Income Taxes |
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Income Taxes | (5) Income Taxes A reconciliation of the statutory federal income tax rate to our effective tax rate for the 13 and 26 weeks ended June 28, 2022 and June 29, 2021 is as follows:
For the 13 and 26 weeks ended June 28, 2022 and June 29, 2021, we recognized income tax expense using an estimated effective annual tax rate. Our effective tax rate was 13.4% and 13.8% for the 13 and 26 weeks ended June 28, 2022, respectively. Our effective tax rate was 12.4% and 14.2% for the 13 and 26 weeks ended June 29, 2021, respectively. The increase in our tax rate for the 13 weeks ended June 28, 2022 as compared to the prior year period was primarily driven by a decrease in the tax benefit for stock compensation partially offset by an increase in FICA Tip and Work Opportunity tax credits. The decrease in our tax rate for the 26 weeks ended June 28, 2022 as compared to the prior year period was primarily driven by an increase in FICA Tip and Work Opportunity tax credits partially offset by a decrease in the tax benefit for stock compensation. |