All kidding aside, the UFC needs to set these young men up with some bookkeeping

[gotBooched]

Well then they should get better at fighting or find another line of work. Plenty of business that make less than $50K in a year that pay for accounting fees. Or figure it out themselves. Plenty of other fighters who could help them out, and that's what most self employed people do.

That's my point, no one can do it for you. Being a man means you have to do some shit you don't like in order to do some shit you do like.

you and I are not going to agree on this.

you get one chance to get it right. In Perry’s case if you fuck up a $200k check and blow through it thinking all is well you’re gonna immediately find yourself owing the government $50k or more with the option of going to get your head bashed in by a trained fighter as the only way to settle up.

didn’t perry say he never even finished high school? What do you expect here? He’s good enough at fighting to where he’s made it to the highest level of the sport and the UFC is exploiting that. Give the guy a goddamn letter explaining that $200k check isn’t really $200k

 

[Paolo Delutis]

Just calling a spade a spade - and there is ZERO shame in this - but it’s safe to say someone that gives and receives punches to the head for living may not have the resources or know-how to understand how a “self employed” person needs to set money aside for taxes, social security, unemployment insurance etc. that they likely automatically had pulled from their checks when they worked for “the man”

If the UFC isn’t cutting W2-style checks today these men and women they need to have a resource available for them to understand exactly what they need to do with a percentage of each check in order to ensure they are always clear of Uncle Sam.

im not talking retirement savings, investments etc.

Just someone to explain “Mike when you get your check for $125k you need to forget that $40k of it exists and set it in an account for Uncle Sam”

Perry isn’t the first and he certainly won’t be the last. The UFC needs to provide these resources to help ensure the guys they rip off daily are aware they need to pony up cash on these checks or else face fines and possible jail time for back taxes. It’s fucked up.

Or they could pay them the 125k..and add the tax on top of that ..so when mike pays his taxes...hes left with 125k...but i guess thats alittle too employee like for UFC brass

 

[Doughie99]

Boxing trainer Robert Garcia sums up how much fighters should be taking home

good info man, thanks for the video.

So Robert Garcia is saying that if a boxer gets a 1million check, approx 30% goes to manager fees / trainers fees etc, leaving around 700k. Probably less for Mike with his zero cost 'cornering' and minimal trainer costs judging by his Instagram etc.
And then if you have an LLC, you reduce your taxable income by using expenses as 'business cost items' and that means that around 15% to 20% goes in federal (and maybe State, depends on which State) taxes.

So he estimates that of a gross check of around 1million USD, the fighter might keep APPROX half of that: 500k. Still a very nice amount.

now if we assume same kind of deal for Perry,....IF he had a LLC that the check was payable to and he submitted expenses (Trainers / essential travel / company car maybe / managers' fees / other fight expenses (hotels / food?!?!?)) that would all be deducted from the 'taxable profit' and he might do ok.
So a 200,000USD payday (which is around what he got on saturday with show/win/Reebok/whatever else) means he should still be able to net approx 100,000USD out of that if he is SMART. Which .......we know he isn't.

End of the day....just TALK to one of your fighter buddies and say "hey man....the money and tax thing ...what do you do on all that shit?".

 

[Lemmy Caution]

"EVERYBODY NEEDS TO DO SOMETHING FOR ME"

JFC.

You don't deserve shit. Most businesses have to figure this out themselves why should UFC fighters be any different?

They have? Most business do not provide insurance plans? All the major leagues have retirement plans. Some even double everything you put into it. I believe all of them offer financial advice to the players.

 

[ILLogic]

This would be an additional cost to the UFC. Also, broke fighters = hungry and sometimes desperate fighters. This dynamic is perfect for just bleed type cage fighting, which we know DFW adores.

 

[Cubo de Sangre]

businesses hire bookkeepers to do it themselves.

Some of these guys are making $50k a year do you for some reason think a bookkeeper is in their budget

Paying someone to do your taxes isn't that expensive. I hired one for small business tax reporting and I made nowhere near 50k.

 

[yougetKTFO]

It's called getting an accountant, which can cost you little to nothing. Often they can work off 1% and more than often save you more than 10%.

If you're financially illiterate you should 100% have a financial advisor.

