JCredible02 0 Posted September 1, 2005 Share Posted September 1, 2005 this has to come true soon........2.5 - taxes = 1.5, 1.5-50% to backer = 750,000, 750,000 - 50% to wife for divorce = 375,000 , 375,000 - being a bad player = 0 Link to post Share on other sites
Ron_Mexico 4,219 Posted September 1, 2005 Share Posted September 1, 2005 Possible decent posts 13, this post -1, =12 Link to post Share on other sites
CJHunt 0 Posted September 1, 2005 Share Posted September 1, 2005 Gotta love the attempt at math even if it is wrong. Link to post Share on other sites
BeanGW 0 Posted September 1, 2005 Share Posted September 1, 2005 But with a name like JCredible, it's just GOTTA be true!!!!!!!!!! :wink: Link to post Share on other sites
BETNFOOL 0 Posted September 1, 2005 Share Posted September 1, 2005 this has to come true soon........2.5 - taxes = 1.5, 1.5-50% to backer = 750,000, 750,000 - 50% to wife for divorce = 375,000 , 375,000 - being a bad player = 0he won his seat online for $37 i can't see the need for backing on this, but if any one can loan me $18.50 i really need it all help is welcome thanks fool Link to post Share on other sites
alf13 0 Posted September 1, 2005 Share Posted September 1, 2005 this has to come true soon........2.5 - taxes = 1.5, 1.5-50% to backer = 750,000, 750,000 - 50% to wife for divorce = 375,000 , 375,000 - being a bad player = 0he won his seat online for $37 i can't see the need for backing on this, but if any one can loan me $18.50 i really need it all help is welcome thanks foolHe was backed...in the sense that his backers paid his airfare, hotel, meals...etc...in exchange for 50%. Link to post Share on other sites
Ron_Mexico 4,219 Posted September 1, 2005 Share Posted September 1, 2005 Actually, I hear from a credible source (can't remember where) he gave up $800k to someone, a backer or something. I really nailed the details down, but I heard he gave a third up. Link to post Share on other sites
RolledUp 0 Posted September 1, 2005 Share Posted September 1, 2005 Was your credible source JCredible? Link to post Share on other sites
dank773 0 Posted September 1, 2005 Share Posted September 1, 2005 I really don't care how much he has left, but I am impressed with the 25K tab he ran up at the nudie bar after he won. Link to post Share on other sites
Governator 54 Posted September 1, 2005 Share Posted September 1, 2005 .. landing endorsement deal with pokerstars.net = +ev Link to post Share on other sites
Ron_Mexico 4,219 Posted September 1, 2005 Share Posted September 1, 2005 nice one. Link to post Share on other sites
KyleStark 0 Posted September 1, 2005 Share Posted September 1, 2005 He was backed...in the sense that his backers paid his airfare, hotel, meals...etc...in exchange for 50%.Worst.Deal.Ever...come on accountants can't scounge up a grand if they're going to the WSOP? I can and I'm poor white trash.I really don't care how much he has left, but I am impressed with the 25K tab he ran up at the nudie bar after he won.What a lightweight. Link to post Share on other sites
majorleag 0 Posted September 1, 2005 Share Posted September 1, 2005 But with a name like JCredible, it's just GOTTA be true!!!!!!!!!! :wink:Love your new Avatar!Not that the old one wasn't just as spectacular, this one steps it up a notch. Link to post Share on other sites
majorleag 0 Posted September 1, 2005 Share Posted September 1, 2005 Was your credible source JCredible?No I believe the source was his brother:Incredible! Link to post Share on other sites
BETNFOOL 0 Posted September 1, 2005 Share Posted September 1, 2005 nice one.rolledup got you on that one. man these newbie's are funny........ Link to post Share on other sites
Wingmaster05 0 Posted September 1, 2005 Share Posted September 1, 2005 Does anyone know how he does in cash games? My guess is he probably makes around a measly 20 to 30 K playing the small limits in casinos, suchas 10/20 NL. Tournaments...-100 thousand. If he's lucky. I think the Pokerstars thing will keep him afloat, or any other endorsements, until the poker explosion begins to settle down. Raymer said Pokerstars gets him more money then his original job, and, correct me if im wrong, but i thought he was some sort of attorney. Lawyers wage can fluctuate...im guessing 130K for him, depending how far along his career his actually was. Either way, Moneymaker probably isnt here for the long haul. Now that i think about it, i believe he said during poker superstars that he only plans on playing poker while he is making money. So he should be quitting...sometime...last year? Link to post Share on other sites
