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Income Taxes
6 Months Ended
Apr. 14, 2017
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5 – Income Taxes:

 

The Company expects its effective tax rate for the 2017 fiscal year to be different from the federal statutory rate due to domestic production activities deductions, non-taxable gains and losses on life insurance policies and state taxes. The effective tax rate for the twenty-four week period ended April 14, 2017 was 30.8% for federal and state taxes. We recorded an income tax provision of $1,690 for the twenty-four week period ended April 14, 2017, related to federal and state taxes, based on the Company’s expected annual effective tax rate.

 

We recorded an income tax provision of $2,208 for the twenty-four week period ended April 15, 2016, related to federal and state taxes, based on the Company’s expected annual effective tax rate.

 

As of April 14, 2017, the Company did not have any outstanding federal or state, other than california, net operating loss carryforwards.

 

Our federal income tax returns are open to audit under the statute of limitations for the fiscal years ended on or about October 31, 2013 through 2015. We are subject to income tax in California and various other state taxing jurisdictions. Our California state income tax returns are open to audit under the statute of limitations for the fiscal years ended on or about October 31, 2012 through 2015.