Medvedev about earning in tennis... Numbers...

[beard]

Interesting topic...

Google translate:
In an interview for the Russian media, he talked about how much money he has earned so far.
"The numbers may look impressive, that's right. In my case, I currently made $ 16 million playing tennis, but it's not that simple. First, in every tournament you win money, you have to pay income tax. In Russia, it is 13%, in France 15%, in America 30%, and in England 20%. But this is just the tip of the iceberg If you really start making money, you have to keep in mind that you will pay a very high tax rate at the end of the year "Medvedev said.

So, tennis players give the most money to taxes.
"If you earn a million euros in France, you have to pay a 45% tax, if I'm not mistaken. You can reach the Roland Garros final, and you will certainly be happy because you won a million and a half euros. From that amount you will have to pay taxes and "You will have 1.3 million left. Of course, at the end of the season you will pay a new tax of 400 or 500 thousand euros to France. When you calculate taxes, travel, coach salaries, you will be left with half of what you earned in tournaments," he added.

Medvedev also revealed the salary of top coaches, as well as the ways in which it can be paid.
"It depends on each case. If we are talking about players from the Top 100 or Top 50, players with whom coaches travel privately ... You can agree on a monthly salary or a percentage of the received cash prize. Approximately between 6 and 10 percent of the prize, which is 6,000 or 15,000 euros. Then there are other ways, that coaches are paid according to the number of weeks during which they follow the players in the tournaments ... ", Medvedev concluded.

 

[Tshooter]

Wow, tennis players pay taxes on their income too. Who knew. Maybe he should call Mossack Fonseca.

 

[JustMy2Cents]

Bit of obfuscation as Med fails to mention the real high source of money for the top guys is from endorsements . Living in Monaco, guess he pockets that entire sum

 

[vex]

Pray for Medv

 

[cortado]

Bit of obfuscation as Med fails to mention the real high source of money for the top guys is from endorsements . Living in Monaco, guess he pockets that entire sum

Yeah, really the tournament prize money is irrelevant, as you are trying to win tournaments to secure the real money (endorsements) not the prize money itself.

 

[beard]

Wow, tennis players pay taxes on their income too. Who knew. Maybe he should call Mossack Fonseca.

Bit of obfuscation as Med fails to mention the real high source of money for the top guys is from endorsements . Living in Monaco, guess he pockets that entire sum

Pray for Medv

People here are really sore...

Medvedev was asked, and he gave an honest answer, where we can see exact numbers...
It's an interesting topic we rarely can see what's really numbers.
Medvedev never complained in this interview, never said he is in financial trouble, or he is poor...

 

[beard]

Yeah, really the tournament prize money is irrelevant, as you are trying to win tournaments to secure the real money (endorsements) not the prize money itself.

Yes, he hasn't mentioned endorsements, but he wasn't asked about it... And only top players have significant endorsements, 99% live of prize money which he was talking about...

 

[octobrina10]

People here are really sore...

Medvedev was asked, and he gave an honest answer, where we can see exact numbers...
It's an interesting topic we rarely can see what's really numbers.
Medvedev never complained in this interview, never said he is in financial trouble, or he is poor...

You didn't know how much prize money Med has earned?

 

[Hitman]

Only three things are for certain in this world

Death, taxes and Nadal winning RG

Thanks for sharing Med.

 

[Tennis_Freak99]

Does this gross income include Brand deals, Subscriptions etc?

 

[Deleted member 771911]

Seriously every time these tennis pros open their mouths, the credibility of the sport gets chipped away. Such a bubble.

 

[HardCourtMaestro]

Medvedev is a rich cool baller who drives around in his BMW supercar on the racing tracks of Monte Carlo. Novak and Rafa could never

 

[Tshooter]

...

Medvedev was asked, and he gave an honest answer, where we can see exact numbers...
It's an interesting topic we rarely can see what's really numbers....

You can refer to the ATP site for the player you are interested in under “Prize Money Singles & Doubles Combined.” Prize money numbers are listed pre-tax by convention and practicality. What is not readily available is tennis related income other than prize money.

