XM Radio 2009 Annual Report Download - page 190
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sharing contributions during any year in which they are employed on the last day of the year. Profit-sharing
contribution expense was $0, $6,610 and $4,877 for the years ended December 31, 2009, 2008 and 2007,
respectively.
(14) Income Taxes
Our income tax expense consisted of the following:
2009 2008 2007
For the Years Ended
December 31,
Current taxes:
Federal ................................................ $ — $ — $ —
State .................................................. — — 478
Foreign ................................................ 1,622 — —
Total current taxes........................................ 1,622 — 478
Deferred taxes:
Federal ................................................ 3,962 2,674 1,949
State .................................................. 397 (198) 8
Total deferred taxes....................................... 4,359 2,476 1,957
Total income tax expense .................................. $5,981 $2,476 $2,435
The following table indicates the significant elements contributing to the difference between the federal tax
benefit at the statutory rate and at our effective rate:
2009 2008 2007
For the Years Ended December 31,
Federal tax benefit, at statutory rate .................. $(117,883) $(1,858,784) $(196,986)
State income tax benefit, net of federal benefit .......... (11,788) (185,879) (22,385)
Change in state tax rates .......................... — 17,307 25,355
Change in taxes resulting from permanent differences,
net......................................... 1,849 1,930,650 (2,707)
Other......................................... (4,945) (477) 261
Change in valuation allowance ...................... 138,748 99,659 198,897
Income tax expense .............................. $ 5,981 $ 2,476 $ 2,435
F-36
SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)