It differs from country to country, but a Gold Medal in the USA gets a $25,000 payment, and the average tax on that is about $9,000.
yes, on every medal they win they have to pay taxes on it.
Unfortuneatly, the olympians from the USA do have to pay taxes on the winnings from the medals awarded.
Yes, Olympians must pay taxes on their medals as of now. However, they also receive money for winning medals too. Currently Congress is debating whether Olympians should have to pay taxes.
Gold medal winners pay the same taxes every other citizen pays.
Yes, the US Olympic Committee gives cash awards of $25,000, $15,000, and $10,000 to winners of gold, silver, and bronze medals, respectively. Athletes, as of now, still have to pay taxes on their winnings.
Only U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. At today's commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5. There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
If u win gold you will pay over 5k in taxes
If you mean what is the prize awarded for coming first in the Olympic games, this would be the gold medal. The medals awarded in each event are: Gold - first Silver - second Bronze - third In the ancient Olympics, winners were awarded a branch of wild olive. Sometimes the government would allow an Olympic champion to live in a special building that was only for distinguished citizens. Other winners would be exempt from paying taxes for winning an event in the ancient Olympics.
The Olympic Committee awards its athletes, $25,000 for gold, $15,000 for silver and $10,000 for bronze. The athletes still have to pay taxes on whatever money they win.
Yes, but they do receive an $1,129 per month (2008) tax-free stipend. http://www.workworld.org/wwwebhelp/veterans_affairs_va_benefits_pension.htm#Veterans_Affairs_VA_Benefits_Pension_Medal
... doesn't want Olympic champions to have to pay taxes on their medals. ... to end the taxes on their honorariums and on the value of the metal in their medals." ... Comments are posted from viewers like you and do not always ...Unanswerable. (first by "you" I suspect you mean "everyone"). All taxes are paid by someone, or something (a company for example). But not everyone pays all taxes, certainly not all the time.
That will be based on their total income for the year, as well as the country. The US Olympic committee pays an award bonus of $25,000 for a gold medal. That is taxable income. Someone like Michael Phelps with a huge income from endorsements is going to pay a higher tax rate than someone getting a single medal at their first Olympics. With no other income, a medal winner would probably pay less than $2,000 of it in taxes. Someone like Phelps could pay as much as 40%, but the reality is that a good tax accountant will take advantage of the appropriate methods of reducing taxes.
Yes . All of the winners have to pay taxes on their prizes, including the fair value of the non-cash prizes.
no they do not have to pay taxes on their winnings.
Only on Gold. Olympic gold medals are made up of about 4,000 dollars worth of gold, depending on the year. Seeing that gold is a form of currency (in the united states at least), they would be expected to pay the Gold Standard Tax, enacted in 1980 in order to keep gold as a viable currency in the United States. Luckily, the United States government pays its own athletes a larger sum, so there is never really a problem.
No they don't, it is simply a reward.
The gold medal itself is only worth about $650, the IRS has not yet deemed the medals themselves a taxable income. However, US athletes are awarded a cash bonus for each medal, $25k for gold, $15k for silver, and $10k for bronze. This is considered a taxable income, so yes, tax will be paid in this case. The athlete of course is still walking away with more than they had originally, it's not like they're out of pocket due to their success.
The prize is one million dollars. Each person gets $500,000 before taxes.
The answer is yes and no. First, there have been a lot of erroneous blog posts about this topic, especially as it relates to American athletes. Some internet sources claimed the athletes would have to pay a tax of as much as $9,000 if they won a gold medal (false). In fact, the gold medal is only about 1% gold, so it would not have a great financial value. But what is true is that there is the potential of taxes, although not on the medals.American athletes (and those from some other countries too) receive a cash prize when they win a medal. This prize usually comes from the country's Olympic committee, and the amount varies. Some of the awards could be taxed, but as snopes.com (which fact-checked the false $9,000 claim) points out, most athletes won't pay very much, because they can offset the prize against the amount it cost them to train, buy equipment, etc. So it will probably all even out in the end. I enclose the link to the facts about what American Olympians might have to pay, depending on the amount of the award they win.
The prize taxes for a gold medal honorarium of $25,000 is pegged by ATR at $,8750. Combined with the tax on the medal itself, a gold medalist will have to pay the IRS $8,986. A silver medalist must pay $5,385 on the medal and the $15,000 honorarium and a bronze medal winner must pay $3,502 on the medal and the $10,000 honorarium.