After reaching a private lawyer partnership with Jimmy McGill, Lin Yu immediately signed an endorsement contract with the Chinese restaurant chain in Massachusetts.
He doesn't need to do anything, he just needs to sign his name and allow the other party to use his image rights, and the endorsement fee of US$50,000 is obtained.
This endorsement fee is so easy to earn, so easy that it seems like it was earned in vain.
The US$50,000 was quickly transferred to Lin Yu's Citibank account. This US$50,000 endorsement fee must first be paid to Jeff Schwartz as an agent commission of 4%, which translates to US$2,000.
Then deduct the 5.8% Massachusetts personal income tax, which is $2,900. Of course, this state tax is not deducted now, but is paid during the tax season every year.
Combined with Lin Yu's other income, after the annual income exceeds US$430,000, he still needs to pay a federal tax with a tax rate of up to 39.6%, which is US$19,800.
In the end, Jimmy McGill was paid a legal fee of US$1,000, and the endorsement fee eventually amounted to US$24,300.
The income of US$50,000 was reduced by more than half in an instant. The exact figure is US$25,700, which is equivalent to more than 200,000 RMB. The 200,000 RMB around 2005 was enough to buy a house in a quasi-first-tier city in China.
This does not include the cost of hiring an accounting firm in the future.
Lin Yu felt very distressed after losing such a large amount of money, most of which was used to pay Massachusetts personal income tax and U.S. federal taxes.
After the McGill law firm in Boston paid Jimmy McGill the commission for the signing, Jimmy McGill gave Lin Yu a suggestion.
"Lin, you are not an American. It is not difficult to avoid taxes reasonably. I suggest you go to a tax haven like the Virgin Islands or the Cayman Islands to register a company. All your future endorsement contracts will be signed directly with your company.
If we don’t sign a contract with you personally, you won’t have to pay the high personal income tax and federal tax in the United States.”
"Reasonable tax avoidance?"
Lin Yu also thought of this, but he didn't know how to operate it. Moreover, he still had a question: "Can I reasonably avoid taxes on the salary I get in the NBA?"
Lin Yu's NBA salary needs to pay higher fees, not only state personal income tax and U.S. federal tax, but also an 8% league escrow fund.
This 8% league escrow fund will be turned over to the NBA to ensure that at the end of the season, the players' salary income does not exceed 57% of the league's income, and this paid fund will be returned to the players.
If the player's salary income is higher than 57% of the league's income, the fund paid will not be recovered.
If Lin Yu had been playing for the Celtics, then he would have to pay 57.4% of his salary in various fees, leaving only 42.6% in return. This does not include legal fees and accounting firm fees.
"Salary? Salary is no good. Salary must be taxed in the state where you are located, and then federal tax. Only additional income, such as income from advertising endorsements, can reasonably avoid taxes by using tax havens like the Virgin Islands."
"Okay, if I want to avoid taxes reasonably, how should I do it?" Lin Yu asked helplessly.
Jimmy McGill searched for information for a while: "I suggest you go to the Virgin Islands to register a company. Their requirements are very low. You only need to invest $50,000 to own a company in the Virgin Islands. The Virgin Islands
There is no income tax. Therefore, in the first step, all your income will enter your company without any taxes. In the second step, this income will be distributed to you through the payment of personal salary.
There are also no taxes or fees charged.”
Lin Yu smiled. After this calculation, all his extra income only needs to be paid for the broker's commission and the lawyer's commission.
But then, the smile turned into a bitter smile: "In two days I will go to Los Angeles to sign two endorsements, one for Under Armor sneakers and one for Coca-Cola. Is it too late to register a company now?"
Jimmy McGill shook his head: "It's too late, but I have learned about your two endorsements. Coca-Cola's endorsement is for mainland China, so you can sign a contract with Coca-Cola China Branch and count this income to China.
, in this way, you only need to pay China’s personal income tax.”
The personal income tax rate for advertising endorsement fees in mainland China is 20%, which is much lower than that in the United States. This can be considered a huge savings.
"As for Under Armor's sneaker endorsement, you should pay state and federal taxes honestly."
Lin Yu nodded helplessly. After calculation, he would lose a large amount of income.
"That's it, Jimmy, it's time for me to go back to training."
Lin Yu stood up and was about to leave, but Jimmy McGill quickly pressed the timer on the desk in front of him.
"Ding!"
After a crisp timer ringing, Jimmy McGill looked up and looked at Lin Yu: "Mr. Lin, the total time is 2 hours, you need to pay 200 US dollars."
