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the income tax footnote to the financial statements of anchor inc., for the year ended december 31, includes the following information (in millions). ($ millions) current tax provision federal $7,652 state 990 foreign 2,105 $10,747 deferred tax provision federal $5,043 state (138) foreign 33 $4,938 provision for income taxes $15,685 how much of the income tax expense is payable during the year? select one: a. $10,747 million b. $4,938 million c. $15,685 million d. $12,695 million e. none of these are correc

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In this case, the income tax footnote to the financial statements of anchor inc., for the year ended December 31, The current tax provision of $10,747 is payable in 2016.

Give a brief about income tax.

A tax levied against people or organisations (taxpayers) in relation to their income or profits is known as an income tax (commonly called taxable income). Tax rates multiplied by taxable income are often used to calculate income taxes. Tax rates might change depending on the taxpayer's attributes and source of income.

As taxable income rises, the tax rate can also (referred to as graduated or progressive tax rates). Corporate tax, which is often assessed at a fixed rate, is the name given to the tax charged on businesses. Individual income is frequently taxed under progressive rates, which means that for every extra unit of income, a higher tax rate is imposed.

To learn more about income tax

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