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Note 7 - Income Taxes | 12 Months Ended
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Dec. 31, 2024
Notes |
Note 7 - Income Taxes | Note 7 – Income Taxes Deferred tax assets (liabilities) consist of the following temporary differences:
|  | December 31,
|  | 2024 | 2023 | 2022
Inventory write-downs and differences due to UNICAP |  | $ 270 | $ 110 | $ 103
Allowance for doubtful accounts |  | 29 | 31 | 39
Accrued liabilities and reserves |  | 50 | 90 | 90
Depreciation and amortization |  | (1,451) | (1,673) | (2,295)
Deferred income taxes, net |  | $ (1,102) | $ (1,442) | $ (2,063)
The components of income tax expense are as follows:
|  | Years ended December 31,
|  | 2024 | 2023 | 2022
Current |  | $ 3,268 | $ 4,075 | $ 4,632
Deferred |  | (340) | (621) | (446)
Total |  | $ 2,928 | $ 3,454 | $ 4,186
Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows:
|  | Years ended December 31,
|  | 2024 | 2023 | 2022
Federal income tax expense at the statutory rate |  | $ 2,794 | $ 2,346 | $ 2,620
State income taxes |  | 504 | 439 | 490
Foreign income taxes (blended rate) |  | (1) | 951 | 1,129
R&D tax credits and manufacturing profit deduction |  | (18) | (3) | (3)
Tax-exempt income |  | (201) | (195) | -
Change in Rate |  | - | - | -
Other |  | (150) | (84) | (50)
Total |  | $ 2,928 | $ 3,454 | $ 4,186
The domestic and foreign components of income before income tax expense were as follows:
|  | Years ended December 31,
|  | 2024 | 2023 | 2022
Domestic |  | $ 13,306 | $ 11,170 | $ 12,475
Foreign |  | 3,496 | 8,919 | 8,184
Total |  | $ 16,802 | $ 20,089 | $ 20,659

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