This may shatter some dreams, but gold medals are reportedly just silver medals plated in gold. In general, you’ll get more money if you choose to sell an Olympic medal at auction, rather than melting it down. All that means that multiple medal winner Phelps will be facing a tax bill of something like $55,000. It varies wildly by country. Congratulations: be prepared to fork out north of $20,000 a year. Nada. Prior to 2016, Olympic medalists from the U.S. have had to pay taxes on their winnings. According to Team USA, athletes will receive $37,500 for each gold medal earned, $22,500 for silver medals earned, and $15,000 for bronze medals earned. To see how much cash each country awards its gold medalists, check out the gallery above. But for the vast majority of those thousands of athletes, their moment in the sun is simply qualifying for and making it to the Olympics – and striving not to end up broke at the end of it. USA - €22,015.64 (£19,000) This year India will dole out what could be the life-changing sum of 10m rupees, or about $160,000, to every gold medal winner, $120,000 to each silver medalist, and $80,000 for a bronze. Redmond Gerard of the United States celebrates during the Snowboard Men's Slopestyle Final on day two of the PyeongChang 2018 Winter Olympic Games at Phoenix Snow Park on February 11, 2018. A group called Americans for Tax Reform reckon Michael Phelps and co will have to give 39.6% of their winnings back to the government - reasoning that the top earners will be in the top tax bracket. In this years @Olympics members of @TeamUSA that win a medal receive:$37,500 for Gold$22,500 for Silver$15,000 for Bronze If a US Olympic athlete has < $1M of Adjusted Gross Income in yr they win a medal The $ pd by USOC is not taxable to athlete The BBC says gold medals are worth almost $600, silver medals $300, and poor old Bronze just $4, the BBC reports. How much do U.S. Olympians get paid?Nothing -- unless they actually win a medal. It's all up to the discretion of the individual Olympic commissions. She graduated from Stanford and earned a medical degree from Northwestern, and become an orthopedic surgeon. But athletes and families still dealing with the legacy of all those costs – but without the lavish endorsement deals – might find it worth their while to quietly spend a few minutes checking out whatever financial planning tools a company offers. Many countries promise medal winners cash prizes. Why do the 49ers hardly seem to play on Thanksgiving? Winning a gold medal at the Olympics is the pinnacle of sporting achievements, with Usain Bolt winning nine of them in his past three Olympic games, and Britain's Mo Farah completing the double-double, claiming another historic gold in the 5,000m in the early hours of Sunday. Thanks Obama. Olympians can also sell their medals online, undoubtedly getting much more than their money’s worth back. In the past, the money won by athletes used to be taxed by the government. Shawn Mendes is dishing on learning to love himself in a recent interview. Only a handful of them, however, will return home to their countries with medals. There are sometimes addition bonuses too, awarded by individual sports commission or by grateful sponsors in the homeland. Starting this year and continuing through the 2020 games in Tokyo, the US Olympic Committee awards athletes who win a gold medal $37,500, silver medalists receive $22,500, and $15,000 for bronze earners. And it gets worse: not only do the Americans get taxed on their prize money - they also get taxed on the value of the medals themselves. Usain Bolt: One photo sums up his greatness, attitude as... Draymond Green and Kevin Durant had the best time (again)... Ryan Lochte confirms he was held up at gunpoint in Rio. Gold medals have a value of $600, silver $300, and bronze less than $5. Singapore also offers sizable bonuses for silver ($379,000 US) and bronze ($189,000 US) medals. Some websites erroneously report that Olympic athletes make $25,000 for a gold medal, $15,000 for a silver and $10,000 for a bronze. Team GB hockey star Maddie Hinch talks to JOE about shootouts, awards and JK Rowling. In terms of gold medal payouts, it really pays to be Singaporean athlete (literally). (Photo: Clive Rose/Getty Images), (L-R) Silver medalist Max Parrot of Canada, gold medalist Red Gerard of the US and bronze medalist Mark McMorris of Canada pose during the victory ceremony for the Snowboard Men's Slopestyle Final on Feb. 11, 2018. (Photo: MARTIN BUREAU/AFP/Getty Images), Redmond Gerard of the United States competes during the Snowboard Men's Slopestyle Final at Phoenix Snow Park on February 11, 2018 in Pyeongchang, South Korea. Giants reportedly interested in All-Star who once pitched for A's, Marshawn Lynch is spotted in Hawaii handing out free turkeys, Warriors reportedly sign fan favorite, pal of Steph Curry. She isn’t even sure where to find her skates or her medals. How much money do Olympians from different countries win for getting gold? Andy Murray will receive no financial reward for his gold medal but athletes from other nations can get … ... there is also the small matter of getting paid for your award. Contact her at Some have even applied for food stamps. Only athletes who make more than $1 million or more a year will still have to pay taxes. China has handed out cash, luxury cars and even new houses. The sponsorship deals are the exception, not the rule. Finishing fourth, just few fraction of a second or a fraction of a point out of the medals, can be reflected in an athlete’s paycheck. France -  €59,094.62 (£51,000) More than 100 US athletes started GoFundMe pages in the run-up to the Rio games, seeking funds for new equipment and to help them cover their basic living expenses while they tried to concentrate on training. An Olympic medalist who is still competing in her sport could expect to collect only about $50,000 a year. ... to every gold medal winner, $120,000 to each silver medalist, and $80,000 for a bronze. Julianne & Derek Hough Co-Hosting Disney's Magical Holiday... Addison Rae & Bryce Hall Get In a Thanksgiving Morning... Donald Trump Hits Golf Ball in the Water And Screams, 'I... Megan Thee Stallion's 'Body' Challenge Inspires Twerkin'... Amazon Giving $500M in Holiday Bonuses to Frontline Workers, Celebs Who Are Already Celebrating Christmas in November, 10 New Netflix Holiday Originals To Stream This Season. Little tip, Michael: next time relocate to Singapore before you go to the Olympics. Today, that medical license has expired. The 2016 bill exempts athletes that earn less than $1 million in a given year from having to pay taxes on their Olympic earnings. It’s hard to feel too bad for anyone who makes more than $1 million in a year. Thomas has filed for bankruptcy, and lives in a mobile home with her fiance. Simone Biles, the gymnast whose feats have made even veteran coaches gasp in awe, has had sponsors compete for her endorsement, and agreed to put her star power behind Nike, Special K, laundry detergent and a gymnastics equipment supplier (it’s making mats with her signature on them). Can you get more than 12/15 in this childrens' TV quiz?


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