Daniil Medvedev | Overview | ATP Tour | Tennis

Official tennis player profile of Daniil Medvedev on the ATP Tour. Featuring news, bio, rankings, playing activity, coach, stats, win-loss, points breakdown, videos, and more.

www.atptour.com

 

[beard]

You can refer to the ATP site for the player you are interested in under “Prize Money Singles & Doubles Combined.” Prize money numbers are listed pre-tax by convention and practicality. What is not readily available is tennis related income other than prize money.

Daniil Medvedev | Overview | ATP Tour | Tennis

Official tennis player profile of Daniil Medvedev on the ATP Tour. Featuring news, bio, rankings, playing activity, coach, stats, win-loss, points breakdown, videos, and more.

www.atptour.com

Yes, we all know how money players earned (Med in this interview says it's 16 millions), but what part of that money they keep after paying taxes... That's quite unknown and Medvedev clears that matter a bit...

 

[Wurm]

Medvedev's got a good accountant if he's only paying out 20% in England... Britain's taxation on sports people is notoriously bad since they like to claim tax on a proportion of a player's endorsements for the time period the player competed in Britain. So between the endorsements and the £110k of 3R money he received in 2019 they managed to wangle his post tax-break earnings down to below the 40% threshold of around £50k. Not bad.

 

[BeatlesFan]

A Go Fund Me page is definitely in order for Med.

He lives in Monte Carlo, thus paying no income tax at all, which saves him millions every year, he did neglect to mention that. Otherwise, he's earned his money. It's just a bit cringe that in the midst of a global pandemic he mentions his income when it's substantially more than 98% of people on earth.

 

[ollinger]

We know of course how players frequently choose a residence based on tax structure, but I wonder how much of a factor it is in choosing what tournaments to play in, since there are often local and national taxes that have to be deducted.

 

[beard]

A Go Fund Me page is definitely in order for Med.

He lives in Monte Carlo, thus paying no income tax at all, which saves him millions every year, he did neglect to mention that. Otherwise, he's earned his money. It's just a bit cringe that in the midst of a global pandemic he mentions his income when it's substantially more than 98% of people on earth.

Are you sure?

Med says that you first pay one tax:
"First, in every tournament you win money, you have to pay income tax. In Russia, it is 13%, in France 15%, in America 30%, and in England 20%. "

And on the end of the year you pay again:
"But this is just the tip of the iceberg If you really start making money, you have to keep in mind that you will pay a very high tax rate at the end of the year "
"If you earn a million euros in France, you have to pay a 45% tax, if I'm not mistaken. You can reach the Roland Garros final, and you will certainly be happy because you won a million and a half euros. From that amount you will have to pay taxes and "You will have 1.3 million left. Of course, at the end of the season you will pay a new tax of 400 or 500 thousand euros to France "
So, it doesn't matter that you are in Monaco, you pay again to the country where you earned money, in his example, in France...

 

[fishpiefriday]

Are you sure?

Med says that you first pay one tax:
"First, in every tournament you win money, you have to pay income tax. In Russia, it is 13%, in France 15%, in America 30%, and in England 20%. "

And on the end of the year you pay again:
"But this is just the tip of the iceberg If you really start making money, you have to keep in mind that you will pay a very high tax rate at the end of the year "
"If you earn a million euros in France, you have to pay a 45% tax, if I'm not mistaken. You can reach the Roland Garros final, and you will certainly be happy because you won a million and a half euros. From that amount you will have to pay taxes and "You will have 1.3 million left. Of course, at the end of the season you will pay a new tax of 400 or 500 thousand euros to France "
So, it doesn't matter that you are in Monaco, you pay again to the country where you earned money, in his example, in France...

A player pays tax on prize money according to the tax laws of the country they win the prize money in. It isn't paid twice.

Endorsement money from sponsors is taxed according to the country of residence, hence why players pick places such as Monaco, saving them a lot of money in taxes.

 

[weakera]

Middling and below average baseball players make more money than top-10 ATP guys.

 

[MeatTornado]

Middling and below average baseball players make more money than top-10 ATP guys.

If you just count prize money vs contract salary, yes.

 

[weakera]

If you just count prize money vs contract salary, yes.

Yes, and often by far when you take the lack of expenses into account. Most tennis players don't come close to closing the gap with endorsements.

