So if you win the Classic you get $300K but after taxes that will be reduced down to about half I guess? Then you have to get your boat wrapped and or truck and pay upfront on the next seasons Elite events if you accept the invitation. So, your net winnings are not much at all depending on how much aide you get from Sponsors and other avenues.
I’ve always heard wining the classic is almost guaranteed 1 million. Probably depends on how they have their sponsorship bonus laid out.
Roughly 225,000 after taxes and your main sponsor covers the cost of the wrap. Bing, bang, boom and you're set for the year.
That urban legend has been circulated for decades!Originally Posted by juice780
You sure? I thought that would bump you into a higher tax bracket and then you have to figure in state taxes?
I believe the $1 million figure also includes all of the personal appearance money that you can earn during the year that you're champ.
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That came up.last night in a conversation with some people that work in the fishing world. I think the days of a Classic win being worth $1M in endorsements is long gone unless you have a social media presence it's gonna be hard to reach $1M.
Don't some of the boat companies also provide some type of matching incentive if you win a tournament?
Some do. Some are on low end and some pay a little better.
It does, but since taxes you only pay taxes on the amount that falls into each bracket, the $300k would only take you into the 24% federal bracket.
Assuming you make $300k from the classic, have a stay at home wife, don't make any more money this year and live in New York (one of the highest taxed states) you come home with just shy of $225k. This amount puts you into the 24% federal tax rate and the 6% tax bracket for New York state taxes. This doesn't take into account FICA or other taxes.
I believe the State Taxes are paid to the State they are won in and not your State of residence. $300,000 is nice but after all is said and done it's not very much in this sport. Just get you through this year with no worries.
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220k is just getting through a single year without worry? That’s more than double what we make in 2 years combined. With his sponsorship money and probably the ones to come, I’d say he’s set for way more than a year.
1million in yesteryears dollars is worth so much more than what it does today. But I wouldn’t if this basically sets him up in a much better financial position going forward with all the weight the classic title pulls
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Most just hope to get enough to pay what they already owe on CCs and other debts.
I saw he won $20k for being the highest placing Yamaha angler. I could be wrong. I assume stuff like this adds up. There are definitely lots of benefits from sponsors. Yeah he pays tax on his income just like everyone else.
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If fishing is your profession don't you get special tax breaks on both federal and state?
I’d venture to say Randy Howell parlayed it into a million dollar venture and if not he’s still a relatively young man. It’s there for the right person.
A lot of numbers flying around. So you have your income, then your tax liability, then your tax due after deductions and depreciations. You might not owe anything. It's his income not a will fall or gambling.
I heard Rick Clunn say that after he won his first classic a business called him up and asked if he had any free days of guiding. He said he told them 135 and they took them all.
I thought entry fees for the following year were part of the prize.
A lot depends on their contract with sponsors. Some have bonuses based on
winning certain tournaments. He is a young man and will be forever labeled
as a Bassmasters Classic Champion so he might be able to parlay that into
more sponsors. I with him luck as he seems like a very Humble young man
and has a young family.
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