Did you know that once you become a U.S. Olympic Champion, you in turn will owe taxes on your prize money as well as your medal? According to msn.com, the U.S. Olympic Committee awards prize money to medal winners: $25,000 for gold, $15,000 for silver and $10,000 for bronze. Besides, this, the actual medals themselves are taxed. There is only a tax of $2 on the bronze medal, but the winner of a gold medal will have to pay $236 to the IRS.
Click hereto read the full article by msn.foxsports.com
