UnderGround Forums Platinum Perry owes taxes; has $6 in the bank

3 days ago
6/9/16
Posts: 5720

“58K to show, Uruguay took 17, management and team 15%,” Perry wrote. “Still got last year’s taxes. Nose job priceless. Money in the bank $6.00. 400k fans on IG tho.”

 

https://www.mmamania.com/2019/8/14/20805301/ufc-mike-perry-broke-behind-taxes-money-bank-mma

3 days ago
8/23/04
Posts: 6754

How is that even possible? How does a pro fighter owe so much taxes? Doesn’t he get paid from coaching as well? Taxes are supposed to cost a small percentage of your income, not 90 percent of your income. 

3 days ago
3/5/14
Posts: 13193

If you've ever heard him speak, you would understand how he could be broke.  He doesn't come off as the most intellegent or well educated person.

3 days ago
6/9/16
Posts: 5721
sureshock -

How is that even possible? How does a pro fighter owe so much taxes? Doesn’t he get paid from coaching as well? Taxes are supposed to cost a small percentage of your income, not 90 percent of your income. 

 

As an "independent contractor" with the UFC, I imagine he's paid in full up front and it's up to him (and all fighters) to set aside what they'll owe in taxes. It's very easy to neglect to do that and spend the full amount. Then when the tax man comes knocking, you're short. 

3 days ago
11/19/03
Posts: 2422

what sucks is he will also be taxed in the US.

3 days ago
3/5/14
Posts: 13195
Taco Muncher -
sureshock -

How is that even possible? How does a pro fighter owe so much taxes? Doesn’t he get paid from coaching as well? Taxes are supposed to cost a small percentage of your income, not 90 percent of your income. 

 

As an "independent contractor" with the UFC, I imagine he's paid in full up front and it's up to him (and all fighters) to set aside what they'll owe in taxes. It's very easy to neglect to do that and spend the full amount. Then when the tax man comes knocking, you're short. 

Not to mention that if he just failed to file properly and was audited, the IRS isn't going to be helping him out with ways of reducing his tax liability like an actual knowledgible accountant could.  Their job isn't to give you the benefit of the doubt, its to tax you on pretty much anything they could consider taxable and leave it up to you to prove what items should not be taxed.  If that's how things played out he's probably just raked over the coals in taxes, but its his own fault so what are you going to do?  Feel sorry for a guy who didn't act like an adult

3 days ago
8/23/04
Posts: 6755
Taco Muncher -
sureshock -

How is that even possible? How does a pro fighter owe so much taxes? Doesn’t he get paid from coaching as well? Taxes are supposed to cost a small percentage of your income, not 90 percent of your income. 

 

As an "independent contractor" with the UFC, I imagine he's paid in full up front and it's up to him (and all fighters) to set aside what they'll owe in taxes. It's very easy to neglect to do that and spend the full amount. Then when the tax man comes knocking, you're short. 

That’s what I thought. He owes taxes from years and years of not paying. This makes sense that he is broke now. He never saved anything. 

 

 

Edited: 3 days ago
12/31/09
Posts: 6436

I remember after his first win in UFC he rang into the MMA hour with Ariel, he had pulled his full purse out on Monday morning and was rolling round the hood with 10k in his pocket. 

3 days ago
7/22/05
Posts: 58749

Man, save your money Perry.

3 days ago
2/29/16
Posts: 5752

He should seek a financial advisor next time he gets a paycheck.

 

Hard to feel sorry for him. It's nobody's fault but his own.

3 days ago
8/20/03
Posts: 145740

A lot of pros teach private lessons and coaching. 

That money is never declared.

3 days ago
8/14/18
Posts: 231

Total IQ between him and his gf is still less than 60. She gonna get a beating as the CTE progresses.

3 days ago
8/24/15
Posts: 490

Im sure he also has to pay a self employment tax. Unless he incorporated. 

3 days ago
4/21/12
Posts: 8807

Since Jan. 1: 110K + 50K FOTN bonus for Oliveira fight; got 58K + 50K FOTN bonus for Luque fight + 15K Reebok = $283K this year. 

Three fights last year: Estimated $175K.

$450K in two years, and he's broke (and suspended). 

 

3 days ago
9/22/16
Posts: 17196
Tug Dabone - 

Since Jan. 1: 110K + 50K FOTN bonus for Oliveira fight; got 58K + 50K FOTN bonus for Luque fight + 15K Reebok = $283K this year. 

Three fights last year: Estimated $175K.

$450K in two years, and he's broke (and suspended). 

 


I think he can go back to his side gig, teaching introductory physics at a Florida community college. He's a bright, articulate guy.
3 days ago
12/29/10
Posts: 3995

Time for Plat Princess to set up a kissing booth

3 days ago
12/1/10
Posts: 4123
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30 for 30 broke should be required viewing every month for any pro athlete.
3 days ago
12/1/10
Posts: 4124
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3 days ago
12/1/10
Posts: 4125
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3 days ago
9/24/18
Posts: 2050
Tug Dabone - 

Since Jan. 1: 110K + 50K FOTN bonus for Oliveira fight; got 58K + 50K FOTN bonus for Luque fight + 15K Reebok = $283K this year. 

Three fights last year: Estimated $175K.

$450K in two years, and he's broke (and suspended). 

 


Also add in any other endorsement deals/sponsors he might have and any other bonuses Dana throws his way (he is one of Dana's favourites). 

He should be living a very comfortable life right now 

3 days ago
1/1/01
Posts: 16863

Sucks about his nose, but I'm pretty sure the UFC will pay for that as part of their health insurance stuff?

I love the hell out of what fighters are willing to do in the cage for our entertainment, but it's pretty hard to feel bad for a guy that even after fees, training, taxes, etc has made more money in the last 2 years than 99% of the global population, and even just in 1st world countries.

3 days ago
1/1/01
Posts: 76543
Tug Dabone -

Since Jan. 1: 110K + 50K FOTN bonus for Oliveira fight; got 58K + 50K FOTN bonus for Luque fight + 15K Reebok = $283K this year. 

Three fights last year: Estimated $175K.

$450K in two years, and he's broke (and suspended). 

 

(And retahded) I hope he can figure it out.

3 days ago
10/24/03
Posts: 8117

2 things certain in life....... 

3 days ago
2/5/06
Posts: 38431
Jones right nostril - 
Tug Dabone - 

Since Jan. 1: 110K + 50K FOTN bonus for Oliveira fight; got 58K + 50K FOTN bonus for Luque fight + 15K Reebok = $283K this year. 

Three fights last year: Estimated $175K.

$450K in two years, and he's broke (and suspended). 

 


Also add in any other endorsement deals/sponsors he might have and any other bonuses Dana throws his way (he is one of Dana's favourites). 

He should be living a very comfortable life right now 


Come on...really?

You think he took home 450k the last two years?

minus taxes...35% tax bracket
minus training expenses...(paying Jackson/Wink, Fusion X-Cel)
minus manager (Kawa)
minus probably a few other things we don't know about.


He's probably living off less than 100k a year
3 days ago
8/1/07
Posts: 6863
I wonder if his management team takes a cut of his bonus money, in my opinion they should only receive a cut of the base money.