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Income Taxes

9 Months Ended

Sep. 26, 2023

Income Taxes

Income Taxes

​

(5) Income Taxes

​

A reconciliation of the statutory federal income tax rate to our effective tax rate for the 13 and 39 weeks ended September 26, 2023 and September 27, 2022 is as follows:

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​	​	​	​	​	​	​	​	​	​	​
​	​	13 Weeks Ended				​	39 Weeks Ended			​
​		September 26, 2023		September 27, 2022		​	September 26, 2023		September 27, 2022	​
Tax at statutory federal rate	​	21.0	%	21.0	%	​	21.0	%	21.0	%
State and local tax, net of federal benefit	​	3.7	​	3.8	​	​	3.7	​	3.8	​
FICA tip tax credit	​	(12.0)	​	(9.6)	​	​	(11.0)	​	(10.1)	​
Work opportunity tax credit	​	(1.0)	​	(1.0)	​	​	(1.1)	​	(1.3)	​
Stock compensation	​	(0.6)	​	(0.2)	​	​	(0.6)	​	—	​
Net income attributable to noncontrolling interests	​	(0.4)	​	(0.3)	​	​	(0.4)	​	(0.4)	​
Officers compensation	​	0.4	​	0.8	​	​	0.6	​	0.6	​
Other	​	0.8	​	0.7	​	​	0.7	​	0.6	​
Total	​	11.9	%	15.2	%	​	12.9	%	14.2	%

​

Our effective tax rate was 11.9% and 15.2% for the 13 weeks ended September 26, 2023 and September 27, 2022, respectively. Our effective tax rate was 12.9% and 14.2% for the 39 weeks ended September 26, 2023 and September 27, 2022, respectively. The reduction in our tax rate for the 13 and 39 weeks ended September 26, 2023 as compared to the prior year periods was primarily driven by an increase in the FICA tip credit benefit along with an increase in the excess tax benefit for stock compensation.

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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