Getbig.com: American Bodybuilding, Fitness and Figure

Getbig Main Boards => Gossip & Opinions => Topic started by: Neymar Barca on April 28, 2014, 09:44:14 AM

Title: When Phil won the olympia 200k$ how much taxes did he pay on that?
Post by: Neymar Barca on April 28, 2014, 09:44:14 AM
do ifbb pros pay taxes on their winnings
Title: Re: When Phil won the olympia 200k$ how much taxes did he pay on that?
Post by: Rascal full on April 28, 2014, 09:46:14 AM
Yeah he's not a rothschild he has to pay taxes on his earnings.
Title: Re: When Phil won the olympia 200k$ how much taxes did he pay on that?
Post by: yoyolifter on April 28, 2014, 09:46:52 AM
He managed to dodge the width tax
Title: Re: When Phil won the olympia 200k$ how much taxes did he pay on that?
Post by: Grape Ape on April 28, 2014, 09:57:15 AM
Quote from: Neymar Barca on April 28, 2014, 09:44:14 AM
do ifbb pros pay taxes on their winnings

Why?
Title: Re: When Phil won the olympia 200k$ how much taxes did he pay on that?
Post by: Skorp1o on April 28, 2014, 09:57:31 AM
He re-invested it wisely into appreciating commodities (diamond chains and lebrons)

The other half went on this car:

(http://i1.ytimg.com/vi/u579khIleFw/0.jpg)
Title: Re: When Phil won the olympia 200k$ how much taxes did he pay on that?
Post by: G_Thang on April 28, 2014, 10:02:15 AM
Quote from: Neymar Barca on April 28, 2014, 09:44:14 AM
do ifbb pros pay taxes on their winnings

He's a LLC, so it's the same rate as a 1040 minus his business expenses and cash sales such as autograph photos he can hide. 
Title: Re: When Phil won the olympia 200k$ how much taxes did he pay on that?
Post by: 240 is Back on April 28, 2014, 10:11:33 AM
Quote from: yoyolifter on April 28, 2014, 09:46:52 AM
He managed to dodge the width tax

He's gonna be pissed if he sees that.  Dude benches like 255.  Crazy strong.
Title: Re: When Phil won the olympia 200k$ how much taxes did he pay on that?
Post by: Deacon Jeschin on April 28, 2014, 01:10:24 PM
Quote from: G_Thang on April 28, 2014, 10:02:15 AM
He's a LLC, so it's the same rate as a 1040 minus his business expenses and cash sales such as autograph photos he can hide. 

Let's see....Gym membership: $500, Clothing: $500, Photo sales: $3000, "Supplements": $196,000.

There.....It's a wash  ;D
Title: Re: When Phil won the olympia 200k$ how much taxes did he pay on that?
Post by: Vince G, CSN MFT on April 28, 2014, 01:25:37 PM
Quote from: Neymar Barca on April 28, 2014, 09:44:14 AM
do ifbb pros pay taxes on their winnings


Yes...they have to pay 50% of all winnings unless they manage to classify it as a salary.