Contractors must use the formats provided in the below Post Award Exhibits. Contractors are required to justify their Economic Price Adjustment (Clause 552.216-70), Price Increases above 10% and 25% for paper products with letters from their suppliers or any other sources that are applicable.
Previously, the victory tax was applied to all medalists' reward money and the value of their medals. During the last Olympics, gold medalists received a sum of $25,000, silver medalists raked in $15,000, and bronze winners collect $10,000 â all of which were taxed as income. Meanwhile the value of medals were roughly $600 for gold, $300 for silver, and only $4 for bronze (which are mostly made out of copper).
By law, youâre required to pay taxes on all types of income including lottery winnings, sweepstakes prizes, and other high-value goods received. Is cash earned from using a credit card, or airline miles youâve racked up over the year, also considered to be a taxable item? Taxation of Credit Card Cashback Rewards.