Provision for income taxes

(redirected from Provisions 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 ?
After allowing for Total Other Income (Expenses) and Provisions for Income Taxes, the Company's Net Income numbers for this two-month duration came in at $103,089 or 38% higher than the same fiscal time period last year.
Stroup, including the Company's legal and accounting fees, were approximately $356,000, after provisions for income taxes.
3 million in provisions for income taxes and a net loss in the quarter totaling EUR 21.
9% increase in net income during this period was the result of an increase of $504,000 in interest and dividend income, partially offset by a decrease of $6,000 in other income, an increase of $368,000 in interest expense, an increase in provision for loan losses of $9,000, an increase of $97,000 in operating expenses and an increase in provisions for income taxes of $9,000.
9% increase in net income during the period was the result of an increase of $399,000 in interest and dividend income, an increase of $21,000 in other income, partially offset by an increase of $238,000 in interest expense, an increase in provision for loan losses of $14,000, an increase of $100,000 in operating expenses and an increase in provisions for income taxes of $23,000.
3% increase in net income during the period was the result of an increase of $54,000 in interest and dividend income, an increase of $18,000 in other income, a decrease of $72,000 in interest expense and a decrease in provision for loan losses of $29,000, offset by an increase of $137,000 in operating expenses and an increase in provisions for income taxes of $12,000.
The quarter ended December 31, 1998 included an increase in operating expenses and an increase in provisions for income taxes which totaled approximately $124,000 more than the same period of the prior year.
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