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Do Olympic gold medal winners pay taxes on their medals?
Here in Britain the answer is no
Do gold medal winners pay taxes on their winning?
Unfortuneatly, the olympians from the USA do have to pay taxes on the winnings from the medals awarded.
Do the olympic gold medal winners have to pay taxes on the medal?
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.
Do you have to pay taxes if you win an Olympic medal?
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.
What was the first prize awarded in the first Olympics?
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.
What prizes do olympic winners receive?
In modern Olympic, the first-places winners got gold medal ,the second-places winners got silver medal and the third-places winners got bronce medal. In ancient Olympic, the winner got olive branches.
Do US Olympic medalist pay taxes on medals?
yes
How much do Olympic Metal winners pay in taxes?
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.
Do Olympians pay tax on medals?
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.
Do US athletes receive monetary rewards for winning Olympic medals?
Ummmm . . . . yes they do -- they have for all games through 2004. You can find a website showing each of these medals. I wanted to know about the 2008 games. Um, no I actuallly think they don't but I think they should though don't you?
What taxes do Olympians pay for metals?
... 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.
Are there US taxes on the gold medals?
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