U.S. Athletes Win an Olympic Medal in Sochi, Pay Taxes in America

As the 2014 Winter Olympics came to a close over the weekend, medal winners from around the globe may be facing an increase in their taxable income. The U.S. Olympic committee awards cash prizes to medal winners--$25,000 for gold, $15,000 for silver, and $10,000 for bronze. Awarding cash prizes to medal winners is a common practice among countries. But what happens when Olympians are taxed on their winnings?

Team PaycheckCityFeb 25, 2014

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