Provision for income taxes

Provision for income taxes

An amount on the P & I statement that estimates a company's total income tax liability for the year.

Provision for Income Taxes

In a financial statement or personal budget, an estimate for one's total income tax liability for a given year. This is especially important when the government or an employer does not automatically deduct estimated tax payments from paychecks or other revenue. Generally speaking, one must set the provision for income taxes aside and pay it quarterly or annually.
References in periodicals archive ?
NASDAQ:SMIT) completed the fiscal second quarter ended November 30, 2006 with income before provision for income taxes of $374,185, compared to income before provision for income taxes of $212,588 for the fiscal quarter ended November 30, 2005.
The Company incurred a net loss before provision for income taxes of ($53,610) for the three months ended September 30, 2006, as compared to a net gain of $212,048 for the three months ended September 30, 2005.
1999 1998 Revenues $189,988,307 $172,275,523 Income before income taxes 1,416,093 2,568,781 Provision for income taxes $681,226 $1,362,979 Net income $734,867 $1,205,802 Basic income per share common stock: Basic $1.
1999 1998 REVENUE $ 24,617 $ 38,332 EXPENSES Depreciation, depletion and amortization 11,792 19,551 Cost of sales 1,488 1,175 Selling, general and administrative expenses 6,549 6,453 19,829 27,179 INCOME FROM OPERATIONS 4,788 11,153 Interest expense, net (3,114) (1,516) Equity in earnings (loss) of affiliate 344 Income before provision for income taxes 1,674 9,981 Provision for income taxes 850 3,693 NET INCOME $ 824 $ 6,288 Earnings per share: Basic $ .
Subtracting interest expense and the provision for income taxes, the second-quarter of 2006 shows a loss of $46,482 compared to net income of $113,307 for the same period last year.
Net income was impacted by a provision for income taxes compared to no tax provision in the comparable quarter.
7% from the year-ago period) while provision for income taxes rose to $67,791 (up 188% from the year-ago period.
1998 1997 Revenues $172,275,523 $180,229,562 Income before income taxes 2,568,781 2,137,581 Provision for income taxes 1,362,979 1,108,236 Net income $ 1,205,802 $ 1,029,345 Net income per common share $ 2.
0 million increase in general and administrative expenses partially offset by a $596,000 increase in net interest income, a $30,000 decrease in the provision for loan losses, a $72,000 increase in total other income, and a $286,000 decrease in the provision for income taxes.
1998 1997 Revenues $42,413,576 $44,372,811 Income before income taxes 538,896 375,582 Provision for income taxes 216,967 122,870 Net income $321,929 $252,712 Net income per common share $0.
A provision for income taxes was not required in the first quarter of 2005 because of the effect of tax loss carry-forwards that have since been utilized.
for income taxes 104,003 325,614 PROVISION FOR INCOME TAXES 48,093 62,465 Net income $55,910 $263,149 NET INCOME PER SHARE $0.