will pay taxes? Do the schools provide accountants and/tax attorneys to help these kids prepare for the tax burdens they will incur with the income? Do they start an LLC like Justin Fields, LLC or Inc. and receive the money to a company or is it just a straight 1099? Because in those cases their is no payroll tax set up deducting state, local, federal and school taxes as they get paid. They may be required to make quarterly estimated payments and will still owe at the end of the year. These would not be simple 1040 EZ tax filings. Would be interesting to know who is helping these kids to ensure they don't end up with a huge tax bill at the end of the year or fines/late fees.
Can they have an agent or attorney to help them understand what contracts they are signing to make money? Seems like shady people with cash may try to take advantage of these kids when possible without representation.
Can these guys sign with any company for money or do the schools have some say in the associations these kids make based on the impact to the schools brand? Like can a kid take money from a local legal marijuana dispensary, or strip club, or gambling operation and cash those checks?
Sorry probably a boring post but us old guys think about crap like this.
Can they have an agent or attorney to help them understand what contracts they are signing to make money? Seems like shady people with cash may try to take advantage of these kids when possible without representation.
Can these guys sign with any company for money or do the schools have some say in the associations these kids make based on the impact to the schools brand? Like can a kid take money from a local legal marijuana dispensary, or strip club, or gambling operation and cash those checks?
Sorry probably a boring post but us old guys think about crap like this.