 

[RelentlessAttack]

The relevant thing is the overhead with staff and travel expenses. Makes it hard to break through.

If you play a team sport, your team’s owner pays the overhead. If you’re not a top tennis player, you don’t make that much in prize money and you don’t get significant endorsements.

 

[AlexSV]

I don't feel bad for Med, but I can see how tough this makes it on players earning a lot less. I knew it would be tough to pay for travel, equipment, coaching and medical expenses on the prize money most players earn. But I didn't consider they need to save some for taxes at the end of the year. It would be really tempting to spend everything in order to fund more tournaments and hope you do well later to pay your tax bills.

 

[Sudacafan]

Interesting topic...

Google translate:
In an interview for the Russian media, he talked about how much money he has earned so far.
"The numbers may look impressive, that's right. In my case, I currently made $ 16 million playing tennis, but it's not that simple. First, in every tournament you win money, you have to pay income tax. In Russia, it is 13%, in France 15%, in America 30%, and in England 20%. But this is just the tip of the iceberg If you really start making money, you have to keep in mind that you will pay a very high tax rate at the end of the year "Medvedev said.

So, tennis players give the most money to taxes.
"If you earn a million euros in France, you have to pay a 45% tax, if I'm not mistaken. You can reach the Roland Garros final, and you will certainly be happy because you won a million and a half euros. From that amount you will have to pay taxes and "You will have 1.3 million left. Of course, at the end of the season you will pay a new tax of 400 or 500 thousand euros to France. When you calculate taxes, travel, coach salaries, you will be left with half of what you earned in tournaments," he added.

Medvedev also revealed the salary of top coaches, as well as the ways in which it can be paid.
"It depends on each case. If we are talking about players from the Top 100 or Top 50, players with whom coaches travel privately ... You can agree on a monthly salary or a percentage of the received cash prize. Approximately between 6 and 10 percent of the prize, which is 6,000 or 15,000 euros. Then there are other ways, that coaches are paid according to the number of weeks during which they follow the players in the tournaments ... ", Medvedev concluded.

Med should become citizen of the Cayman Islands immediately.

 

[blablavla]

Yes, we all know how money players earned (Med in this interview says it's 16 millions), but what part of that money they keep after paying taxes... That's quite unknown and Medvedev clears that matter a bit...

Those who live in Monaco for tax purposes obviously tend to keep more in comparison to those who didn't change their residence to a tax friendlier Monaco

 

[vernonbc]

Med needs a good accountant. All those expenses for travel and coaches and whatnot are eligible deductions and are subtracted from your income before taxes at the end of the year are calculated.

 

[blablavla]

Med needs a good accountant. All those expenses for travel and coaches and whatnot are eligible deductions and are subtracted from your income before taxes at the end of the year are calculated.

isn't he a Monaco resident?
with their close to zero tax rate, I'd be surprised if they had any deductions

 

[Wurm]

Are you sure?

Med says that you first pay one tax:
"First, in every tournament you win money, you have to pay income tax. In Russia, it is 13%, in France 15%, in America 30%, and in England 20%. "

And on the end of the year you pay again:

They may take the basic rate of income tax off the earnings at source and then claim the rest at the end of the fiscal year, in which case you could theoretically get a rebate if your overall earnings fall short of the basic income tax rate once expenses are taken into account, but they don't actually tax the same income twice...

...unless you're American (and a few other countries) where the country you earn the money in gets to take their share and any shortfall between their taxes and America's own taxation levels America will tax you on, I understand. It's why Terry Gilliam eventually renounced his American citizenship as he kept having to pay additional taxes to America despite having not lived there for decades.

I don't know what it's like in other countries but I know a lot of people are very naive about taxation where I live because your tax is typically deducted via your employer's payroll before it gets anywhere near your bank account and thus people don't need to understand it properly. It's really not difficult to set aside money for tax purposes as you earn it and never think of it as "your" money. It is pretty galling, mind, when you receive enough in one go that it'll be almost entirely taxed at 40% to see it whittled away so dramatically.... particularly if your level of trust in the government is extremely low!

