Sallie Mae 2008 Annual Report Download - page 207
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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:
2008 2007 2006
Years Ended
December 31,
Statutory rate ............................................... 35.0% 35.0% 35.0%
Equity forward contracts ....................................... — (113.2) 6.3
State tax, net of federal benefit .................................. 4.5 (3.7) 1.1
Capitalized transaction costs .................................... 3.3 (2.6) —
Other, net .................................................. 1.7 (1.1) (.6)
Effective tax rate ............................................ 44.5% (85.6)% 41.8%
Income tax expense for the years ended December 31, 2008, 2007, and 2006 consists of:
2008 2007 2006
December 31,
Current provision:
Federal ...................................... $401,409 $1,027,087 $747,573
State ........................................ 32,736 53,865 49,399
Foreign ...................................... 678 1,045 97
Total current provision ............................. 434,823 1,081,997 797,069
Deferred provision/(benefit):
Federal ...................................... (543,151) (642,393) 52,866
State ........................................ (58,900) (26,840) (15,617)
Foreign ...................................... (346) (481) (7)
Total deferred provision/(benefit) ..................... (602,397) (669,714) 37,242
Provision for income tax expense/(benefit) .............. $(167,574) $ 412,283 $834,311
F-87
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)