*Simone Biles is bringing home mucho oro from the Olympics in Rio…
(that’s “a lot of gold”…thank you, Rosetta Stone!)
…but Uncle Sam will be expecting his cut after she gets back.
I guess I should have known. Lottery winners often pay hefty taxes on cash prizes. But I guess I figured that after athletes like Biles gave their blood, sweat and tears to beat out every other athlete in the world in their sport of choice, the US government could give them a break on the tax bill.
Nope.
It seems that in addition to the gold, silver, and bronze medals awarded to Olympians, cash awards are also dispensed. Big ones: $25,000 for gold medals, $15,000 for silvers, and $10,000 for bronze ones.
With maximum taxes that look like this…
Read more on this at EURThisNthat.
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