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The income tax footnote to the financial statements of Kifftey, Inc. for the year ending December 31, 2022 is as follows. In millions 2022 Current
The income tax footnote to the financial statements of Kifftey, Inc. for the year ending December 31, 2022 is as follows.
In millions |
| 2022 |
| ||
Current |
|
|
|
|
|
U.S. federal and state |
| $ | 236 |
|
|
Foreign |
|
| 598 |
|
|
Total current |
|
| 834 |
|
|
Deferred |
|
|
|
|
|
U.S. federal and state |
|
| 216 |
|
|
Foreign |
|
| 16 |
|
|
Total deferred |
|
| 232 |
|
|
Income tax provision |
| $ | 1,066 |
|
|
a. How much income tax expense is reported in Kifftey, Inc.s income statement for 2022?
b. How much of the income tax expense is payable to taxing authorities for 2022?
c. Was taxable or GAAP income higher in 2022? Explain.
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