For fashion? For friends? For reals!?
Jobs works at Apple for an annual salary of US$1, and this earned him a listing in Guinness World Records as the “Lowest Paid Chief Executive Officer.” His current salary at Apple officially remains US$1 per year…
This approach reduces his personal tax liability because, under current U.S. tax law, salary income is taxed at a significantly higher rate (currently up to 35%) than the capital gains tax (currently a maximum of 15%) applied to profits arising from the sale of stock grants. Obtaining remuneration through stock instead of salary is a common extrinsic rewarding technique which ties management performance to financial benefits. Furthermore, it acts as a tax minimization strategy.
Quoted from Wikipedia
Tags: $1, apple, computers, steve jobs, taxes
Posted in Trivia, science / technology | Comments (3)
April 3rd, 2008 at 2:03 pm
Both the founders of Google make the same salary. Guess they must draw on their $14B worth of savings to make ends meet
April 3rd, 2008 at 2:13 pm
I came across your blog on Technorati. Nice site layout. I will stop by and read more soon.
Mike Harmon
April 3rd, 2008 at 5:35 pm
Poor things, they surely are.