... doesn't want Olympic champions to have to pay taxes on their medals. ... to end the taxes on their honorariums and on the value of the metal in their medals." ... Comments are posted from viewers like you and do not always ...
Unanswerable. (first by "you" I suspect you mean "everyone"). All taxes are paid by someone, or something (a company for example). But not everyone pays all taxes, certainly not all the time.
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.
Unfortuneatly, the olympians from the USA do have to pay taxes on the winnings from the medals awarded.
No they don't earn money in the Olympics
No they don't, it is simply a reward.
9,000 tax if gold is won
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.
Yes, because they have to pay taxes. Yes, because they have to pay taxes. Yes, because they have to pay taxes. Yes, because they have to pay taxes. Yes, because they have to pay taxes. Yes, because they have to pay taxes.
Estates pay taxes on income and may have to pay inheritance taxes.
Yes, they pay taxes. If you work you pay taxes no exceptions.
the pay before taxes net pay is after taxes