Dak Prescott getting a huge tax benefit that will help him match Patrick Mahomes record for guaranteed money

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The one bad thing about signing a $160 million contract is that it means you're going to have to pay a lot in taxes -- and is going to find that out the hard way this year when he gets the first check off his new contract.The good news for Prescott though is that he lives in Texas, a state that doesn't have an income tax, which means the quarterback will get to keep a lot more of his paycheck than most other players around the NFL. As a matter of fact, living in Texas is such Andrew Booth Jr. Jersey a huge tax advantage for Prescott that when it comes to guaranteed money on his contract, he's basically going to have the same take-home pay as even though the quarterback is making $15 million more in guaranteed money.When Mahomes signed , the in practical guarantees. When Prescott signed A.J. Rose Jr. Jersey his four-year, $160 million contract on Monday, his deal included .Although Mahomes has a higher number, their take-home pay is going to be nearly the same due to the fact that the Chiefs quarterback lives in a state that DOES have an income tax. According , Dak will have a take-home pay of $ Jake Bargas Jersey 75.5 million off of his $126 million in guaranteed money. As for Mahomes, he'll take home $75.7 million after taxes off of his $141.4 million in guaranteed money.Despite the fact that Mahomes is "making" $15.4 million more than Prescott in guaranteed money, his take-home pay is only $240,000 more after taxes because of income tax. While Prescott will have a 0% income tax in Texas, Mahomes is going to have to deal with a 5.4% state income tax in Mi souri and another 1% local income tax Mason Cole Jersey if he lives in Kansas City. Both players will have to pay the federal income tax of roughly 37% plus other "athlete-targeted" taxes. From a tax standpoint, one of the biggest winners in recent years has been . After playing his entire career in California, which has the highest income tax rate in the country at 13.3%, the moved to Nevada in 2020 where there's no state income tax. Thanks to the move, Carr that would have gone to the tax man if the Raiders had played last season in California.
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