X games cashprize ?

[Yan_skiing]

Weird question but, are they getting a lots of money with their medals, and how much ?

 

[eheath]

25,000 american currency for 1st, both mens and womens. I cant remember the pay scale, but top 3 get paid.

 

[CalumSKI]

25,000 american currency for 1st, both mens and womens. I cant remember the pay scale, but top 3 get paid.

that actually a hefty amount

Colby achieved the bag this year

 

[Yan_skiing]

that actually a hefty amount

Colby achieved the bag this year

His talent & hard work paid off

 

[CalumSKI]

His talent & hard work paid off

he is so good its actually nutz

 

[jwilly]

Pretty sure Wallisch got like 500 bucks for 5th in knuckle huck lol

 

[r00kie]

Pretty sure Wallisch got like 500 bucks for 5th in knuckle huck lol

Probably had a guaranteed amount since he was part of the broadcast team.

 

[ReturnToMonkey]

Do they get taxed on their winnings? Like income tax or whatever? Not talking bout the 10 percent rule, if they even do that anymore

 

[eheath]

Do they get taxed on their winnings? Like income tax or whatever? Not talking bout the 10 percent rule, if they even do that anymore

lol bro everyone pays taxes on income.

 

[Yan_skiing]

lol bro everyone pays taxes on income.

That’s sad tho lol

 

[eheath]

That’s sad tho lol

Someday you'll learn the importance of taxes.

 

[ASSholebomber22]

Someday you'll learn the importance of taxes.

Lmao

 

[ReturnToMonkey]

lol bro everyone pays taxes on income.

Well no shit they get taxed on stuff they get from sponsors prolly but like of the 25k, are they only getting 75% percent of it? My understanding is any prize over 5k, 25% gets withheld, but are hard earned contest winnings considered the same?

 

[eheath]

Well no shit they get taxed on stuff they get from sponsors prolly but like of the 25k, are they only getting 75% percent of it? My understanding is any prize over 5k, 25% gets withheld, but are hard earned contest winnings considered the same?

maybe even less than 75% depending on how much they make. Anything won as a "prize" is more like 40% tax, not 25. For most of these athletes making money, they have managers/accountants/agents that take care of their finances and most of them have a business they use to pay themselves, etc. so they can pay less taxes, but in the end most skiers winning contests are paying 20-30% of their income to uncle sam and im not 100% sure but contest winnings might not qualify as earned income, but I would imagine most of these guys have it setup the best they can tax wise.

 

[Yan_skiing]

Someday you'll learn the importance of taxes.

I’m not talking about taxes in general, just about giving away the price that you won , but I feel you

**This post was edited on Apr 8th 2020 at 1:03:55pm

**This post was edited on Apr 9th 2020 at 4:09:00am

 

[ScaryDumpTruck]

Do they get taxed on their winnings? Like income tax or whatever? Not talking bout the 10 percent rule, if they even do that anymore

If you make money you get taxed.

 

[ReturnToMonkey]

If you make money you get taxed.

Not always. Bank robber comes to mind

 

[SammyDubz]

I thought x gold was a fifty k cash prize a couple years back have things changed since its heyday

 

[eheath]

Not always. Bank robber comes to mind

Thats called being a criminal...

 

[SkiBum.]

You’ll always pay tax on any money you earn. But in this case there’s some ways to pay less.

You could call yourself an independent contractor. I think there is some tax Benefit there possibly.

Also you can deduct a lot. I’d think you could deduct all expenses - so anything from car to fuel to meals and hotels while traveling to any of the comps.

 

[Static]

Not always. Bank robber comes to mind

You are required to declare illegal income on your federal taxes on form 1040.

 

[Darc]

You are required to declare illegal income on your federal taxes on form 1040.

Isnt tax fraud how they put away alot of crims when they cant prove to a court level they commited the crime beyond reasonable doubt?