What is the tax rate applicable to honorarium paid to Olympic medalists?
Does it sound right for the government to demand taxes from honorarium paid to athletes or solders in combat zone that actually are representing the country?
Here are the US tax rates for those who are unmarried:
1. $0 but not over $8,700 at 10%
2. $8,700 but not over $35,350 at 15%
3. $35,350 but not over $85,650 at 25%
4. $85,650 but not over $178,650 at 28%
5. $178,650 but not over $388,350 at 33%
6. Over $388,350 at 35%
Most are often taxed at about 35%, if you win one gold medal at the Olympics you will owe almost $9,000 once the IRS gets their cut. Which personally I think is bull as I do not think the U.S. pays for our Olympians training and all like a lot of other nations do and often the games are not in the U.S. so why should they get a cut at all?
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