• If total income tax expense is $42,400 and deferred tax expense is $59,100, then the current portion of the total income tax expense is referred to as a current tax If a corporation's tax return shows taxable income of $86,000 for Year 2 and a tax rate of 25%, the amount that will appear on the December 31 Year 2 SFP for "Income tax payable" An increase in the Deferred Tax Liability account on the SFP is recorded by a credit to the Deferred Tax Expense account. benefit V of An income statement that reports current tax expense of $77,900 and a deferred tax benefit of $20,500 will report total income tax expense of $