Pretax financial statement income for the year ended December 31, 2024 was $180 million for Wilton Company. Wilton's taxable income was $120 million. This was a result of differences between depreciatio for financial reporting purposes and tax purposes. The enacted tax rate is 20% for 2024 and 25% thereafter. What amount should Wilton report as the current portion of income tax expense for 2024? O $45 million

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.