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"Where's all the money?": $1.625M Michael Pezzetta was shocked to see Montreal tax eating away his NHL salary
Montreal Canadiens winger Michael Pezzetta expressed his surprise at the substantial tax deductions affecting his NHL earnings.
In an appearance on the "Andy Strickland Podcast," the 26-year-old shared insights into the impact of Montreal's tax rates on his salary. Pezzetta revealed that approximately 54% of his salary goes towards taxes, with additional deductions for his agent and escrow, totaling around 40%.
Even with these heavy deductions, Pezzetta, though, pointed out that there may be a cutback on escrow next year, which gave some consolation. Michael Pezzetta reflected on his early days in the NHL when he was first shaken by seeing a big chunk of his paycheck disappear to taxes and other deductions.
Although there was an incredible difference between what he now made and what he had been earning in the minor leagues, he couldn't help but wonder, after all the deductions were taken out, leaving him questioning the perceived financial windfall of his NHL salary.
"I think we're like 54% tax, then you lose 40% to your agent and escrow too. But I think escrow will be kicked back a little bit this year, so that'll be nice. I remember my first year, when I got called up to NHL, I was making 750 or whatever it was.
"I was like, "Wow, I'm gonna have so much money!" And then you get that first paycheck and you're like, "Oh my God, where's all the money?" Like 54% tax, escrow was at like 14%, and you're just like, "Where did all the money go?" I thought it was going to be like some... I mean, it was still a crazy paycheck compared to what I was getting in the minors, but it was not as crazy, not as big of a difference as I thought, Pezzetta said.
Michael Pezzetta went on to express his annoyance at both the high taxes and escrow deductions, emphasizing the significant bite they take out of his salary.
"They both hurt for sure, especially when you're not making like 10 million bucks. You're like, "I need every dollar here, you know?" he added.
Pezzetta is inked to a two-year, $1.625 million contract signed with the Canadiens in 2023. He will become a UFA at the end of the 2024-25 season.
Michael Pezzetta on camaraderie among the Habs players
On the podcast, the 26-year-old winger revealed insights into the camaraderie among the Habs players. He mentioned that players like Cole Caufield and Nick Suzuki are generous when it comes to treating their teammates.
Michael Pezzetta humorously noted Caufield's penchant for throwing money on the board and covering expenses, showcasing a playful and supportive dynamic within the team.
"Like Cole and Nick, whenever we go to dinner with them, they'll take care of the boys. And I think Cole just loves throwing money on the board. Like, I've never seen somebody throw as much money on the board than that guy.
"Like every game, he's just throwing cash up there and chalking himself for silly reasons. But no, they're good, everyone's good, and they take care of us."
Michael Pezzetta was drafted with the 160th overall pick by the Montreal Canadiens in the 2016 NHL draft.
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