The components of income before tax were: Years ended December 31 ($ millions) 2018 U.S. Non-U.S. Total 2017 2016 $12,283 $10,626 $5,925 482 492 437 $12,765 $11,118 $6,362 Income tax expense/(benefit) consisted of the following:
The components of income before tax were: Years ended December 31 ($ millions) 2018 U.S. Non-U.S. Total 2017 2016 $12,283 $10,626 $5,925 482 492 437 $12,765 $11,118 $6,362 Income tax expense/(benefit) consisted of the following:
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 36P
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Transcribed Image Text:The components of income before tax were:
Years ended December 31 ($ millions) 2018
U.S.
Non-U.S.
Total
2017
2016
$12,283 $10,626 $5,925
482
492 437
$12,765 $11,118 $6,362
Income tax expense/(benefit) consisted of the following:
Years ended December 31 ($ millions)
Current tax expense
U.S. federal
2017 2016
Non-U.S.
U.S. State
Total current
$1,967 $1,340 $1,253
$169 $149 $133
97
23
15
Deferred tax expense
U.S. federal
$2,233 $1,512 $1,401
$224 $(598)
$(1,096)
Non-U.S.
$(4)
$3 $(4)
U.S. State
5
(6)
(44)
Total deferred
$(1,095)
$221
$(646)
Transcribed Image Text:a. What is the amount of income tax expense reported by Boeing each year?
Year ($ millions)
2018 $
0
2017 $
0
2016 $
0
b. What percentage of total tax expense is currently payable for each year?
Round percentage to one decimal place (example: 0.7345 = 73.5%).
Year
2018
0%
2017
0%
2016
0%
c. What is Boeing's effective (average) tax rate for each year?
Round percentage to one decimal place (example: 0.7345 = 73.5%).
Year
2018
0%
2017
2016
0%
0%
d. Use the pretax information to determine the effective tax rate for U.S. federal and Non-U.S. operations for each year.
Round percentage to one decimal place (example: 0.7345 = 73.5%).
Year U.S. federal
Non-U.S.
2018
0%
0%
2017
0%
0%
2016
0%
0%
e. Determine the cash tax rate for U.S. operations for each year. Hint: Current tax expense is paid in cash.
Round percentage to one decimal place (example: 0.7345 = 73.5%).
Year
2018
0%
2017
0%
2016
0%
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VIEWStep 2: (a) Determine the amount of income tax expense reported by Boeing each year:
VIEWStep 3: (b) Determine the percentage of total tax expense is currently payable for each year:
VIEWStep 4: (c) Determine the Boeing’s effective (average) tax rate for each year:
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