Ross 2008 Annual Report Download - page 48

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46
Note F: Taxes on Earnings
The provision for taxes consisted of the following:
($000) 2008 2007 2006
Current
Federal $ 152,833 $ 160,155 $ 153,263
State 13,285 14,613 14,064
166,118 174,768 167,327
Deferred
Federal 23,621 (9,263) (10,268)
State 183 (1,436) (416)
23,804 (10,699) (10,684)
Total $ 189,922 $ 164,069 $ 156,643
In fiscal 2008, 2007 and 2006, the Company realized tax benefits of $8.5 million, $6.5 million and $12.1 million, respectively,
related to employee equity programs that were credited to additional paid-in capital.
The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory
federal income tax rate. Differences are as follows:
2008 2007 2006
Federal income taxes at the statutory rate 35% 35% 35%
State income taxes (net of federal benefit) and other, net 3% 4% 4%
38% 39% 39%