RIO DE JANEIRO, Aug. 13 (UPI) -- No athlete from Singapore had ever won a gold medal before Joseph Schooling beat Michael Phelps Friday in the 100-meter butterfly.
Phelps and fellow American swimmer Katie Ledecky cashed in $200,000 for winning eight gold medals. The duo also combined for $30,000 for its two silver medals.
Schooling scored $753,000 by beating Phelps in one swim.
Kazakhstan's Nijat Rahimov and Dmitriy Bradley will take home a combined $460,000 from two gold medals.
According to Yahoo Sports, Singapore leads all countries in money awarded for gold medal winners.
The United States ranks No. 9 on that list.
When American Olympic medalists arrive home from Rio de Janeiro, they will also have quite the hefty bill from Uncle Sam.
American athletes have earned $865,000 in medal bonuses so far, with $880,000 of it being taxable.
The U.S. Olympic Committee awards its athletes $25,000 for gold medals, $15,000 for silver medals, and $10,000 for bronze medals. After Friday's Summer Games slate, American athletes had 50 medals, or $865,000 of state and federal taxable income. Athletes also pay tax on the actual value of the medals. According to CNN Money, that value is $564 for each gold medal and $305 for each silver medal. Bronze medals are not taxed due to a negotiable value.
In March, the United States Senate Committee on Finance passed a bill called the "United States Appreciation for Olympians and Paralympians Act." That bill, sponsored by Sen. John Thune [R-SD], calls for making the value of any medal or prize money earned during the Olympics or Paralympics exempt from income taxes. The bill is currently being considered by the House and would be applied to earnings from Jan. 1, 2016 to Jan. 1, 2021.
"This bill amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any medal or prize money received on account of competition in the Olympic Games or Paralympic Games," the bill reads.
For Team USA's updated medal tally, visit our Live Medal Count.