Solution-How do deferred taxes impact the tax expense

How do deferred taxes impact the tax expense

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Reference no: EM133077356

Question - Analyzing and Interpreting Income Tax Disclosures - Apple Inc. reports the following footnote disclosure to its 2018 10-K report ($ millions).

The provision for income taxes consisted of the following:

Fiscal Year Ended	September 29, 2018
Federal
Current	$57,995
Deferred	(47,347)
	10,648
State
Current	771
Deferred	67
	838
Foreign
Current	5,580
Deferred	1,653
	7,233
Total	$18,719

Required -

a. What amount of income tax expense does Apple report in its income statement for 2018?

b. How much of Apple's income tax expense is current (as opposed to deferred)?

c. How do deferred taxes impact the tax expense that is reported on the income statement?

Reference no: EM133077356

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How do deferred taxes impact the tax expense

Reference no: EM133077356

Reference no: EM133077356

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