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.