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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.
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.
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.
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How much money do Chinese athletes get for winning the gold medals?
None, they don't even get paid it is just a good thing for their country.
Should athletes get paid for winning olympic medals?
Many people believe that athletes should in fact get paid for winning Olympic medals. This is because they trained very hard.
Do Canadian Athletes get paid when they win medals?
Yes, they get a paid a reasonable amount for winning.
How much money does the us swim team get paid for winning the gold medal?
Nothing; most Olympic athletes make money from endorsement deals and other ways of trading on their fame such as book deals, television commentary, interviews, etc. Many, particularly in less popular sports have regular jobs, or are supported by their families.
How much do the us athletes get paid for winning silver and bronze medals?
Athletes do not get paid for winning any of the medals. It is the honor for them and their country. Some do get endorsements from various companies like Nike, but for most they go home to their normal lives.
How much do british athletes get paid for winning gold medals?
Olympic athletes are amateurs. They do not get paid. Britain does not award cash to medal winners. Other countries in the UK might award cash to their medal winners.
How long has the USOC paid athletes for winning medals?
they paid them by having sex and they accepted it! hahaha lol uh uh uh uh
How much do other countries pay for winning gold medals?
Countries are not encouraged to pay anything to winners for the actual win. Countries can, however, assist with expense compensation. Winners most likely will receive compensation for their efforts, down time, and for promotional activities before and after the olympics from private and public corporations.
Europeans paid for African slaves with gold and other precious metals. True Or False?
with both weapons and gold
How much do you get paid for winning gold?
all sports can award there own bonus. There is no set amount
What are athletes paid?
They are paid in the currency of the country they are playing in. Pay varies amongst different athletes.
Do Olympians pay taxes on money paid to them by the us Olympic committee for winning?
9,000 tax if gold is won
