Sallie Mae 2007 Annual Report Download - page 195
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18. Benefit Plans (Continued)
Total expenses related to the 401(k) plans were $22 million, $21 million and $18 million in 2007, 2006
and 2005, respectively.
19. Income Taxes
Reconciliations of the statutory U.S. federal income tax rates to the Company’s effective tax rate follow:
2007 2006 2005
Years Ended
December 31,
Statutory rate ............................................... 35.0% 35.0% 35.0%
Equity forward contracts ....................................... (113.2) 6.3 (2.0)
State tax, net of federal benefit .................................. (3.7) 1.1 1.2
Capitalized transaction costs .................................... (2.6) — —
Other, net .................................................. (1.1) (.6) .2
Effective tax rate ............................................ (85.6)% 41.8% 34.4%
Income tax expense for the years ended December 31, 2007, 2006, and 2005 consists of:
2007 2006 2005
December 31,
Current provision:
Federal ....................................... $1,027,087 $747,573 $768,865
State ......................................... 53,865 49,399 34,798
Foreign ....................................... 1,045 97 —
Total current provision.............................. 1,081,997 797,069 803,663
Deferred provision/(benefit):
Federal ....................................... (642,393) 52,866 (80,077)
State ......................................... (26,840) (15,617) 5,181
Foreign ....................................... (481) (7) —
Total deferred provision/(benefit) ...................... (669,714) 37,242 (74,896)
Provision for income tax expense ...................... $ 412,283 $834,311 $728,767
F-74
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts, unless otherwise stated)