So it would be fair to say that professional bodybuilders are entertainers?Yes, most competitors that have contracts usually should be smart enough to LLC themselves, so you can deduct car, expenses, anything that pertains to the image to keep up. That is what most actors do. They you get get a multiple contracts, and at the end of the year, due your own taxes, etc. You also have to pay Social Security on yourself, which can equal 15%, plus other taxes that being an LLC needs.
I know that there are some insiders here. What were some of the top contracts to ever be signed? I've heard the rumors of a few guys getting 1 million per year. Was it true? What is considered a good contract these days? 150K per year?
There have been some high level contracts in the past, but not like that anymore. Ronnie Coleman had a huge contract when he signed with BSN. Jay Cutler also received a huge contract. Same with Phil Heath and Muscletech. Those were 1/2 million of more a year, not including expenses, prize money and others. I am not privy to these contracts so all from word of mouth
Two thousand a month? three thousand a month? anybody really know.
It all depends. I know a few female competitors receiving 2-3K a month, but that includes appearances, etc. Each contract is different and spells out the terms - #2 of shows to enter, appearances, social media blogs, tweets, instagram mentions. Many different aspects. Also, making sure you are not photographed with another companys logo in the background.
Also, you can have sometimes multiple contracts - I know one competitors that has like 7 of them - clothing, supplements, local gym, meal planning, appearances. When you are an LLC - all of these count as income - getting a free membership still needs to be reported, same with free meals, gifts - especially if the other party reports it on a 1099 (over $800 a year).
All in all, if smart, savvy, successful - you can legally do well in excess of $100K a year in your lifestyle. (not always money, but everything)
