How much did Simone Biles make at the Olympics?
While she didn’t get a golden encore, Simone Biles, the most decorated American gymnast in history, will leave the Paris Olympics with four medals (and a dazzling GOAT necklace).
Biles, who hasn’t ruled out participating in the 2028 Olympics in Los Angeles, was initially battling calf discomfort at the start of the Games. That didn’t keep her from securing three gold medals — in all-around, the women’s team gymnastics final, and women’s vault final — and a silver during the floor exercise finals.
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.
News
Caitlin Clark vs Angel Reese: Comparing Their Best WNBA Records After Historic Season /dn
Caitlin Clark vs Angel Reese: Comparing Their Best WNBA Records After Historic Season The 2024 WNBA season stands concluded. However, there remains an urge to look back…
Caitlin Clark Reveals………../dn
Caitlin Clark Reveals Caitlin Clark Reveals Exciting Offseason Plans Caitlin Clark, the WNBA sensation, has made headlines recently with her decision not to play overseas this…
Connor McCaffery makes a splash with perfect compliment to Caitlin Clark with AP Rookie of the Year award /dn
Connor McCaffery makes a splash with perfect compliment to Caitlin Clark with AP Rookie of the Year award Caitlin Clark’s boyfriend Connor McCaffery has 1 perfect word…
Lisa Bluder is ready to rescue Indiana Fever as coach! Why WNBA fans are begging for Caitlin Clark’s ex-mentor to join the Fever? /dn
Lisa Bluder is ready to rescue Indiana Fever as coach! Why WNBA fans are begging for Caitlin Clark’s ex-mentor to join the Fever? The Indiana Fever fired…
Jemele Hill Sparks Controversy: Claims Caitlin Clark Receives Preferential Treatment from Media Compared to Black Athletes /dn
Jemele Hill Unleashes Furious Rant Claiming Caitlin Clark Receives Different Treatment From Media Compared To Black Players Jemele Hill Unleashes Furious Rant Claiming Caitlin Clark Receives Different…
Rick Barry: “Anybody that does something flagrant to [Caitlin Clark] for what she’s brought to the game should be suspended and fined.” /dn
Rick Barry: “Anybody that does something flagrant to [Caitlin Clark] for what she’s brought to the game should be suspended and fined.” NBA legend Rick Barry has…
End of content
No more pages to load