Med needs a good accountant. All those expenses for travel and coaches and whatnot are eligible deductions and are subtracted from your income before taxes at the end of the year are calculated.

I think he'll have that covered: "Medvedev studied physics and math at a specialized school before graduating early and enrolling in economics and commerce at the Moscow State Institute of International Relations." He's probably the smartest guy, academically speaking, playing professional tennis right now.

 

[beard]

Med should become citizen of the Cayman Islands immediately.

Why? He doesn't complain... He answered the question about tennis players earnings...

 

[accidental]

I also pay taxes on my earnings

 

[Forehanderer]

No wonder people who can make it in the tennis world move their residence to Monaco and I don't blame them. If every individual govt taxes them and the country where the player is from taxes them on sponsorship money, I would too if I had the chance. These players get no reimbursements when they start out as kids with their parents paying for the coaching, travel, etc and when the money starts flowing in, govts get their grubby hands on it. What Medvedev is saying is not whining. He is just saying like it is. For the lower ranked players, this is a tough life to live. Its like playing lottery hoping for a win and there are 1000s of players trying to get into that sweet spot of getting sponsorships. You can say these players are selfish but you have to be to survive in this profession.

 

[Sudacafan]

Why? He doesn't complain... He answered the question about tennis players earnings...

Sorry. I only read the titles and the first two lines of long articles.

 

[beard]

A player pays tax on prize money according to the tax laws of the country they win the prize money in. It isn't paid twice.

Endorsement money from sponsors is taxed according to the country of residence, hence why players pick places such as Monaco, saving them a lot of money in taxes.

Don't think so. Even me can pay another tax on the end of the year if I earned above some amount of money. Tennis players earn above for sure... Some kind of tax for the rich people...

 

[beard]

Middling and below average baseball players make more money than top-10 ATP guys.

And why that matter on this topic?

 

[AM75]

Kasatkina talks about prize money & endorsement money in her recent interview too. She has got 100 k a year from Nike until Nike dumped her.

 

[adil1972]

Interesting topic...

Google translate:
In an interview for the Russian media, he talked about how much money he has earned so far.
"The numbers may look impressive, that's right. In my case, I currently made $ 16 million playing tennis, but it's not that simple. First, in every tournament you win money, you have to pay income tax. In Russia, it is 13%, in France 15%, in America 30%, and in England 20%. But this is just the tip of the iceberg If you really start making money, you have to keep in mind that you will pay a very high tax rate at the end of the year "Medvedev said.

So, tennis players give the most money to taxes.
"If you earn a million euros in France, you have to pay a 45% tax, if I'm not mistaken. You can reach the Roland Garros final, and you will certainly be happy because you won a million and a half euros. From that amount you will have to pay taxes and "You will have 1.3 million left. Of course, at the end of the season you will pay a new tax of 400 or 500 thousand euros to France. When you calculate taxes, travel, coach salaries, you will be left with half of what you earned in tournaments," he added.

Medvedev also revealed the salary of top coaches, as well as the ways in which it can be paid.
"It depends on each case. If we are talking about players from the Top 100 or Top 50, players with whom coaches travel privately ... You can agree on a monthly salary or a percentage of the received cash prize. Approximately between 6 and 10 percent of the prize, which is 6,000 or 15,000 euros. Then there are other ways, that coaches are paid according to the number of weeks during which they follow the players in the tournaments ... ", Medvedev concluded.

thnx beard

i ask this question many times in past that how much players pay tax and what is coaches salary

today i got the answer to both question thnx to you

 

[ForehandRF]

Only three things are for certain in this world

Death, taxes and Nadal winning RG

Thanks for sharing Med.

 

[weakera]

And why that matter on this topic?

Why not?

 

[prairiegirl]

I will not shed any tears for these athletes. They are overly-indulged and make too much money as it is. Doctors and nurses saving people's lives make a miniscule amount compared to them. Society has it backwards.

 

[fishpiefriday]

Don't think so. Even me can pay another tax on the end of the year if I earned above some amount of money. Tennis players earn above for sure... Some kind of tax for the rich people...

Yeah, if you've not paid the correct amount of tax on your yearly earnings then the tax authority of your country will send you a letter saying you owe more tax. That's not the same as paying it twice though, that's just paying what you owe.

