New Jersey Taxes Could Eat Up All of Peyton Manning’s Super Bowl Earnings

In the News: New Jersey Taxes Could Eat Up All of Peyton Manning’s Super Bowl Earnings:
"No matter who wins the Super Bowl this Sunday, Peyton Manning will lose big on his gameday paycheck thanks to New Jersey’s “jock tax.”
A jock tax is levied on a player’s earnings for the entire calendar year — not just for any games actually played in the state.
As K. Sean Packard explains for Forbes.com, if Manning doesn’t win his second Super Bowl ring, the quarterback could pay more than 100 percent of his earnings from the game to the Garden State:

“If Manning is able to play next season, his New Jersey income tax would be $46,989 on $92,000 for winning the Super Bowl, or 51.08%.
If they lose and he is able to play in 2014, he will pay New Jersey $46,844 on his $46,000 which amounts to a 101.83% tax on his actual Super Bowl earnings in the state—and this does not even consider federal taxes!”"