Mark Stone might feel as if he won the lottery by getting traded to the Vegas Golden Knights minutes before the NHL's trade deadline and, if advised properly, Stone could save an estimated $570,000.00 over the life of his new contract
LAS VEGAS, NV - FEBRUARY 26: Mark Stone #61 of the Vegas Golden Knights warms up prior to a game against the Dallas Stars at T-Mobile Arena on February 26, 2019 in Las Vegas, Nevada. Mark Stone might feel as if he won the lottery by getting traded to the Vegas Golden Knights minutes before the NHL's trade deadline. The move to Las Vegas could come with a bigger jackpot then just a chance at winning the Stanley Cup.
As a Canadian citizen and having played his entire career in Canada, he has only been subjected to Canadian tax. The United States- Canada Income Tax Treaty of 1980 exempts Canadian residents that are employed by a Canadian team from paying taxes in the U.S. On top of the state income tax, players pay federal income tax. Under the recently passed federal tax law, a professional hockey player in the NHL will be subject to a federal tax rate anywhere between 24% and 37%. Mark Stone will likely be subject to the 37% tax rate.
In Mark Stone’s case, he will only have to pay the 13.3% state tax for those seven to eight games played in California each season. The escrow rate is typically around 15.5% each season. The 2018-19 season started with a substantially reduced escrow rate of 11.5% however this was raised to 13.5% in December.
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