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SSG: Pop-Quiz Financial Literacy Flashcards | StudBud
SSG: Pop-Quiz Financial Literacy
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If you sign an NIL deal and receive $50,000 in payments, what financial responsibility do you have?
A
NIL payments are tax-free if spent on athletic expenses.
B
You must report it as taxable income, possibly make estimated tax payments.
C
No responsibility—your school handles taxes for you.
D
You only pay taxes if you deposit the money into a bank account.
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