Note L - Income Taxes

3 Months Ended

Jun. 25, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE L – INCOME TAXES

The income tax provisions for the thirteen week periods ended June 25, 2023 and June 26, 2022 reflect effective tax rates of 27.1% and 27.8%, respectively. The effective income tax rate for the thirteen weeks ended June 25, 2023 reflected $2,744 of income tax expense recorded on $10,132 of pre-tax income. The effective income tax rate for the thirteen weeks ended June 26, 2022 reflected $2,743 of income tax expense recorded on $9,880 of pre-tax income. The effective tax rates are higher than the United States Federal statutory rates primarily due to state and local taxes.

The amount of unrecognized tax benefits included in Other liabilities at June 25, 2023 and March 26, 2023 was $446 and $432, respectively, all of which would impact the Company’s effective rate, if recognized. As of June 25, 2023 and March 26, 2023, the Company had approximately $321 and $305, respectively, accrued for the payment of interest and penalties in connection with unrecognized tax benefits.