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Do Olympians pay taxes on money paid to them by the us Olympic committee for winning?
Wiki User
∙ 11y ago
9,000 tax if gold is won
Wiki User
∙ 11y ago
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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 money has Phelps won besides his metals from Olympic committee?
$ 525
Do the winners of an Olympic event get a cash prize along with a medal?
The International Olympic Committee does not award cash prizes to the winners. Many countries, however, do offer cash prizes and other incentives to medalists. In 2012, American competitors who won Olympic medals were rewarded in cash by the US Olympic Committee. Gold medal winners received $25,000, Silver medal winners received $15,000, and Bronze medal winners received $10,000. However, the real money is earned through commercial endorsements. Some Olympians get paid a performance bonus from sponsors for winning a medal and may sign commercial endorsements that could wind up paying them millions.
What is the prize for winning an olympic game?
Gold, silver, or bronze. And some money I expect, from your sponsors.
What did the first Greek Olympians wear as medals for their Olympic achievements?
Ancient Olympians did not get medals. Only the winner got a prize, an olive wreath. At home, however, his victory would be handsomely rewarded with sums of money and/or gifts of goods, such as valuable vats of olive oil.
How much money does a US professional basketball player earn when he play in the Olympics?
The Olympics are not paid. The Olympic committee pays travel expenses.
How do Olympians earn money?
Sponsors
Do US Olympians win money?
NO THEY DO not
Why don't Olympians get money?
Olympic sports contenders are not paid for the competition. Until the 1970s, Olympic athletes had to be amateur, not paid athletes. However, some countries' athletes practiced full time; others were very limited as to who could sponsor their living and coaching expenses.
Do Olympic coaches get medals when their teams win gold?
Yes, but not by the International Olympic Committee. It's the various national sports organizations (including the local Olympic Committees) that give the athlethes prize money for medals won.
What are the objectives of the IOC?
Not a lot but spend money. They spend four years organising a games you and I could organise at our school in a couple of weeks. Actually, no they do not organize the Olympic games, they choose the city to do that.
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.
