Weight of Patrick Mahomes’ $503 Million Wallet Fluctuates as Kansas City Chiefs Superstar Might End Up as NFL’s First $200 Million Taxpayer

Patrick Mahomes has undoubtedly become one of the best quarterbacks in the history of the NFL. He has gone on to achieve the kind of greatness that very few before him have emulated. Furthermore, no one is happier with his success than Kansas City and the Kansas City Chiefs. The team was able to provide their city with immense pride after they ensured that they locked down Mahomes with a whopping 10-year contract. The contract also included a huge payout for Mahomes. Or so everyone thought.

With the quarterback earning a massive amount, he also has to pay a huge amount of tax. Sadly, the QB, who was promised a little more than half a billion dollars, might become one of the biggest taxpayers of the NFL.

Why does Patrick Mahomes have to pay such a high tax?

Mahomes has been highly motivated to stay in Kansas with a whopping $500 million contract for 10 years with the Chiefs. Mahomes’ annual salary is a smashing $50.3 million. When it’s broken down even further, the quarterback earns $1.60 every second. Needless to say, he is wealthy beyond measure.

However, there is no free lunch. As his contract sounds too good to be true, taxation makes such big numbers nothing but a fantasy. While being one of highest paid athletes in the NFL, sadly Mahomes also pays the most tax. From his $50.3 million a year salary, the QB pays almost half of that just in taxes.

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His taxation includes not just income tax but also money taken in by FICA, the state, as well as the infamous jock tax. Due to these, the QB’s annual earnings are slashed with a margin of a whopping $20.9 million every year. With a ten-year contract, the amount of tax he will pay will drive up the price to more than $200 million. Furthermore, filing these taxes becomes even more difficult for him, due to the presence of the jock tax.

The infamous Jock Tax

While being an athlete means you’re loved by all, it also means jumping through complicated taxation hoops. Perhaps, one of the most complicated and irritating taxes to exist for athletes is the jock tax. The jock tax is taxation that needs to be paid by athletes who go and play in different cities. The logic behind this is that these athletes are members of teams from different states and any money they earn can be taxed by the state they are visiting. The concept of a jock tax has been around for quite a bit but became popular with his Airness, Michael Jordan.

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After demolishing Magic Johnson and the LA Lakers to win his first championship, Jordan received a notice from the state of California to fork over $10,000. However, since this was not a very commonly known rule, the state of Illinois retaliated in a petty manner by imposing an income tax on athletes from California.

Since then, the jock tax has become an almost common practice. However, the presence of the jock tax makes it harder for athletes to file for taxes at the end of each fiscal year. In the case of Mahomes, the quarterback had to file 7 tax returns that came just from the jock tax. Sadly, this tax is the least of the QB’s worries. Even though he might be earning more than half a billion dollars for 10 years, it seems like he will only be able to enjoy a little more than half of his earnings.