ADP 2008 Annual Report Download - page 62
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The provision for income taxes consists of the following components:
A reconciliation between the Company's effective tax rate and the U.S. federal statutory rate is as follows:
62
Years ended June 30, 2008 2007 2006
Current:
Federal $ 632.3 $482.0 $ 441.1
Foreign 79.2 70.3 52.4
State 31.5 34.9 30.8
Total current 743.0 587.2 524.3
Deferred:
Federal (75.7) 18.4 (1.0)
Foreign (10.8) (7.9) (5.2)
State (6.2) 4.6 1.2
Total deferred (92.7) 15.1 (5.0)
Total provision for income taxes $ 650.3 $602.3 $ 519.3
Years ended June 30, 2008 % 2007 % 2006 %
Provision for taxes at U.S.
statutory rate $634.2 35.0 $568.2 35.0 $476.4 35.0
Increase (decrease) in provision from:
State taxes, net of federal tax 16.4 0.9 25.7 1.6 20.8 1.6
Non-deductible stock-based
compensation expense 5.5 0.3 9.7 0.6 12.3 0.9
Tax on repatriated earnings - - 34.4 2.1 10.0 0.7
Utilization of foreign tax credits - - (26.5)(1.6) - -
Other (5.8)(0.3)(9.2)(0.6) (0.2) -
$650.3 35.9 $602.3 37.1 $519.3 38.2