Kobe Bryant receives an advance $24.3 million from LA Lakers

Los Angeles Lakers’ Kobe Bryant today received a check for $24.4 million – 80 per cent of his annual salary

NBA star Kobe Bryant has received an advance $24.3 million on his salary from the LA Lakers.

The LA Lakers guard negotiated his contract to receive 80 percent of his $30.5 million salary as a lump sum payment, while most players get paid biweekly.

He will get paid the remaining $6 million by May. 

ESPN reported Bryant could have to pay as much as 55 percent of his salary in taxes, leaving him with $11 million.

A tax expert told ESPN that Bryant is subject to paying a federal tax at the top rate of 39.6 percent, which would mean $9.6 million will be withheld by Uncle Sam.

As a California resident, he’s subject to paying an additional 13.3 percent, or $3.2 million, in state taxes. California has the highest state income tax in the United States. The Medicare tax and surcharge would reduce his total take to about $10.9 million.

Bryant’s salary this season is the second-largest salary in NBA history, behind the $33.1 million Michael Jordan made in 1997-98.

Kobe is currently out with an injury and The Los Angeles Times reported that the Lakers are hurting without Bryant, now 1-1 on the season after a big opening-night win over the Clippers.

Given his skill, the Lakers are likely to re-sign their star player when his expensive contract expires on June 30.