Uh oh, Facebook‘s CEO Mark Zuckerberg is facing a hefty tax bill this year: $1 billion. He can blame it on taking his social network public. According to CNN, the reason for the high amount is due to Facebook’s first day on Wall Street. When Fbook first offered shares to the public, ‘Zuckerberg exercised a stock option and purchased 60 million Facebook shares at a “strike price” of 6 cents each.’ Whether or not the shares are sold, the IRS will still count them as standard income.
That makes the the earnings add up to about $2.3 billion. Eek. At least there’s deductions, right? After subtracting Zuckerberg’s charitable donations, the final taxes owed is $1 billion.
