The entire crowd thumped with pride as Hailey Van Lith & Co. outclassed their neighbor Canada in the 3*3 Olympics on Tuesday by a 16-13 margin. The emotions in the Team USA camp on bagging the bronze medal were unbelievable especially since the USA had started on a slow note losing their first three games against Germany, Australia, and Azerbaijan and then the semi-finals against Spain. With this win, Van Lith also proved that though she was in college, she deserved to be on the 3*3 team.

The next steps would involve taking their prize money and going back home where they will be welcomed with a mixed bag of emotions. Hence, fans are curious to know how much Van Lith & Co. gained after their Olympics win considering the quadrennial event is the biggest for athletes and hence should come with monetary advantages.

How much prize money will Hailey Van Lith & Co. earn?

The Paris Olympics has three slabs of prize money each for one medal. While the gold medal winners will get $37,500, the silver medal achievers will take $22,500 whereas the bronze winners will amass $15,000. Naturally, since Van Lith and Co. have taken bronze they will be getting $15,000. But the amount comes with its own taxes.

According to the U.S-France tax treaty, athletes won’t have to pay taxes up to $10,000 for plying their trade in the European Country. Above that limit, all medal winners will have to pay taxes ranging from 11% to 45% depending on their winning amounts and earnings. As per reports, US athletes will have to “declare all French source income” including an approximate 15% withholding.

Withholding is the tax collected by the French government which can be later applied when the athlete files for tax return. As per experts, Team USA athletes will have to pay around 20% to 30% tax depending on the amount and its deductions. But will the rest of the amount be taken by Van Lith & Co.? Let us have a look at the tax laws in the USA.

Are winnings taxable in the USA?

As per the USA laws, athletes who earn less than $1 million will exempted from the tax. However, the athletes’ earning is contributed a lot by their endorsements and NIL value, especially in Van Lith’s case. Plus their endorsements might rise as per their contract on winning a medal in Paris. The stars will have to have a look at their contract clauses and depending on which their taxes will be decided.

Plus as is the case with regular earnings, athletes can also list their coaching, training, travel, and other expenses. That amount can be offset from their earnings and the remaining can be taxed. As of now, Van Lith NIL’s valuation on On3 is $696K. Therefore if there are no bonus clauses then Van Lith might not have to pay her USA tax, but who knows?

While Team USA might not enjoy taxes on their wins, they will surely remember this event in which they made an impossible comeback and won bronze. As for Van Lith, she will be happy for her bittersweet brush with the Olympics. Hoping the four continue to represent the USA and bring more glory.

Stay tuned for more such updates and join us for the exciting second episode of the “Dual Threat Show” as our host BG12 sits down with Georgia Bulldogs star and Mountain West All-Freshman Team Selection, Asia Avinger.