How Much Money Would an NHL Player Actually Get from a 10 Million Contract?
While a $10 million contract might sound like a lot of money, the reality is that NHL players don't actually take home the full amount. After taxes, agent fees, and other expenses, the player's actual take-home pay is significantly lower.
Taxes
NHL players are subject to both federal and state income taxes. The federal income tax rate for someone making $10 million is 37%, while the average state income tax rate is 5%. This means that the player will lose $4.2 million in taxes, leaving them with $5.8 million.
Agent Fees
NHL players typically pay their agents 5% of their salary. For a $10 million contract, the agent's fee would be $500,000. This reduces the player's take-home pay to $5.3 million.
Other Expenses
In addition to taxes and agent fees, NHL players also have to pay for other expenses, such as training costs, equipment, and travel. These expenses can add up to several hundred thousand dollars per year.
By the time all of these expenses are taken into account, an NHL player who signs a $10 million contract will likely take home around $4.5 million per year. While this is still a lot of money, it is important to remember that it is not the full amount of the contract.
FAQ
- How much money does an NHL player actually get from a 10 million contract?
- Around $4.5 million per year.
- What percentage of their salary do NHL players pay their agents?
- 5%.
- What is the average state income tax rate for NHL players?
- 5%.
- What are some other expenses that NHL players have to pay?
- Training costs, equipment, and travel.
- How much does a typical NHL player make per year?
- Around $2.5 million.
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