Note L - Income Taxes

6 Months Ended

Sep. 25, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE L – INCOME TAXES

The effective income tax rates for the thirteen weeks ended September 25, 2022 and September 26, 2021 were 26.3% and 26.5%, respectively. The effective income tax rate for the thirteen weeks ended September 25, 2022 reflected $2,127 of income tax expense recorded on $8,085 of pre-tax income. The effective income tax rate for the thirteen weeks ended September 26, 2021 reflected $1,276 of income tax expense recorded on $4,821 of pre-tax income.

The effective income tax rates for the twenty-six weeks ended September 25, 2022 and September 26, 2021 were 27.1% and 28.0%, respectively. The effective income tax rate for the twenty-six weeks ended September 25, 2022 reflected $4,870 of income tax expense recorded on $17,965 of pre-tax income. The effective income tax rate for the twenty-six weeks ended September 26, 2021 reflected $3,617 of income tax expense recorded on $12,925 of pre-tax income.

The effective income tax rates for the thirteen and twenty-six weeks ended September 25, 2022 and September 26, 2021 were higher than the United States statutory income tax rate primarily due to state and local taxes.

The amount of unrecognized tax benefits included in Other Liabilities at September 25, 2022 and March 27, 2022 was $430 and $422, respectively, all of which would impact the Company’s effective tax rate, if recognized. As of September 25, 2022 and March 27, 2022, the Company had approximately $305 and $271, respectively, accrued for the payment of interest and penalties in connection with unrecognized tax benefits.