1 MIN AGO: Simone Biles LEAKED The Whole Secrets Behind Kamala Harris
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The 27-year-old will leave France with more than hardware and broken records.
While the International Olympic Committee, and thereby the Olympics, do not pay Olympians who medal, the U.S. Olympic and Paralympic Committee (USOPC) does.
For the Paris Games, the USOPC is paying athletes $37,500 for every gold medal they earn. Those earning silver get $22,500 while those earning bronze get $15,000.
That means Biles is in line for $135,000 just for making the podium four times over. That does not account for any related sponsorship deals or, say, income from the Netflix series “Simone Biles Rising” that debuted days ahead of the Olympics.
When it comes to only monetary medal winnings, Biles isn’t the highest-earning American.
Swimmers Torri Huske and Regan Smith have each earned five medals during these Games. For Huske, it was 3 gold medals and 2 silver, while for Smith, it was 2 gold and 3 silver. That awards them $157,500 and $142,500, respectively.
There are a handful of unique exceptions to the pay scale.
Take, for example, Noah Lyles, who won gold in the historically close men’s 100-meter sprint. He’s set to profit not only the $37,500 granted to the U.S. gold medalist but an additional $50,000 from World Athletics.
Earlier this year, World Athletics, the governing body for track, announced it would provide all track and field gold medal winners in Paris a cash prize of $50,000, a first-of-its-kind payout. Across 48 events, World Athletics was set to shell out $2.4 million during the Paris games.
Lyles is hoping for more, though, telling reporters he wants his “own shoe.”
“I want a sneaker. There ain’t no money in spikes, there’s money in sneakers. I feel like for how many medals we bring back and the notoriety we get, the fact that hasn’t happened, that’s crazy for me,” Lyles said. “I feel like that needs to happen.”
Will Olympians owe taxes on their winnings?
In 2016, President Barack Obama signed into law the United States Appreciation for Olympians and Paralympians Act, which gave such athletes an exception on their taxes when it came to the prizes, medals, and cash bonuses they won.
That still counts for athletes in the Paris Olympics, as long as they earn less than $1 million in annual net income, according to the Tax Foundation.
Olympians may still be on the hook for local taxes as well, Sonja Valter, senior manager with Baker Tilly’s Human Resources consulting team told Thomson Reuters’ “Payroll Update.” Colorado, for example, excludes income earned due to winning a gold medal at the Olympics, but California does not.
Athletes may also need to file a French tax return if they earn more in compensation than $10,000, a French tax attorney told Sportico.
Team USA athletes who return for the 2028 Summer Olympics in Los Angeles will, most likely, find submitting their tax returns much easier.