Lin Yu's eyes widened and he froze on the spot, speechless for a moment.
However, he still paid the $200 legal consultation fee to Jimmy McGill, a vampire-like lawyer.
Christmas is approaching, and the holiday atmosphere is getting stronger.
Before the holiday, Ricky Davis held a Christmas party, and Lin Yu also attended. He went to Ricky Davis' villa in Beacon Hills alone.
Then, at this party with a very lively atmosphere, Lin Yu watched helplessly as his teammates hugged one or two beautiful female companions and kept wandering in front of him.
Lin Yu was a little lonely but looked down upon the group of flesh-and-blood people brought in by Ricky Davis's agent. He felt like he had been clicked by the Xialuo combination of Liushen in LoL, which was full of critical hits. He was heartbroken.
Can't take care of myself anymore.
He is in need of love now. He is so in need of love...
Before the Christmas break, the Celtics have one more game to play, and they have to face the Golden State Warriors at home.
Today's Warriors are not yet the five-star runner-up Warriors they were later, but they are already the Warriors who will complete the Black Eight Miracle next season.
However, this season, the Warriors are still the last in the Western Conference because they haven't changed coaches yet, and head coach Mike Montgomery has dragged them down to a certain extent.
It wasn't until Nelson took over the next season that the Warriors began to show their true strength.
Bearded Baron Davis is their star player, and the team also has strong players such as dunk champion Jason Richardson, Troy Murphy, veteran Fisher, and Mike Dunleavy.
The warriors of this period had a nickname, called gangsters.
Gangster is a complimentary term, referring to the fact that this Warriors' playing style is very wild, and they can bite off a piece of meat from anyone they see. However, at the same time, this nickname also shows that this Warriors' technical and tactical ability is very poor, and they often lose the fight.
Without discipline and fighting, the game turned into a chaotic battle.
This game is proof of that.
The Celtics are definitely stronger than the Warriors, but halfway through the game, the Celtics were in a state of overall lagging.
In the Celtics' offense, Pierce kept playing in isolations, and Ricky Davis, who came on the bench, also kept playing in isolations, and then fell into a vicious cycle of only isolations in the offense.
Because the Warriors are also constantly playing in isolations, which is the offensive method they are good at, and the Warriors have more isolation players, they win with numbers, and soon lead the Celtics in score and scene.
The huge noise in the arena and the constant boos made Doc Rivers, who was directing the game from the sidelines, even more impatient.
The game has entered the second half of the second quarter, and the Celtics are 7 points behind the Warriors. The point difference is not big, but the lag on the scene is far more than just 7 points.
On the court, the Celtics' offensive possession.
Facing Mike Dunleavy's defense, Pierce made a breakthrough and made a direct pull. With a bang, the basketball bounced out of the frame.
Doc Rivers shouted toward the court: "Be patient, be patient!"
But there was impatience in his voice, and there was no hint of patience at all.
When it was the Warriors' turn to attack, Baron Davis controlled the ball and advanced to the frontcourt, and then directly started to break through, without any intention of stopping the ball to observe the defense.
In the left corner, Lin Yu opened his arms and faced dunk king Jason Richardson.
Richardson, who made 2 of 7 shots in the first quarter and a half, couldn't get the ball at all. He only played a role in containing Lin Yu's defense, which was enough.
On the other side, Delonte West's defense couldn't stop bearded Davis' tank-like breakthrough. He was bulldozed directly into the penalty area by Baron Davis.
Then, Baron Davis made a floater and successfully scored.
"Byron's floater hit, and the point difference was widened. Now, the Celtics, who are playing at home, are 9 points behind, and the half game is about to end. Doc Rivers must make adjustments to restore the disadvantage on the field.
"
Rivers was also very anxious. He thought about asking Lin Yu to defend Baron Davis.
But at the same time, Mike Dunleavy and Troy Murphy on the Warriors' front line, and even Monta Ellis on the bench, are exploding. Lin Yu is simply not enough.
Replacing Tony Allen? What will the offense do?
Rivers is in trouble and doesn't know how to adjust.
A few minutes later, there was a buzz, the red light above the backboard came on, and the half game ended amid boos from the audience.
"At 62:51, the Warriors' lead has reached double digits. The trend of this game is unexpected. No one expected that the Warriors, currently last in the Western Conference, would take a double-digit lead when facing the Celtics away from home...
…”
(Recommendation votes determine the number of updates on the shelves, so give me all the recommendation votes you have. If you don’t vote, I won’t vote. When will Ah Shui come forward?)