Here's How Much Jalen Ramsey Will Make On The Dolphins & Why State Taxes Make A Difference
He saves so much money just by moving across the country. 💰
NFL cornerback Jalen Ramsey just got traded to the Miami Dolphins from the LA Rams in the middle of a five-year contract signed with the West Coast team.
Now that he's on the East Coast, he's not only making more money based on experience, but he also saves more of his increased salary based on Florida's state taxes.
Ramsey announced the news on his Instagram page over the weekend, captioning the post: "Prayed for this specifically for about a month & now it’s happening!" He also tagged the Miami Dolphins' official account.
According to Spotrac, he signed a $100 million deal with the California team with a guaranteed $71.2 million. Ramsey has a dead cap of $12.5 million, which means the team owes him that lump sum of money to fulfill the $71.2 million as agreed in his contract.
With $12.5 million guaranteed, his base salary for the Dolphins is $17 million.
TurboTax reported in November of 2022 that California has a 13.3% state income tax rate for those who make over one million dollars. If Ramsey was getting paid $17 million in California, he would need to pay $2,261,000 just in state income taxes.
Florida, however, does not have a state income tax, which means that sum stays in his pocket.
Ramsey is from Tennessee, but he is no stranger to Florida. He attended Florida State University and moved on to the Jacksonville Jaguars after graduation. After heading to the Rams, he is making his way back to familiar playing grounds.
He's expected to be with the Dolphins until 2025 when he'd be making a projected $19.5 million in yearly cash.