The following journal entry summarizes for the current year the income tax expense of Wilson's Software Warehouse: General Journal Debit Credit Income Tax Expense 1,500,000 Cash 960,000 Income Tax Payable 340,000 Deferred Income Taxes 200,000 To record income tax expense for the current year. Of the deferred income taxes, only $30,000 is classified as a current liability.
What is the amount of income tax that the company has paid or expects to pay in conjunction with its income tax return for the current year?