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INCOME TAXES (Tables)

12 Months Ended

Sep. 29, 2018

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

The components of our provision for income taxes for our fiscal years 2018 and 2017 are as follows:

		2018				2017
Current:
Federal		$	428,000			$	1,125,000
State			257,000				300,000
Deferred:			685,000				1,425,000
Federal			582,000				(50,000	)
State			104,000				(5,000	)
			686,000				(55,000	)
		$	1,371,000			$	1,370,000

Reconciliation of income tax computed at the statutory federal rate to income tax expense

A reconciliation of income tax computed at the statutory federal rate to income tax expense is as follows:

		2018				2017
Tax provision at the statutory rate		$	1,588,000			$	1,959,000
Non-controlling interests			(402,000	)			(466,000	)
State income taxes, net of federal income tax			248,000				185,000
FICA tip credit			(440,000	)			(361,000	)
True up adjustment			(7,000	)			(2,000	)
Tax effect of rate change due to Tax Reform			336,000				—
Other permanent items			48,000				55,000
		$	1,371,000			$	1,370,000

Components of deferred tax assets

The components of our deferred tax assets at September 29, 2018 and September 30, 2017 were as follows:

		2018				2017
Reversal of aged payables		$	20,000			$	27,000
Capitalized inventory costs			23,000				28,000
Accrued bonuses			270,000				319,000
Accruals for potential uninsured claims			22,000				20,000
Gift cards			106,000				160,000
Limited partnership management fees			(267,000	)			(255,000	)
Book/tax differences in property and equipment			154,000				552,000
Limited partnership investments			217,000				357,000
Accrued limited retirement			67,000				90,000
Total Deferred Tax Assets		$	612,000			$	1,298,000

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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