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Gold medal winners pay the same taxes every other citizen pays.

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โˆ™ 2014-02-15 23:43:32
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Q: Do gold medal winners pay taxes?
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Related questions

Do the olympic gold medal winners have to pay taxes on the medal?

Yeah, $9,000.

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 Olympic medal winners pay taxes on their medals?


How much does Jamaica pay gold medal winners?


How much Do olympic medal winners pay taxes for medals?

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.

How much do Olympic Metal winners pay in taxes?

If u win gold you will pay over 5k in taxes

How much does great Britain pay Olympic gold medal winners?


How much dose us pay Olympic gold medal winners?


Does the IOC pay Olympic medal winners money?

No, the IOC does not pay medal winners.

Why do American gold medal winners have to pay a tax?

its because there normal people too

How much money does an athelete get for a gold medal?

Olympic athletes do not get paid for the medals they win. They do not receive pay for participating. U.S. medalists receive cash prizes from the U.S. Olympic committee. Gold medal winners receive $25,000, silver medal winners receive $15,000, and bronze medal winners receive $10,000.

How much tax do Olympians pay for metals?

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 olympic athletes have to pay taxes on their medals?

yes, on every medal they win they have to pay taxes on it.

Does India pay olympic medal winners?

Yes, India pays olampic medal Winner's.

Do Wheel of Fortune winners pay taxes on their winnings?

Yes . All of the winners have to pay taxes on their prizes, including the fair value of the non-cash prizes.

Do Olympic medal winners have to pay for their medals?

No, usually their countries pay them for winning their medals.

How much do Olympic gold medal winners get paid?

Payment for winning Olympic medals varies by country. Some do not pay any money at all. The United States Olympic Committee pays its medal winners $25,000 to gold medal winners, $15,000 to those who take home a silver and $10,000 for a bronze. Some of the richer U.S. sport federations give additional prize money to their winners as well. There are many appearances and endorsement deals that generally follow a gold medal winner. See related links for more information.

Do winners of the Medal of Honor have to pay taxes?

Yes, but they do receive an $1,129 per month (2008) tax-free stipend.

Do countries pay their Gold medal winners?

In America, they win a gold trophy but no cash. However, gold medalists have opportunities far greater than a one-time cash gift. Through endorsements, the winners can generate continual income for years after their victory. Hope this is helpful, -Michael

Does the International Olympic Committee pay Gold Medal winners?

No, they do not. However, the national committees for most countries will give athletes that win a medal an honorarium. The US awards $25k for gold, $15k for silver and $10k for bronze. Great Britain does not give and award. In some cases other organizations will award winners as well, I understand one of the US groups will pay one of the wrestlers a 6 figure bonus.

What prizes do olympic winners receive?

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.

How much tax does olympic winner pay on gold medal?

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.

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.

How much tax do Olympic winners pay on the medals gold silver and bronze?