Question
Interpreting the Income Tax Expense Footnote The income tax footnote to the financial statements of FedEx Corporation follows. The components of the provision for income
Interpreting the Income Tax Expense Footnote The income tax footnote to the financial statements of FedEx Corporation follows. The components of the provision for income taxes for the years ended May 31 were as follows:
($ millions) | 2013 | 2012 | 2011 |
---|---|---|---|
Current provision (benefit) | |||
Domestic | |||
Federal | $ 512 | $ (120) | $ 79 |
State and local | 86 | 80 | 48 |
Foreign | 170 | 181 | 198 |
768 | 141 | 325 | |
Deferred provisions (benefit) | |||
Domestic | |||
Federal | 175 | 947 | 485 |
State and local | (7) | 21 | 12 |
Foreign | (42) | (9) | |
126 | 968 | 488 | |
Provision for income taxes | $ 894 | $ 1,109 | $ 813 |
(a)What is the amount of income tax expense reported in FedEx's 2013, 2012, and 2011 income statements? 2013 Income Tax Expense = $Answer (million) 2012 Income Tax Expense = $Answer (million) 2011 Income Tax Expense = $ Answer (million) (b) What percentage of total tax expense is currently payable in each year? (Round your answers to the nearest whole number.) 2013 Answer
% 2012 Answer
% 2011 Answer
%
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