How much does michael phelps make for the olympics

Award-winning swimmer Michael Phelps may be racking up medals in his country's name at the summer Olympics, but that doesn't mean Uncle Sam won't demand a cut of his prize money.

Michael Phelps: 12, calories a day don't seem to be doing him any harm! | Daily Mail Online

Phelps' current income tax bill for winning five gold and one silver medal at the Rio Olympics? This "victory tax" can claim a big piece of an athlete's prize. For an Olympian in the top tax rate bracket of Of course that is the bill the very top earners would face.

Most athletes, who lack the lucrative endorsements deals Phelps has, would owe far less to the IRS. The tax hit can also be offset by deducting some or all of their training and traveling expenses.

The athletes' medals themselves also count as taxable income, but the value of a winning a gold is largely symbolic. That's because the medal's actual monetary value or the basis on which they are taxed is so low. Investing Why Amazon's Whole Foods Deal Will Hit Costco the Hardest.

Simone Biles on Weighs in on Sexist Coverage of the Rio Olympics: 'I’m not the next Usain Bolt or Michael Phelps. I’m the first Simone Biles.' - The Atlantic

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how much does michael phelps make for the olympics

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Michael Phelps' Olympic diet: US swimmer devours 12, calories each day – but what does he eat to fuel his success?

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