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In fact, federal taxes owed by professional baseball, football, and basketball players will exceed $3 billion in 2013, according to tax experts who specialize in representing athletes. And, like every other U.S. taxpayer, their bill is due today. Thatâs $3 billion of the $2.5 trillion paid in federal taxes by all Americans, contributed by a select but paltry work force of about 3,000. On average, every MLB, NFL and NBA player pays $1 million in federal taxes.
Professional sports players get taxed by pretty much every city and state in which they play, says Ryan Losi, CPA and executive vice president of Piascik & Associates, a Glen Allen, Va., accounting firm that represents more than 70 professional athletes. For Kobe Bryant, that's $5 (million) or $6 million that he's never going to make back, says Raiola. 2  All four leagues and the Professional Golfers' Association of America, or PGA, offer pension plans. 3  In addition, the NFL offers a 401(k) with a 200 percent match, and the NBA offers a 401(k) with a 140 percent match.