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please focus on the effective tax rate. I'm not sure if it contains US State or only calculating US federal. Analyzing and Interpreting Income Tax
please focus on the effective tax rate. I'm not sure if it contains US State or only calculating US federal.
Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the 2018 financial statements for Boeing follows. The components of income before tax were: Years ended December 31 ($ millions) 2017 2016 U.S. $11,724 $10,143 $5,655 Non-U.S. 460 469 417 Total $12,184 $10,612 $6,072 Income tax expense/(benefit) consisted of the following: Years ended December 31 ($ millions) 2018 2017 2016 Current tax expense U.S. federal $2,060 $1,404 $1,312 Non-U.S. $169 $149 $133 U.S. State 97 23 15 Total current $2,326 $1,576 $1,460 Deferred tax expense U.S. federal $(1,046) $214 $(571) Non-U.S. $(4) $3 $(4) U.S. State 5 (6) (44) Total deferred $(1,045) $211 $(619) d. Use the pretax information to determine the effective tax rate for U.S. federal and Non-U.S. operations for each year. Round percentage to one decimal place (example: 0.7345 = 73.5%). Year U.S. federal Non-U.S. 2018 096 096 2017 096 096 2016 096 096 Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the 2018 financial statements for Boeing follows. The components of income before tax were: Years ended December 31 ($ millions) 2017 2016 U.S. $11,724 $10,143 $5,655 Non-U.S. 460 469 417 Total $12,184 $10,612 $6,072 Income tax expense/(benefit) consisted of the following: Years ended December 31 ($ millions) 2018 2017 2016 Current tax expense U.S. federal $2,060 $1,404 $1,312 Non-U.S. $169 $149 $133 U.S. State 97 23 15 Total current $2,326 $1,576 $1,460 Deferred tax expense U.S. federal $(1,046) $214 $(571) Non-U.S. $(4) $3 $(4) U.S. State 5 (6) (44) Total deferred $(1,045) $211 $(619) d. Use the pretax information to determine the effective tax rate for U.S. federal and Non-U.S. operations for each year. Round percentage to one decimal place (example: 0.7345 = 73.5%). Year U.S. federal Non-U.S. 2018 096 096 2017 096 096 2016 096 096Step by Step Solution
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