1Current Tax Liability (Asset)
The amount of taxes payable (refundable) in the current year.
2Tax Carryovers
Tax deductions or credits that cannot be used on the current-year tax return and that can be carried forward to reduce taxable income or taxes payable in a future year.
3Effective Tax Rate
The taxpayer's average rate of taxation on each dollar of total income (taxable and nontaxable income). Also, for income tax footnote purposes, the tax rate computed by dividing a company's income tax provision (expense or benefit) for the year by its pretax income from continuing operations.
4Current Income Tax Expense (Benefit)
The amount of taxes paid or payable (refundable) in the current year.
5Uncertain Tax Positions
A tax return position for which a corporation does not have a high degree of certainty as to its tax consequences.
6Taxable Temporary Difference (TTD)
Book-tax differences that will result in taxable amounts in future years when the related deferred tax liability is settled.
7Enacted Tax Rate
The statutory tax rate that will apply in the current or a future period.
8Valuation Allowance
The portion of a deferred tax asset for which management determines it is more likely than not that a tax benefit will not be realized on a future tax return.