Scottie Scheffler took a leap toward taking Tiger Woods’ spot atop the PGA Tour’s all-time money list with his win at the FedEx St. Jude Championship, but a big chunk will not hit his bank account
Scottie Scheffler has a big tax bill after winning the FedEx St. Jude Championship(Image: Matthew Maxey/Icon Sportswire via Getty Images)
Scottie Scheffler’s dominant victory at the FedEx St. Jude came with only one downside: an eye-watering tax bill.
World No. 1 Scheffler romped to an eight-shot win at TPC Southwind, blowing away the field in Memphis, Tennessee. He never looked back after a second-round 61 to vault to the top of the leaderboard; no challenger could keep pace with the four-time major champion as he took down the PGA Tour’s playoff opener.
Scheffler’s prowess was encapsulated by his response to a brutal bad break early in his final loop that threatened to unravel his tournament. After briefly venting to caddie Ted Scott, he was back on the horse and outclassed the field.
For his efforts, Scheffler took the $3.6 million top prize, although a large portion of his paycheck will go to the IRS. He will be forced to pay 37 percent in federal income tax, which will eat up around $1.3M of his winnings.
There are no state income taxes or “jock taxes” for athletes in Tennessee, which could reduce his tax bill, though Scheffler would have to pay a 4.7 percent franchise and excise tax if he routes his winnings through a business entity.
Scheffler will also have to fulfill Medicare tax obligations, which will subtract around two percent from his winnings. However, will receive a break on his expenses, such as travel, accommodation and his caddie, which qualify as tax write-offs.
Scheffler’s caddie, Ted Scott, will receive a handsome portion of the world No. 1’s winnings(Image: Tracy Wilcox/PGA TOUR via Getty Images)
Scheffler and Scott have not made the fine print of their financial relationship public, but caddies are typically entitled to about 10 percent of their player’s winnings, meaning the looper will likely receive about $360,000 for his involvement in the victory.
With the deductions, Scheffler’s earnings for the week are likely to be in the region of $2M, still a very handsome paycheck for a week’s work on the golf course.
Scheffler has feasted in the PGA Tour’s $20M premiere events since his breakthrough 2022 season, though this was just his second win of the year. His other victory came at The American Express in January.
But he has continued to live life near the top of the leaderboards, raking in plenty of cash, and on Sunday, he leapfrogged Rory McIlroy on the PGA Tour’s all-time money list.
The 30-year-old has racked up a whopping $119.96M in on-course earnings on the PGA Tour since turning professional in 2018.
Scheffler now sits behind only Tiger Woods on the all-time money list. The 15-time major champion’s career PGA Tour earnings stand just shy of $121M, meaning Scheffler will surpass Woods as the richest winner in PGA Tour history with a top-three finish at this week’s $20M BMW Championship.
Scheffler has also locked up a $22M bonus. It is a mathematical certainty that he will top the FedEx Cup standings at the end of this week, triggering his massive bonus, but that does not count toward the all-time money list.