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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The items comprising income tax expense are as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Provision for current income taxes |  |  |  |  |  |  |  |  |
Federal |  | $ | 81,348 |  |  | $ | 17,557 |  |  | $ | 14,680 |
State |  |  | 30,051 |  |  |  | 9,539 |  |  |  | 6,422 |
Total provision for current income taxes |  |  | 111,399 |  |  |  | 27,096 |  |  |  | 21,102 |
Provision for deferred income taxes |  |  |  |  |  |  |  |  |
Federal |  |  | (2,823 | ) |  |  | 26,579 |  |  |  | 15,204 |
State |  |  | (387 | ) |  |  | 6,327 |  |  |  | 6,177 |
Total provision for deferred income taxes |  |  | (3,210 | ) |  |  | 32,906 |  |  |  | 21,381 |
Total provision for income taxes |  | $ | 108,189 |  |  | $ | 60,002 |  |  | $ | 42,483 |
Income Tax Rate Reconciliation | The following schedule reconciles the statutory Federal tax rate to the effective income tax rate:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Federal statutory tax rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |
State income taxes, net of Federal income tax benefit |  |  | 6 | % |  |  | 8 | % |  |  | 8 | %
Nondeductible expenses |  |  | 4 | % |  |  | 6 | % |  |  | 6 | %
Research credit, Federal benefit |  |  | (2 | %) |  |  | (3 | %) |  |  | (3 | %)
Stock-based compensation |  |  | (1 | %) |  |  | (7 | %) |  |  | (9 | %)
Remeasurement of state deferred tax liabilities |  |  | (0 | %) |  |  | (2 | %) |  |  | 0 | %
Effective income tax rate |  |  | 28 | % |  |  | 23 | % |  |  | 23 | %
Schedule of Net Deferred Tax Assets and Liabilities | The significant components of our deferred tax assets and liabilities were as follows:
|  | December 31, |
|  | 2022 |  |  | 2021 |
Deferred income tax assets (liabilities): |  |  |  |  |  |
Mark-to-market investments - OCI |  | $ | 1,260 |  |  | $ | — |
Stock-based compensation |  |  | 4,425 |  |  |  | 1,541 |
Investment in Paycom Payroll Holdings, LLC |  |  | (146,907 | ) |  |  | (147,659 | )
Net operating losses |  |  | 189 |  |  |  | 614 |
Noncurrent deferred income tax liabilities, net |  | $ | (141,033 | ) |  | $ | (145,504 | )

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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