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2012 Summer Olympics
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 1002427" data-attributes="member: 12570"><p>I learned something this morning that I never realized---US Olympic team members who win a medal are paid an honorarium and are required to pay Federal income taxes on that honorarium. Medal winners receive $25K for a Gold, $15K for a Silver and $10K for a Bronze and are taxed $8,750 (Gold), $5,250 (Silver) and $3,500 (Bronze). There is also a tax on the medals themselves: $236 (Gold), $135 (Silver) and $2 (Bronze). The total tax bill is $8,986 (Gold), $5,385 (Silver) and $3,502 (Bronze).</p><p></p><p>The value of the medal(s) and honorarium(s) are added to the taxable income for each athlete so the amounts owed may vary based on their individual tax situation.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 1002427, member: 12570"] I learned something this morning that I never realized---US Olympic team members who win a medal are paid an honorarium and are required to pay Federal income taxes on that honorarium. Medal winners receive $25K for a Gold, $15K for a Silver and $10K for a Bronze and are taxed $8,750 (Gold), $5,250 (Silver) and $3,500 (Bronze). There is also a tax on the medals themselves: $236 (Gold), $135 (Silver) and $2 (Bronze). The total tax bill is $8,986 (Gold), $5,385 (Silver) and $3,502 (Bronze). The value of the medal(s) and honorarium(s) are added to the taxable income for each athlete so the amounts owed may vary based on their individual tax situation. [/QUOTE]
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