Johnnyt said:Do pool players that file as a pro player have to pay all their own social security taxes? Johnnyt
Absolutely, they do. It really sucks a big weenie. They are considerd self-employed. In fact, they are prone to getting audited because of the excessive amount of writeoffs. Nobody would believe it, unless they see it with their own eyes, the expenses associated with attending a pool tournament.
The AzBilliards player earnings, unfortunately, is not as accurate as some may think. Though they record what earnings are reported to this website via news articles, there is other income that professional pool players receive that is not readily available to AzBilliards, nor should it be either.
For instance, the delayed payments of the IPT were made last year. Though there was not an IPT tournament last year, each one of those IPT members who recieved those payments got a 1099 from the IPT. It is considered income for 2007 tax year.
As well, there are quite a few tournaments that players compete in whose earnings are not reported to websites.
Of course, then you have exhibition fees, lessons income, et cetera, that some professional receive as income, which is not accounted for by AzBillards, and again, nor should it be.
What a professional pool player earns is truly nobody's business, IMHO.
JAM