 

[BGod]

I know it's a running gag but tennis player in particular even at the top have shorter careers, deal with more intrusive long-term injuries and have to travel a ton which includes paying for their entourage's travel.

Let us not forget how disgustingly top heavy it is.

And yeah, even if you were frugal only having a coach and physio with you on tour you'd be looking at pocketing 40% of your money from prize winnings alone and that's assuming the coaches are paid by tournament outcome and not flat rates. You can slice and dice those however you like.

But I will take the time here to say respect the guys outside Top 50 without those with exceptions that have lucrative national endorsements. Because those guys are playing almost purely for the love of the game and yes a post career as a coach.

And it might seem funny to some but it really irks me an overwhelming majority of tennis pros will make more money coaching than they did playing.

 

[Localfoc]

Hello there, folks. Sorry for bothering you in such an old thread. I need your help. Last week my son told me he wanted to become a tennis player become they make a lot (he's 9). I'm afraid he wants to take it up only because it's well-paid... Actually, I think it's my fault, cause I've never done things because I loved them, but because they bring lots of money. The only thing I love is playing cards, though sometimes it's not very profitable. So, what should I tell my son? Should I stop him?

I would first try to gauge his genuine level of interest. Is it real or does he want to be a Tennis player on Tuesday, an Astronaut on Wednesday, and a Firefighter on a Thursday...like kids sometimes do. If he seems to have a genuine interest, I don't think you should stop him trying out Tennis. You could take him to a local Tennis club to see if he enjoys playing the sport. That's the first thing. If he enjoys it, perhaps it's something for him to do regularly. At his age, talk of a career would be unrealistic given how quickly kids' interests can change and not least because so few ever get to do this professionally. But playing sport is much more than that. It's about learning to getting better at something, it's about learning to compete, learning to socialise with others, it's about fitness. Mostly it's about having fun.

So if your son seems to show some excitement for tennis then that's a great thing, but I think you should take it one step at a time.

 

[LaVie en Rose]

Medvedev strikes me as someone who alongside sport itself of course cares a lot about business (money).Not that others don't care , but in that aspect I have a feeling his motives are stronger than most

His smn acc content are rarely anything but business.

 

[Midaso240]

Those who live in Monaco for tax purposes obviously tend to keep more in comparison to those who didn't change their residence to a tax friendlier Monaco

Isn't that why a lot of tennis players live in Florida as well with no income tax? And they don't even need to live there full-time. I know Maria Sharapova for instance, always maintained a residence in Florida despite living in the LA area

 

[Mike Sams]

Just do what Trump does. Offset the taxes by running a bogus company, and claim to have employees actually working in your bogus company, and then claim losses on your tax returns to avoid paying any taxes at all. Genius!

 

[Mike Sams]

Isn't that why a lot of tennis players live in Florida as well with no income tax? And they don't even need to live there full-time. I know Maria Sharapova for instance, always maintained a residence in Florida despite living in the LA area

Rich people buy lots of properties. Mostly just to have them as opposed to living in them. It's part of being rich and you have to keep up with other rich folks to stay in the club

 

[Mike Sams]

I will not shed any tears for these athletes. They are overly-indulged and make too much money as it is. Doctors and nurses saving people's lives make a miniscule amount compared to them. Society has it backwards.

Not sure what you mean. My doctor is on vacation like 300 days a year, travelling the whole world and making over half a mill and living the life

 

[Mike Sams]

A Go Fund Me page is definitely in order for Med.

He lives in Monte Carlo, thus paying no income tax at all, which saves him millions every year, he did neglect to mention that. Otherwise, he's earned his money. It's just a bit cringe that in the midst of a global pandemic he mentions his income when it's substantially more than 98% of people on earth.

So when Medvedev won US Open in 2021, he got the full net amount of $2.5 million? Didn't he get taxed in the U.S since he won there?

 

[kayapit]

Yeah, really the tournament prize money is irrelevant, as you are trying to win tournaments to secure the real money (endorsements) not the prize money itself.

Nole has won $166 million in tournament prize money. Zverev $33 million. I would hardly call either of those sums irrelevant.