 

[Quacky Chan]

you and I are not going to agree on this.

you get one chance to get it right. In Perry’s case if you fuck up a $200k check and blow through it thinking all is well you’re gonna immediately find yourself owing the government $50k or more with the option of going to get your head bashed in by a trained fighter as the only way to settle up.

didn’t perry say he never even finished high school? What do you expect here? He’s good enough at fighting to where he’s made it to the highest level of the sport and the UFC is exploiting that. Give the guy a goddamn letter explaining that $200k check isn’t really $200k

You actually seem like a good dude who wants to help and that's cool.

The UFC isn't exploiting anything. My expectation is for Perry to be treated like the rest of the world who has to follow the rules. Perry chose to not finish high school. He could have chosen differently but it was his choice and it is his consequence.

 

[Quacky Chan]

They have? Most business do not provide insurance plans? All the major leagues have retirement plans. Some even double everything you put into it. I believe all of them offer financial advice to the players.

Independent contractors usually don't get benefits but some do.

Major leagues aren't UFC so that is nice if they want to but not mandatory.

 

[gotBooched]

Paying someone to do your taxes isn't that expensive. I hired one for small business tax reporting and I made nowhere near 50k.

Paying your annual income taxes and Paying your quarterly taxes to the government are two totally different things

 

[Cubo de Sangre]

Paying your annual income taxes and Paying your quarterly taxes to the government are two totally different things

Not really "totally different". For most of us, money is deducted from our checks and subsequently remitted by our employers. For the self-employed you remit by quarter, based on what you expect for the year. For both you settle up the over/under on the annual return. I believe there's even a penalty for owing too much at the end of the year and not having made quarterly payments.

Not sure what that has to do with my post. The point of which was to confirm that bookkeeping help isn't cost-prohibitive. Especially since most of the work is organizing receipts and any goof can do that.

 

[Rocco Siffredi]

Just calling a spade a spade - and there is ZERO shame in this - but it’s safe to say someone that gives and receives punches to the head for living may not have the resources or know-how to understand how a “self employed” person needs to set money aside for taxes, social security, unemployment insurance etc. that they likely automatically had pulled from their checks when they worked for “the man”

If the UFC isn’t cutting W2-style checks today these men and women they need to have a resource available for them to understand exactly what they need to do with a percentage of each check in order to ensure they are always clear of Uncle Sam.

im not talking retirement savings, investments etc.

Just someone to explain “Mike when you get your check for $125k you need to forget that $40k of it exists and set it in an account for Uncle Sam”

Perry isn’t the first and he certainly won’t be the last. The UFC needs to provide these resources to help ensure the guys they rip off daily are aware they need to pony up cash on these checks or else face fines and possible jail time for back taxes. It’s fucked up.

fuck book keeping, get them house keeping. And I don't mean no worthless bitches, I mean maid that will let your roto-rooter them

 

[Zebra Cheeks]

Lets say fighter X gets paid 100K if they had that broken up into lets say five payments instead of one large sum would that decrease the taxes that come off the top?

Honest question.

Money isn’t taxed until you take it. If your employer holds it, you pay additional untaxed funds to the IRS, or are placing the funds in an untaxable account like an IRA, you would not be taxed. An individual with exorbitant wealth, or unusual sums of money could take those funds and put them into account investment accounts, and recoup a portion of the profits on a weekly, monthly, or annual basis, and use this as there “salary”, while not withdrawing from their sum of money used to generate it.

 

[Only Here for Attachments]

They have financial advisors at the fighter summits, but the guys just sleep and tweet instead of listening

 

[Zebra Cheeks]

They have financial advisors at the fighter summits, but the guys just sleep and tweet instead of listening

James Krause said they didn’t provide much helpful information.

 

[Zebra Cheeks]

Money isn’t taxed until you take it. If your employer holds it, you pay additional untaxed funds to the IRS, or are placing the funds in an untaxable account like an IRA, you would not be taxed. An individual with exorbitant wealth, or unusual sums of money could take those funds and put them into account investment accounts, and recoup a portion of the profits on a weekly, monthly, or annual basis, and use this as there “salary”, while not withdrawing from their sum of money used to generate it.

In this scenario the money would be taxed as its withdrawn from the investment account, not the year it was earned.