How much federal and state income tax did Facebook pay in 2012? If you guessed, “zero,” you were correct, and if you guessed that the social network received $429 million in net tax refunds, you get extra credit.
On Monday, rank-and-file Facebook employees will be able to sell their stock, which officially came to fruition Thursday. Collectively, the roughly 225 million shares are worth about $5.2 billion, based on Wednesday’s closing price of $23.23 apiece. But it’s not just Facebook employees who are excited for a potential sell-off — the federal and California governments stand to profit from this, as well.
Facebook Posts 3Q Net Loss On Increased Revenues; Totals 1.007 Billion Monthly Active Users, 640M Mobile MAUs
Facebook posted a net loss of $372 million in the third quarter of 2012 using generally accepted accounting principles, or $59 million following the GAAP income tax provision for the third quarter of $431 million, compared with net income of $227 million in the third quarter of 2011, on revenue of $1.26 billion, which was up 32 percent from $954 million in the year-ago period.
The only debate between Vice President Joe Biden and Republican vice presidential nominee Paul Ryan was a substantive and spirited affair, with supporters on Facebook weighing in on everything from taxes to abortion and from Iran to Libya.
The dust has settled after the first presidential debate in Denver Wednesday night, and the Facebook-CNN Election Talk Meter has fresh insights on the melee in the Mile High City that are posted on the U.S. Politics on Facebook page.
Facebook Co-Founder and Chief Executive Officer Mark Zuckerberg will follow in the footsteps of other notable tech CEOs and take a base salary of $1 in 2013, taking one step toward slashing his tax burden.
Do you remember all that tax money Facebook Co-Founder Eduardo Saverin was set to save on Facebook’s initial public offering by renouncing his U.S. citizenship and establishing residency in Singapore? Not so fast, said Sens. Charles Schumer (D-N.Y.) and Bob Casey (D-Pa.).
The California Legislative Analyst’s Office, the state’s budget watchdog, expects Friday’s Facebook initial public offering to generate $2.1 billion in revenue for the state through the 2013 fiscal year.
Facebook has a potentially taxing problem on its hands, and the company will address it by increasing its $2.5 billion credit line.