Yes, very happy that Tyler is making some money off of NIL. $5,000 for a brief commercial is pretty good for a 20 year old. Beats a paper route.
Figure 15% for Federal income taxes ($750); since he is an independent contractor, he has the privilege of paying not only FICA and Medicare at 7.65 % plus the match of 7.65 % or a total of 15.3 % ($765); figure Wisconsin income tax of 5% ($250); and maybe an agent takes 10% ($500).
Once Tyler realizes his $5000 gig nets him $2735, I hope he's still as enthusiastic.
Great lesson in economics 101 without even having to take the class. Silver lining---------may turn him into a lifelong Republican.
There are plenty of poor people who think they're going to be millionaires if they just keep voting R, Tyler seems too smart to buy into that naivete. Taxes are taxes. Certainly a good experience for a young person to have, he and others like him will be wiser for having these opportunities at a young age.
