Support.com 2007 Annual Report Download - page 78
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SUPPORTSOFT, INC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 7. Income Taxes (Continued)
The provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
2007
2006
2005
Current:
Federal $ — $ — $ —
State 15 — (3)
Foreign 592 395 263
Total current 607 395 260
Deferred:
Foreign 64 92 142
Total provision for income taxes $ 671 $ 487 $ 402
The reconciliation of the federal statutory income tax rate to the Company's effective income tax rate is as follows (in thousands):
Years Ended December 31,
2007
2006
2005
Provision at federal statutory rate $ (7,243) $ (2,712) $ 1,689
State taxes 10 — (3)
Permanent differences/other 46 35 72
Stock-based compensation 46 (4) (472)
Federal valuation allowance (utilized)/provided 7,662 3,089 (954)
Foreign rate differential 150 79 70
Provision for income taxes $ 671 $ 487 $ 402
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax
74
Source: SUPPORTSOFT INC, 10-K, March 13, 2008