Jelly-Filled Ace 1 Posted September 1, 2005 Share Posted September 1, 2005 Casino winnings that require a 1099-G are a standard 28% tax rate. (not counting state taxes if applicable)2 things I learned about this is 1st hand are:1. Casinos give you the option to have your 28% withheld right on the spot OR leave it up to you to square with Uncle Sam on your own at tax time. You can be 100% sure the casino will report your winnings by years end.2. You can deduct gambling losses dollar for dollar against your winnings, keeping track of your losses are crucial. I know OTB's will give you a year-end statement to provide proof of win/loss. You can save dead (losing) lottery tickets to offset also. I would imagine if tournaments give you reciepts for entry fees, those should be valid.In Moneymaker's case, he was given 1000 cash for expenses, lodging and what have ya, granted a grand doesn't go very far in Vegas at WSOP time, but that is just silly to give up 6 digits in exchange for some walkin'around money that week.fercrissakes, his own parents were there, wtf did he need to do the backer thing for?just silly.Yeah, I get it, I know he didn't really think he would win yada yada yada... Link to post Share on other sites
dbrent2 0 Posted September 1, 2005 Share Posted September 1, 2005 If I remember correctly, I thought he split his winnings with his dad. It has been many beers since then... Link to post Share on other sites
agsa6079 0 Posted September 1, 2005 Share Posted September 1, 2005 Hey, I haven's seen one of these before, you know, a post about how broke a former WSOP winner is. I notice a lot of words like "guess", "suppose", "assume" and what not. No one here knows the facts. A "credible source"? Please, a post on another blog or site is not a credible source. Who cares if Moneymaker is broke, how does this factor in to your game or life? Link to post Share on other sites
iveyfan30 0 Posted September 1, 2005 Share Posted September 1, 2005 this has to come true soon........2.5 - taxes = 1.5, 1.5-50% to backer = 750,000, 750,000 - 50% to wife for divorce = 375,000 , 375,000 - being a bad player = 0die!!!! :-) Link to post Share on other sites
Royal_Tour 0 Posted September 1, 2005 Share Posted September 1, 2005 .. landing endorsement deal with pokerstars.net = +evand the playboy bunny deal + EV.and looking like a douche = $0.00Not spending money on excersie equipment or gym passes = $0.00 Link to post Share on other sites
CaneBrain 95 Posted September 1, 2005 Share Posted September 1, 2005 Does anyone know how he does in cash games? My guess is he probably makes around a measly 20 to 30 K playing the small limits in casinos, suchas 10/20 NL. Tournaments...-100 thousand. If he's lucky. I think the Pokerstars thing will keep him afloat, or any other endorsements, until the poker explosion begins to settle down. Raymer said Pokerstars gets him more money then his original job, and, correct me if im wrong, but i thought he was some sort of attorney. Lawyers wage can fluctuate...im guessing 130K for him, depending how far along his career his actually was. Either way, Moneymaker probably isnt here for the long haul. Now that i think about it, i believe he said during poker superstars that he only plans on playing poker while he is making money. So he should be quitting...sometime...last year?Raymer was a patent attorney in connecticut, not a litigator in Manhattan. I seriously doubt he was making 6 figures/year from that job. Highly doubtful.I would guess his attorney job would net him 75K before taxes. If he is making more than that endorsing for pokerstars then that is awesome and good for him.With a book deal and other endorsements, it is just silly to suggest moneymaker is broke. Plus you are assuming he had to give 50% to his wife....not all divorces break down that way. There could have been a pre-nup or a settlement.Moneymaker could eventually go broke....but the easy money he is getting from his noteriety ensures that he wont be broke for a good long while. Link to post Share on other sites
Mattnxtc 0 Posted September 1, 2005 Share Posted September 1, 2005 hey genius..lets and in the several million in endorsements that come with winning the world series...o guess what hes back up in the millions...wow that was a hard one to figure out Link to post Share on other sites
skits2 0 Posted September 1, 2005 Share Posted September 1, 2005 I would think that you would pay the backer before you paid the taxes Link to post Share on other sites
brandon_A 0 Posted September 1, 2005 Share Posted September 1, 2005 I would guess his attorney job would net him 75K before taxes. If he is making more than that endorsing for pokerstars then that is awesome and good for him.http://swz.salary.com/salarywizard/layouth...RD14000087.htmlDon't insult my field with 75k. Link to post Share on other sites
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