Draft talk: look for Beavan, Middlebrooks to sign/list of NT bonuses

It was just announced on the Rangers game broadcast that Blake Beaven has agreed to terms with the Rangers.

Good luck Blake, we'll be pulling for you!!

1.5 million. MLB "recommended" slot was 1,417,500.
An extra 82,500....Agent @ 5% gets 75,000... Now it = $7500 more than slot.... which was more then most in the first round.

Go get'em BIG NASTY.

How will he live on $1,5000,000? KIDDING!

deemax,
Do you agree that the August 15 deadline really confused both sides - the ballclubs and the agents? I am not sure either side could figure out who was going to have the most leverage this summer. It seems that many agents were playing "chicken" with the ballclubs. I can make an argument as to why the 15th could have been used as leverage for either side. I agree that in the case of BB, it seems like they were splitting hairs, but then again it is not my money. You might want to check the math, though:

Slot
$1,417,500 X 5% (agent) = $70,875
$1,417,500 - $70,875 = $1,346,625 net

Reported
$1,500,000 X 5% (agent) = $75,000
$1,500,000 - $75,000 = $1,425,000 net

Gain
$1,425,000 - $1,346,625 = $78,375

or about the price of a loaded Escalade. By the way, let's not forget Uncle Sam gets to take his piece.

Just for my mathematical mind... how much is tax on something like this?

A LOT!!! I would like to live on what he pays in taxes!!!

quote:

Do you agree that the August 15 deadline really confused both sides

Maybe, but I dont think Boras and Ricky Porcello were confused.

quote:

By the way, let's not forget Uncle Sam gets to take his piece.

At least the agent fees are tax deductable...

Depends on how the signing bonus is structured, could be as much as 40%

I suspect that momandcpa would be the best person to answer that question, dtiger, although we may have some other CPA lurking who can answer that question.

quote:

Depends on how the signing bonus is structured, could be as much as 40%

It was (as of a couple of years ago) set up to recieve the bonus in two seperate checks (half and half) about six months apart with the exception of the ML contract.

I'm taking economics this semester... JOY!

Yes Deemax is correct:

Payment is in 2 payments about 6 mos apart. Agent is 4% and the IRS, well you are automatically in the 33% income tax bracket minimum plus your SS & Medicare taxes. Depending on whether on not you are forced to pay a state income tax it basically means about 40- 44% all goes to taxes and 4% to Agent.

But all that information is public knowledge on the IRS website (ugh!)

But who is complaining at this point! Blake had a wonderful summer and was able to play a lot of golf, hang out with friends and sleepiing in, which in his own words was: "I really did'nt ever have a summer because I was always traveling playing baseball". I think it was good for him to have this time before he was off to the "Working World" and the grind of Minor League Baseball! Several weeks ago he was just screaming for a "BATTER". So I know it was killing him not being able to pitch and play with his Tiger team. Bull pens will get old after awhile and he was so ready to pitch to somebody, anybody!!!