Remove income tax Remove payroll tax Remove Sports Remove tax planning
article thumbnail

Going, Going…Gone: Will Medicare Tax Liability Strike Out Shohei Ohtani’s Annual Salary?

Withum

Sports fans across the world turned their heads when Shohei Ohtani’s record breaking $700 million contract with the Dodgers was announced. Let’s start with his federal payroll tax liability. Like most employees, Ohtani’s gross salary is subject to social security tax and Medicare tax withholding.

article thumbnail

Shohei Ohtani’s Deferred Compensation Comes With Shocking Tax Obligations

Withum

Sports fans across the world turned their heads when Shohei Ohtani’s record breaking $700 million contract with the Dodgers was announced. Let’s start with his federal payroll tax liability. Like most employees, Ohtani’s gross salary is subject to social security tax and Medicare tax withholding.

Tax 97
article thumbnail

Los Angeles accountant for small business – Mike Habib, EA

MyIRSRelief

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. Q: What can an accountant do to help with tax planning and preparation?

Account 130