How much money will CeeDee Lamb actually take home now that he's got the bag with a new contract extension? The Dallas Cowboys star will never see a significant chunk of that new cash thanks to some significant taxes.
Lamb reportedly agreed to a four-year contract extension with the Cowboys Monday.
The deal was first announced by ESPN's Adam Schefter, who provided the following details: It is "a record four-year, $136 million deal that now makes him the second highest-paid non-QB in NFL history. The deal includes a $38 million signing bonus, the largest ever given to a wide receiver."
With an average yearly value of $34 million, Lamb is set up for life. But how much of that will he actually take home?
According to Andrew Petcash of Profluence.com, Lamb will take home less than 55 percent.
Here's how it breaks down. Lamb will pay approximately $12.6 million in federal taxes, $1 million for a "jock tax," $1 million to his agent, $800,000 to FICA/Medicare.
This nets him approximately $18.6 million out of $34 million per year on average.
CeeDee Lamb's income after taxes😲
— Andrew Petcash (@AndrewPetcash) August 26, 2024
$34M: Salary
-
$12.6M: Federal Tax
$1M: Jock Tax
$1M: Agent
$800k: FICA/Medicare
=
$18.6M: Net Income pic.twitter.com/zQSXEhQoBu
That's a lot of money going somewhere else.
But it could be worse. Texas has zero state taxes. Per Petcash, that means he's saving between $1 and $2 million per year playing for the Cowboys.
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