We’ve just gone through a television blitz of Olympic coverage. Everything from Motorcross racing to Beach Volleyball. The U.S. team won lots of gold, silver and bronze metals.
There is a financial reward that goes with winning. Gold metal winners get $25,000, a Silver metal yields $15,000 and Bronze $10,000. I didn’t realize there was cash for prizes. It is also estimated that the value of gold in a gold metal is $650. Silver metals are worth $185 and bronze $5.
Congratulations to all the winners. Micheal Phelps won 6 metals (I think I got the count right). It was 4 golds (metal value of $650 each, plus a cash award of $25000 each); that totals $102,600. Then Phelps silver yielded $15,185 and the bronze $10,005. Phelps’ total winnings come to $127,790. It is a nice “haul” for all the work.
Oops, the tax man cometh. The winnings of the Olympic champions is considered income. Income must be reported on Federal Income Tax. So, for Phelps who has lots of endorsement income, he probably will pay a higher 35% Federal Tax. Kiss $45,000 good-bye.
Nobody asked me, but it seems that athletes, that sacrafice so much to get to the Olympic stage, represent their country and then win recognition with terrific performance, shouldn’t have to surrender part of their winnings to tax. Then again, what do I know.
I do know the Milwaukee Brewers suck. I know the Packers need to get their act together or they are going to suck. Packer pre-season performance has been awful.
Badgers first football game is Sept.1. That is only 2 weeks away.
And then there are 4 Grandsons playing football at some level starting August 24. I think I got the first date right. Friday Night Lights?
Is it dark when you get up in the morning at your house, too? Are the mornings cool and damp. Yep, the Summer is almost over.
Love,
Dad