Facebook 2014 Annual Report Download - page 83
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The components of income before provision for income taxes for the years ended December 31, 2014 , 2013 , and 2012
are as follows (in
millions):
The provision for income taxes consisted of the following (in millions):
A reconciliation of the U.S. federal statutory income tax rate of 35.0% to our effective tax rate is as follows (in percentages):
Excess tax benefits associated with stock option exercises and other equity awards are credited to stockholders' equity. The income tax benefits
resulting from stock awards that were credited to stockholders' equity were $1.85 billion , $602 million and $1.03 billion
for the years ended
December 31, 2014 , 2013 , and 2012 , respectively.
79
Note 13.
Income Taxes
Year Ended December 31,
2014
2013
2012
Domestic
$
4,918
$
3,197
$
1,062
Foreign
(8
)
(443
)
(568
)
Income before provision for income taxes
$
4,910
$
2,754
$
494
Year Ended December 31,
2014
2013
2012
Current:
Federal
$
1,999
$
1,154
$
559
State
130
69
45
Foreign
96
68
22
Total current tax expense
2,225
1,291
626
Deferred:
Federal
(240
)
(28
)
(172
)
State
(14
)
(7
)
(6
)
Foreign
(1
)
(2
)
(7
)
Total deferred tax benefit
(255
)
(37
)
(185
)
Provision for income taxes
$
1,970
$
1,254
$
441
Year Ended December 31,
2014
2013
2012
U.S. federal statutory income tax rate
35.0
%
35.0
%
35.0
%
State income taxes, net of federal benefit
1.4
1.6
6.2
Research tax credits
(1.1
)
(4.7
)
—
Share-based compensation
6.5
5.2
19.2
Effect of non-U.S. operations
(3.6
)
6.8
26.9
Other
1.9
1.6
2.0
Effective tax rate
40.1
%
45.5
%
89.3
%