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article imageIn 2012 Mark Zuckerberg to pay $1.5 billion in income taxes

By Marcus Hondro     Feb 4, 2012 in Business
At 27, Mark Zuckerberg, a co-founder and CEO of Facebook, is set to get one of the largest tax bills in the U.S. or anywhere. Paying $1.5 billion in a tax year is rare in the extreme but it's a problem that comes with benefits.
Naturally such a tax bill suggests you've got a bit stashed away, as is very much the case with Zuckerberg. The Financial Times said in a recent story the tax bill will be on the 'vast profit of nearly $5bn" that the social network innovator "plans to take on stock options he was handed in 2005 for acting as Facebook’s chief executive."
Facebook: papers filed for Initial Public Offering
This news comes on the heels of Facebook filing the paperwork for their much-anticipated initial public offering (IPO), by definition the first time that the company will offer up public shares. The Facebook IPO will see Zuckerberg and many key shareholding partners at Facebook become even more wealthy, many of them will be billionaires many times over.
Zuckerberg, who goes into the IPO owning 28.4 percent of Facebook, stands to, by some estimates, grow the $17.5 billion Forbes magazine said he had in November of 2011 by as much as another $10 billion.
So yeah, he'll be able to afford that tax bill.
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