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

7 days ago
3/5/14
Posts: 13200
CaptainWoody -
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

This is probably pretty close to the most accurate outcome.  Manager, trainer and travel/training expenses along with taxes he never paid and therefore probably didn't properly minimize are a pretty expensive bunch of items.

7 days ago
9/24/18
Posts: 2055
CaptainWoody -
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

Where did I say I thought he took home 450k? 

But from what’s been posted, his gross income over the last two years would be close to half a million dollars. Not bad for a middle of the road fighter. 

7 days ago
4/21/12
Posts: 8809

If he owes any large amount of taxes it's probably only for 2018 or maybe 2017, because before that he wasn't making shit. He was on a 10/10 contract when he entered UFC in 2016 and by December 2016 he was only up to 14/14. 

7 days ago
2/3/10
Posts: 26141

Didnt he buy a grill with his first win money?

Edited: 7 days ago
12/7/14
Posts: 2873

kinda reminds me of Nick Diaz, who didn't seem to be aware that income tax was a thing several years into his career

 

(as opposed the great Edmond Tarverdyan, who just blatantly tried to circumvent paying anything)

7 days ago
3/26/13
Posts: 7141
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. 

In the US, depending on what state you live in, taxes can be as much as 60% of your income. I think he lives on Florida though, so there is no state income tax. He probably pays around 40 - 50% in taxes.

7 days ago
6/8/10
Posts: 15606

Even after taxes he should have walked away with $50k, and he fights 3 times a year. Now obviously he does not get that bonus every time but he also doesn't pay that local tax either. While that's not balling, he should be living pretty good. Between a record of 2-4 in his last 6 fights and his brains he better think of something pretty quickly or he's in trouble. 

7 days ago
12/7/14
Posts: 2874
El Duderino -
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. 

In the US, depending on what state you live in, taxes can be as much as 60% of your income. I think he lives on Florida though, so there is no state income tax. He probably pays around 40 - 50% in taxes.

a good tax accountant should be able to reduce that significantly for an indepenent contractor with a ton of work-related expenses, though - at least I'd think so!

7 days ago
6/8/10
Posts: 15607
CaptainWoody -
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

The numbers given were $72k after this fight even after paying all you mentioned except the US taxes. He should still clear almost $50k after its all said and done, that's more than a lot of people make in a year before taxes and still have a decent house, drive a new car and go on vacation every year. Now maybe not it Cali or New York but in Georgia you can, I did it for years. 

7 days ago
12/9/13
Posts: 26162

time for Princess to find a job

Edited: 7 days ago
10/9/10
Posts: 13891
Hurtsogood -

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.

This. I’m well educated, make a decent amount of money, but myself and my wife aren’t good with managing it. 

It’s just the fact that we grew up in broke households where our parents didn’t make good decisions. In turn, we weren’t taught how to properly manage money. We are working on it. 

Its extremely common for this to happen, I don’t think the average person is financially responsible. I know very few people who are.  

7 days ago
10/9/10
Posts: 13892
Boom Boom Mancino -
El Duderino -
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. 

In the US, depending on what state you live in, taxes can be as much as 60% of your income. I think he lives on Florida though, so there is no state income tax. He probably pays around 40 - 50% in taxes.

a good tax accountant should be able to reduce that significantly for an indepenent contractor with a ton of work-related expenses, though - at least I'd think so!

If you’re not managing money properly to begin with, you probably aren’t thinking of getting an account or are too broke to afford one. 

7 days ago
7/15/04
Posts: 56867

He ain't the brightest bulb in the box. Someone send him a Dave Ramsey book.

7 days ago
7/25/04
Posts: 859
CaptainWoody -
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

Poor bastard has to live off 100k a year..... man that’s some shit....

7 days ago
8/14/18
Posts: 232
TexDeuce -

He ain't the brightest bulb in the box. Someone send him a Dave Ramsey book.

Audio version cuz you know.............

7 days ago
7/2/15
Posts: 2901

I dunno who’s made dumber decisions.. him or that pornstar that got 12k for 12 videos 

7 days ago
11/9/17
Posts: 7883
Hurtsogood - 

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.


lol..this!
Edited: 7 days ago
12/7/14
Posts: 2875
MasterofMartialArts -
Boom Boom Mancino -
El Duderino -
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. 

In the US, depending on what state you live in, taxes can be as much as 60% of your income. I think he lives on Florida though, so there is no state income tax. He probably pays around 40 - 50% in taxes.

a good tax accountant should be able to reduce that significantly for an indepenent contractor with a ton of work-related expenses, though - at least I'd think so!

If you’re not managing money properly to begin with, you probably aren’t thinking of getting an account or are too broke to afford one. 

definitely true that someone not aware of how to manage their money isn't going to think of it in the first place, but it should be reasonably affordable - I've been going to a guy who charges like $200-300 to do my taxes each year (which admittedly are very straightforward usually) and he's saved me *tons* over the years, especially when I was contracting.  Soooo worth it.

7 days ago
6/23/12
Posts: 16714
El Duderino -
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. 

In the US, depending on what state you live in, taxes can be as much as 60% of your income. I think he lives on Florida though, so there is no state income tax. He probably pays around 40 - 50% in taxes.

Independent contractors pay tax based on where they earned the money. Unless all of his fights are in FL or TX, he still owes state income tax in whatever state he earned the money.

7 days ago
11/17/10
Posts: 49417
RockTheVote -
El Duderino -
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. 

In the US, depending on what state you live in, taxes can be as much as 60% of your income. I think he lives on Florida though, so there is no state income tax. He probably pays around 40 - 50% in taxes.

Independent contractors pay tax based on where they earned the money. Unless all of his fights are in FL or TX, he still owes state income tax in whatever state he earned the money.

in 2019 he only fought in florida and uruguay, so likely no state tax

im sure he makes some money outside of actual fights, so who knows

guess thats why fighters like fighting in places like nevada, TX, and FL, wiith no state tax

 

he just needs to have better money mgmt skills and live like a normal person, imo

6 days ago
12/1/10
Posts: 4126
Any manager or trainer fees that are percentage based should be calculated post tax not pre also.
6 days ago
12/22/10
Posts: 8640

They should force him to do a money management course.  I thought they already did.  It should be mandatory for him.

6 days ago
6/23/12
Posts: 16715
HTMNDN - Any manager or trainer fees that are percentage based should be calculated post tax not pre also.

Curious why you think so? Those payments are being written off (fighters aren't paying taxes on that money), so why would you calculate them based on post tax earnings?

6 days ago
8/3/11
Posts: 24358

haters gonna hate

6 days ago
1/13/11
Posts: 8032

I mean he did get a 50k bonus. But I think he should be making at least 75k to show. Dude entertains