With sponsorships worth multi-millions suddenly available to young students, some universities are urging them to set aside enough of their new earnings to cover taxes. Is the message getting through? writes CraigHarrisUSAT
Sports Seriously: Tim Tebow discusses the current state of college football.Rayquan Smith of Norfolk State University has become"King of NIL" despite playing at small school.Some schools like University of Illinois are teaching student athletes financial literacy.
, told USA TODAY that he expects to earn about $40,000 this year from roughly 75 NIL deals that also includes merchandise in exchange for his appearances to promote a range of productsSmith, on an athletic scholarship at the roughly 5,500-student school in Virginia, said the NIL money he receives flows into a limited liability company that he created in January.
One longtime certified public accountant in California said that's a good thing because most student-athletes likely have never filed a tax return or been independent contractors, who also will pay 15.3% self-employment taxes.
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