Posted: March 15th, 2023

“When golfer Phil Mickelson won the Aberdeen Asset Management Scottish Open, he

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“When golfer Phil Mickelson won the Aberdeen Asset Management Scottish Open, he continued his winning streak the following week by winning the British Open Golf Championship. His last round was one for the history books. He birdied on four of the last six holes. Both tournaments were played in Scotland, and for this fantastic feat, his gross prize money totaled £1,445,000 (just over $2 million U.S. dollars). At that time, the United Kingdom (UK) set a 45 percent tax rate in Scotland on income over £150,000.5Mickelson also earned $57 million in endorsements during one year. He had to pay the 45 percent tax rate for his endorsements earned during the 14 days he spent in Scotland. Assume that his endorsements are paid out at an even daily rate throughout the year. He paid his caddy 10 percent of his gross tournament winnings in Scotland, and his expenses were £10,586 for an airline ticket, hotel rooms, ground transportation, and meals. Assume that the conversion rate for British Pounds is 0.6264 for one U.S. dollar. Do the Math
1. Use a calculator to figure the amount of UK taxes that Mickelson owed in British Pounds on all of his winnings and endorsement earn-ings in Scotland.
2. After paying taxes, his caddy, and all other expenses, determine how much money Mickelson had left (in British Pounds) to take home from his winnings and earnings”

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