Sallie Mae 2006 Annual Report Download - page 197
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19. Income Taxes
Reconciliations of the statutory U.S. federal income tax rates to the Company’s effective tax rate follow:
2006 2005 2004
Years Ended
December 31,
Statutory rate ................................................ 35.0% 35.0% 35.0%
Equity forward contracts ........................................ 6.3 (2.0) (10.4)
State tax, net of federal benefit ................................... 1.1 1.2 .5
Other, net ................................................... (.6) .2 —
Effective tax rate ............................................. 41.8% 34.4% 25.1%
Income tax expense for the years ended December 31, 2006, 2005, and 2004 consists of:
2006 2005 2004
December 31,
Current provision:
Federal......................................... $747,573 $768,865 $375,496
State .......................................... 49,399 34,798 7,982
Foreign ........................................ 97 — —
Total current provision ............................... 797,069 803,663 383,478
Deferred provision/(benefit):
Federal......................................... 52,866 (80,077) 248,776
State .......................................... (15,617) 5,181 10,435
Foreign ........................................ (7) — —
Total deferred provision/(benefit) ....................... 37,242 (74,896) 259,211
Provision for income tax expense ....................... $834,311 $728,767 $642,689
F-78
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)