I was listening to a discussion about small businesses (nothing to do with basketball) and some of the things they discussed mentioned a 50-employee cutoff to be counted as a small business. And that got me wondering.
How Many Employees Does the UNC Basketball Program Have?
- Thread starter What Would Jesus Do?
- Start date
Another question is whether players pay taxes on their "compensation." I assume not. But when we have the occasional discussion of whether players should be paid or whether they should be considered as employees, people often point out that they are already being "paid" with education, room and board, health care, and so on. If that was all treated as "income" what would their tax liability be?
This Screams of being agenda driven in nature... I get your point-s made on an uncountable and numerous plural basis here with regularity, IMO... UNC Basketball also sells merchandise while you are taking inventory. This is being accomplished virtually in the same way an infinite number of other colleges worldwide also do. You can simply add this UNC fault on me, free of charge BTW...
College scholarships don't count as taxable income, so they'd owe very little in taxes. It'd be the cost of room and board plus (I think) health care so maybe $25,000 gross income. That's a pretty low tax bill.
As to your first question, look on the UNC Athletics website. I am pretty sure it's less than 50 people directly working for the team, if I had to guess I'd say no more than 15-20 paid employees. A lot of people also work in the AD, Rams Club, Sports Medicine, etc.
As to your first question, look on the UNC Athletics website. I am pretty sure it's less than 50 people directly working for the team, if I had to guess I'd say no more than 15-20 paid employees. A lot of people also work in the AD, Rams Club, Sports Medicine, etc.
Thanks for taking the time to actually respond. Some people would rather snipe than converse.
They would have to pay taxes on anything that they got that is not offset by college expenses though. If athletes start getting stipends(that do not go directly to the U and are after tuition/fees are paid), then they will have to file them as income, but could easily use ancillary college expenses to offset them. (clothes, travel, computers, internet, phone bills, supplies, etc)
I don't think this is true. You cannot expense that list of items with a stipend. The only part that is not taxable is tuition and fees to the school.
I happen to have just completed graduate school on a scholarship. I do my own taxes and you can use any expense related to college as a deduction. This includes buying books, supplies, computers and your internet if you have online courses. You don't have to report the monies going directly to the U as income, but you must if you get a stipend or refund.
Haha okay, I'm in the same boat (one year left in grad school actually). You're right they would be able to deduct expenses related directly to schoolwork.
