USA Today reports that the most decorated Olympian in history, Michael Phelps, could finish the 2012 games with 22 career medals, as many as 18 of them gold.
/ AP Photo
COLUMBIA (WACH) - The United States Olympic team is currently only behind China in total medals earned at the 2012 games. What many may not know is that there is a price to pay for the hardware that is beyond years of hard work and dedication.
According to Reuters, American athletes receive a check from the U.S. Olympic Organizing Committee each time they take the podium: $25,000 for gold, $15,000 for silver and $10,000 for bronze.
Those winnings are taxable.
The 17-year-old swimming champion Missy Franklin already owes over $21,000 in taxes as of this report for the three medals she's received at the games, and she is expected to compete in three more events.
USA Today reports that the most decorated Olympian in history, Michael Phelps, could finish the 2012 games with 22 career medals, as many as 18 of them gold.
If Phelps achieves 18 career gold medals that would be more than $160,000 in taxes, according to the Americans for Tax Reform website.
The Reuters report states that while the British authorities have agreed to waive tax claims on the medal wins, athletes that earn money on the side, such as sponsorships and individual sport bonuses, could be taxed at an even higher tax rate.
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