On a Tax Benefit, XFL Owner and Dwayne ‘The Rock’ Johnson Inches Closer to Attaining Billionaire Status
The WWE legend and popular Hollywood star Dwayne Johnson is once again in the headlines. However, it is neither about his return and giving the fans the most-awaited ‘Brother vs. Brother’ match nor about his upcoming movie with the Marvel movie star Chris Evans.
Johnson has worked hard to carve out a name for himself across several industries. He is set to reap the rewards of his efforts as he inches closer to a personal milestone. This time, the buzz is all about the reports that indicate the tax benefits that Johnson could get as a corporate spokesperson for Ford Motor Co.
Dwayne Johnson could attain significant tax benefits from his deal with Ford
Dwayne Johnson signed the aforementioned deal with Ford Motor Co. in 2017. And now, it seems like it is going to be one of his best ventures, as he could secure his billionaire status because of it.
Ford Motor Co. is a large US company that is subjected to the CAMT (Corporate Alternative Minimum Tax). It is the flat rate tax that is applied to corporate income more broadly than the income subject to the standard corporate income tax. And the companies that come under the CAMT have to maintain the NQDCPs.
The Nonqualified Deferred Compensation Plan abbreviated as NQDCP is a kind of pension or retirement plan in the United States. With this plan, highly compensated employees could get several tax benefits. They can get advantages if they postponed a higher proportion of their pay than the amount permitted by the IRS (Internal Revenue Service).
Mostly the core employees get benefits from NQDCP. But sometimes, highly paid independent t contractors such as brand ambassadors could also avail them.
And since Dwayne Johnson gets huge endorsement fees from Ford Motor Co. for being its brand ambassador or corporate spokesperson, he could also avail the benefits of NQDCP.
Despite there being no need to work to extend his revenue, Johnson could declare his interest in returning to the WWE. Fans certainly wish for this specific income. So what exactly is his status at the prestige wrestling company?
Dwayne Johnson’s WWE status
If we talk about Dwayne Johnson’s return to the WWE still it is a mystery. At WrestleMania 39, WWE Universe was expecting his return and aid Cody Rhodes against Roman Reigns. However, nothing like this happened as Johnson couldn’t make it to the Mania because of prior commitments.
And now fans are wondering if he’d make his presence known at the WWE PLE SummerSlam. WWE fans are eagerly waiting to see ‘The Tribal Chief’ Roman Reigns and the ‘People’s Champ’ Dwayne Johnson competing inside the ring against each other.
Even though Johnson’s return to the WWE is not certain yet, the one thing that is absolutely certain is that Dwayne Johnson’s $820 million net worth is going to remain higher even after he retires. What do you make of the news that The Rock is close to securing billionaire status? Let us know in the comments section below.