Warriors star Stephen Curry bagged an NBA-high $34.7 million in 2017-18 but only took home $15.26 million of it
Advertisement
Being in the NBA is an excellent way to ensure you have a good source of income. The minimum salary for a rookie in the NBA is $925,000. This value alone puts them higher than most of the population in the USA. The better a player gets/the more time they spend in the league, their salaries only go higher.
The stars in the league, who have proven their worth and dazzled everyone, tend to get compensated accordingly. After spending four years on what’s considered the biggest steal in NBA History, Stephen Curry was handsomely rewarded by the Warriors in 2017. He signed a 5-year, $201 million deal, becoming the first ever player in the NBA to sign a $200 million+ deal.
In 2017-18, Stephen Curry earned an NBA-high $34.7 million from his NBA salary alone. However, the money he took home was considerably lower than what his earnings reflect.
How did Stephen Curry lose 56% of his $34.7 million income?
Being in the NBA, a player plays 42 games on their homecourt and 42 games in the other 29 arenas. With the Warriors being in San Francisco(Oakland back then), Stephen Curry lives in California. California taxes its athletes considerably more than other states.
In 2017, with Steph taking home an NBA-high $34.7 million, the taxes on the same were humongous as well. After all the deductions, Steph just took home $15.26 million out of that $34.7 million.
Here’s the breakdown of where the money went.
– 2017-18 escrow (10 percent) = -$3,468,255
– Federal taxes = -$11,655,683
– City/state taxes = -$4,105,453
– Agent fees (3 percent) = -$954,597
– 401K (max allowed) = -$18,000
– 2016-17 escrow = +$605,618
– Shortfall = +$177,725
In short, being an NBA player comes with glam and a hefty tax slab.
Despite all the taxes, Stephen Curry’s investments and endorsement deals have helped him build a net worth of over $160 million.
