Even an Olympic victory comes with a price. In this case, it's the taxes America's victorious athletes can expect to pay when they return from the games.

Medals and prize money are both subject to income tax, according to the Americans for Tax Reform.

“It’s no different from winning Wheel of Fortune or the lottery," Alex Knight, a tax partner at Atlanta’s Habif, Arogeti & Wynne, told Reuters.

A gold medal, which is worth $650, according to CNN, could cost athletes about $236 in taxes. While a bronze metal, which is worth $5, could only cost an athlete $2 in taxes

The real bite, however, will be taxes taken out of Olympians' cash bonuses.

The U.S. Olympic Organizing Committee will award London champions $25,000 for a gold medal, $15,000 for silver and $10,000 for bringing home a bronze, Reuters reports.

At a 35 percent income tax rate, bronze medalists will owe the IRS a total of $3,500, silver medalists will owe $5,250 and top finishers will be liable for $$8,750, according to Americans for Tax Reform.

Of course, many high-profile athletes will also come home to lucrative sponsorships offers, also all taxable.

In 2008, Michael Phelps earned a $1 million bonus from Speedo, which he donated to charity, NBC News reports. This summer, Phelps' teammate Ryan Lochte could earn even more from ads for Gatorade, Gillette and others.

But American athletes aren't the only Olympians vying for the gold -- or big prize money.

Though Malaysia has never won a gold medal in an Olympic Games, Andrew Kam, the owner of a gold mine and the Kuala Lumpur Racket Club, will award a 12.5 kilogram (27.5 pound) gold bar (market worth $630,000) to any badminton player who earns the top spot.

A recent Yahoo! Finance story also notes that during the 2010 Winter Olympics, Russians received $135,000 for gold medals and $54,000 for bronze.

There had been controversy leading up to London Games regarding Britain's stringent tax laws, which ordinarily take a large cut of the global income of any international athlete competing on its soil. The policy has led some athletes, including golfer Sergio “El Nino” Garcia and tennis star Rafael Nadal, to abstain from competing in British tournaments.

Worried the policy would discourage participation from Olympic superstars like sprinter Usain Bolt, who has previously criticized the law, British taxing authorities agreed to an exemption for London 2012 Olympic athletes.

Correction: A previous version of this article incorrectly stated how much medal winners could be taxed on their prize money. At a 35 percent income tax rate, bronze medalists would owe the IRS $3,500, silver medalists would owe $5,250 and gold medalists would owe $8,750.

UPDATE: Senator Marco Rubio (R- Fla.) introduced a bill to Congress on Wednesday that would exempt Olympic winners from taxes on prizes received at the London games.

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  • Michael Phelps

    United States' Michael Phelps poses with his gold medal for the men's 4x200-meter freestyle relay swimming final at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    United States' Michael Phelps, left, Ricky Berens, second left, Ryan Lochte, center, and Conor Dwyer celebrate their gold medal win in the men's 4 x 200-meter freestyle relay final at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    United States' Conor Dwyer, left, Michael Phelps, center, Ryan Lochte, second right, and Ricky Berens, right, pose with their gold medals after their win in the men's 4 x 200-meter freestyle relay at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    United States' Conor Dwyer, second from left, United States' Ryan Lochte, third from let, United States' Ricky Berens, fourth from left, and United States' Michael Phelps react as they win gold in the men's 4x200-meter freestyle relay swimming final at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    United States' Michael Phelps, left, and France's Yannick Agnel speak after the men's 4 x 200-meter freestyle Relay swimming final at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012. The United States won gold, France silver.

  • Michael Phelps

    United States' Michael Phelps, right, celebrates winning gold in the men's 4x200-meter freestyle relay swimming final at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    United States men's relay team members Conor Dwyer, left, Ryan Lochte, center, Ricky Berens, right, and Michael Phelps, bottom, celebrate their gold medal win in the men's 4 x 200-meter freestyle relay at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    The United States team celebrate as teammate Michael Phelps touches to win the gold in the Men's 4 x 200m Freestyle Relay final on Day 4 of the London 2012 Olympic Games at the Aquatics Centre on July 31, 2012 in London, England.

  • Michael Phelps

    US' Michael Phelps dives during the men's 4x200m freestyle relay final swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US' Michael Phelps dives during the men's 4x200m freestyle relay final swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US' Michael Phelps competes in the men's 4x200m freestyle relay final swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    Conor Dwyer, Ryan Lochte and Ricky Berens of the United States celebrate as teammate Michael Phelps touches to win the gold in the Men's 4 x 200m Freestyle Relay final on Day 4 of the London 2012 Olympic Games at the Aquatics Centre on July 31, 2012 in London, England.

  • Michael Phelps

    US swimmer Michael Phelps walks on the podium after winning silver in the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US swimmer Michael Phelps poses on the podium after winning silver in the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US swimmer Michael Phelps stands on the podium after winning a silver medal in the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US swimmer Michael Phelps poses with his silver medal on the podium of the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US swimmer Michael Phelps applauds as he poses with his silver medal on the podium of the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Olympics Day 4 - Swimming

    Silver medallist Michael Phelps of the United States waves to the crowd after receiving his silver medal for the Men's 200m Butterfly final on Day 4 of the London 2012 Olympic Games at the Aquatics Centre on July 31, 2012 in London, England.

  • Michael Phelps

    US swimmer Michael Phelps poses with the silver medal on the podium of the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US swimmer Michael Phelps (C) poses with the silver medal on the podium of the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    South Africa's Chad Le Clos (C) poses on the podium with the gold medal flanked by silver medalist (L) US swimmer Michael Phelps and bronze medalist (R) Japan's Takeshi Matsuda after winning the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    Silver medallist Michael Phelps of the United States, gold medallist Chad le Clos of South Africa and bronze medallist Takeshi Matsuda of Japan pose on the podium during the medal ceremony for the Men's 200m Butterfly final on Day 4 of the London 2012 Olympic Games at the Aquatics Centre on July 31, 2012 in London, England.

  • Michael Phelps

    Silver medalist US swimmer Michael Phelps leaves after the podium ceremony of the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    Debbie Phelps (L) the mother of Michael Phelps of the United States and his sisters Hilary Phelps (Bottom R) and Whitney Phelps (Top R) watch the evening session on Day 4 of the London 2012 Olympic Games at the Aquatics Centre on July 31, 2012 in London, England.