas (who then paid back LifeWallet) or whether the Gaytor Collective paid Life Wallet directly.

Interesting stuff...
 
RVACane said:
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This one's a doozy.

"Embarrassing that there is not a single booster or alumni who will go toe to toe with Ruiz on ego challenge alone."

lol looks like somebody forgot what happened to Dan Thompson. He tried to go head to head with Ruiz with predictably catastrophic results. To this day they're STILL blaming him for Ruiz's anti gator wrath.
 
wspcane said:
Absolutely. And one of the reasons Ruiz and LifeWallet's set up is good for all parties. They are likely withholding taxes on the front end, or at least if the players are smart they are. But of course the media would rather play the lazy narrative that he is the villain of NIL. The guy making players actually use their NIL in marketing, come in once a week instead of getting a handout, have the chance to learn about how a company is run.
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I've heard that the LW signees get a regular payroll payments and a W-2 at the end of the year.

One interesting thought...if you W-2 a "highly compensated" NIL signee (instead of getting the amount reported on a 1099), then you get a pretty nice benefit from exceeding the FICA wage base, after which no social security taxes are assessed...

1674149556955.png
 
SpikeUM said:
Well.....unless the Borg, I mean the collective, sent the money to Rashada for him to repay, for LW it would be an expense on the Rashada side and income from the GC payment?!?!?
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True. I think the better approach is to pay the individual, and then let LW and the individual work out the "zero income" math.

I just (kinda) addressed this in a separate thread, it also eliminates payroll taxes on the LW side. Both "employee portion" and "employer portion".

Nice.
 
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JeddTheFisch said:
I think they're ****ed this year in recruiting. That said, if they reconstitute, they could recover of the NIL front for '24.

I hope they don't, and I hope we negative-recruit the living **** out of this.

Regardless, Bagway ain't going there.
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Notrascajun will make this prediction…..Lagway will NEVER play a down for the Turds…sorry flagator but you guys are screwed but speaking for **** Tears we all will appreciate the multiple pages on how he now sucks,how Bayou Billy decided to go another direction,how Lagway will sit behind AA Mertz etc,that we will get when he tells Bayou Billy to kick rocks….
 
wspcane said:
Absolutely. And one of the reasons Ruiz and LifeWallet's set up is good for all parties. They are likely withholding taxes on the front end, or at least if the players are smart they are. But of course the media would rather play the lazy narrative that he is the villain of NIL. The guy making players actually use their NIL in marketing, come in once a week instead of getting a handout, have the chance to learn about how a company is run.
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I've read where Ruiz has said that all his NIL athletes are paid (bi-weekly, via ACH) as 1099 employees, not W2. I'm sure he is counseling them to allow withholding, maybe even making it a deal point.
 
Cryptical Envelopment said:
I've read where Ruiz has said that all his NIL athletes are paid (bi-weekly, via ACH) as 1099 employees, not W2. I'm sure he is counseling them to allow withholding, maybe even making it a deal point.
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I had not seen that, but thank you for the information. I hope these guys are withholding. There are a lot of really great opportunities, life lessons, and business lessons these kids have unique access to if they are smart about it and take advantage.
 
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TheOriginalCane said:
I've heard that the LW signees get a regular payroll payments and a W-2 at the end of the year.

One interesting thought...if you W-2 a "highly compensated" NIL signee (instead of getting the amount reported on a 1099), then you get a pretty nice benefit from exceeding the FICA wage base, after which no social security taxes are assessed...

View attachment 225701
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Rashada though, owes at least 13.3% in Cali state taxes.
 
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