They said Brady will have to pay about $13,000 in income tax on the prize, and then another $5,000 “gift tax” for doing a nice thing in giving Butler the keys.
“That's a $5,000 gift tax on top of a $13,500 income tax on the truck, for a combined federal tax hit of $18,500,” said ATR, headed by Washington tax foe Grover Norquist.
Then there’s the game check of $97,000 for winning. “Brady will face income tax at the top rate of 39.6 percent. In addition, since this is a wage, he will also owe the top Medicare tax of 3.8 percent, half of which will be picked up by the NFL. Put those together, and Brady will pay $42,000 in federal taxes on the game,” said ATR.
The total tab: $60,500.