According to media sources, all the medalists will pay taxes for standing on the podium in London Olympics. The tax bill on gold is $8,986; silver is $5,385 and bronze is $3,500.

The tax is not on the medal itself, it's the tax on the prize money that comes with a gold, silver or bronze.

Sources said that “The United States Olympic Committee” reward Olympic medalists with $25,000 to a gold medalist, $15,000 to a silver medalist and $10,000 to a bronze medalist.

Swimmer Missy Franklin, an amateur who has yet to cash in on her fame with endorsements, already owes $14,000 in taxes from her gold and silver medal. By the time the Games will be finished, Franklin's tax bill could reach $30,000, added by a source.