Do athletes get paid for winning gold metals?

Answer 1

The United States government does not pay their Olympic athletes. However, it is possible that an athlete will have a contract with a business, such as a shoe manufacturer or a swimsuit manufacturer, and that contract may have wording in it that says the athlete will be paid an amount for winning an Olympic event.

The USOC - United States Olympic Committee - which is a private entity separate from the US Gov't - pays athletes for medals - $25,000 for gold, $15,000 for silver and $10,000 for bronze. Some athletes are invited to train at the US Olympic training facility run by the USOC and all expenses are paid, but the athlete must adhere to a strict training schedule and rules of the facility.

Answer 2

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.

Answer 3

No, it's on a volunteer bases, athletes do not get paid for winning Olympic metals by the U.S. Olympic Committee, and it's a costly achievement. However, they do get paid in many other ways, such as endorsements through advertisements, public appearances, donations, etc.

Gold Olympic athlete winners could pay near $8,986 from IRS per gold win.

"Olympian winners of silver taxed up to $5,385, and bronze taxed up to $3,502".

However, there's a new bill that'll give Olympic winning athletes a tax break. If this bill passes it would also give Olympians $25,000 for gold, $15,000 for silver, and $10,000 bronze from the U.S. Olympic Committee.

Answer 4

no, they give they give them a jacketed horse

Answer 5

Yes, the USOC pays the US athletes for medals. $25k for Gold, $15k for silver and $5k for bronze