Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 25, 2022
Income Tax Disclosure [Abstract]  
Provision for Federal and State Income Taxes
The provision for federal and state income taxes consisted of the following:
Year Ended
December 25, 2022 December 26, 2021 December 27, 2020
Current:
Federal $ 949  $ 759  $ (712)
State 962  917  410 
Total current income tax expense (benefit) 1,911  1,676  (302)
Deferred:
Federal 143  2,009  (4,552)
State 299  397  (653)
Total deferred income tax expense (benefit) 442  2,406  (5,205)
Total income tax expense (benefit) $ 2,353  $ 4,082  $ (5,507)
Schedule of Deferred Tax Assets and Liabilities
Temporary differences between tax and financial reporting basis of assets and liabilities which give rise to the deferred income tax assets (liabilities) and their related tax effects are as follows:
Year Ended
December 25, 2022 December 26, 2021
Deferred tax assets:
Accrued liabilities $ 803  $ 605 
General business tax credits 26,977  25,200 
Operating lease liabilities 45,329  46,390 
Stock-based compensation 740  702 
Other 455  382 
Total deferred tax assets 74,304  73,279 
Deferred tax liability:
Intangibles (9,724) (9,420)
Prepaid expenses (1,269) (1,292)
Property and equipment (24,378) (22,930)
Operating lease assets (33,975) (34,237)
Total deferred tax liabilities (69,346) (67,879)
Deferred tax assets, net $ 4,958  $ 5,400 
Reconciliation of Federal Statutory Tax Expense to Effective Income Tax Expense
The following is a reconciliation of the expected federal income taxes at the statutory rates of 21% for the fiscal year ended December 25, 2022, December 26, 2021 and December 27, 2020 to the actual provision for income taxes:
Year Ended
  December 25, 2022 December 26, 2021 December 27, 2020
Expected income tax (benefit) expense $ 4,874  $ 7,194  $ (1,848)
State tax expense (benefit), net of federal benefit 1,003  1,039  (192)
FICA tip credit (3,678) (3,361) (2,539)
Deferred tax balance adjustment (a)
—  —  (1,079)
Officers' compensation 230  536  66 
Stock compensation (116) (1,275) 344 
Other 40  (51) (259)
Income tax expense (benefit) $ 2,353  $ 4,082  $ (5,507)