If a US citizen medals in the olympics, they have to share part of the glory with the IRS..
- Gold: Given the $25,000 cash award and the value of the medal itself ($675), recipients would owe the IRS up to $8,986
- Silver: The cash award of $15,000 plus the medal itself ($385) equal a tax bill of up to $5,385
- Bronze: The cash award of $10,000 plus the medal ($5) equal a tax bill of up to $3,502
On the heels of that report, Marco Rubio introduced a measure in the Senate today to immediately stop the practice of taxing successful Olympians, reports ABC News. “We need a fundamental overhaul of our tax code, but we shouldn’t wait any time we have a chance to aggressively fix ridiculous tax laws like this tax on Olympians’ medals and prize money,” he said. His measure would apply to awards won after 2011.
This is sidesplitting! I don't know which I adore more that income tax ditty "1099 Problems" or this. LMAO...It's excellent! That is accurate however; my pal had some bad problems with the IRS due to her self-employment. Steer clear of her mistakes and learn about the largest types of taxes that are filed with the IRS. http://www.tax-defense-network-tax-songs.com/song-parodies/major-types-of-taxes/
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