Taxes

map1 Wrote: ------------------------------------------------------- > Statutory tax = Taxes payable/Taxable Income, both > pertain to the tax statement: > > Taxable income = income, as determined by the tax > code and subject to the statutory tax, on the tax > return > Taxes payable = tax liability based on the taxable > income from current priod’s tax return > > > Effective tax rate = Income tax Expense/Pretax > income > > Pretax income = income before taxes, on the income > statement, prepared using GAAP > Income tax Expense = expense based on the pretax > income of the current period’s income stratement > > Income Tax Expense = Taxes Payable + changes in > DTL - changes in net DTA nicely done.