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INCOME TAXES (Tables) | 12 Months Ended
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Oct. 02, 2021
Income Tax Disclosure [Abstract] |
Components of the provision for income taxes | The components of our provision for income taxes for our fiscal years 2021 and 2020 are as follows:
|  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |
Federal |  | $ | 251,000 |  |  | $ | (70,000 | )
State |  |  | 176,000 |  |  |  | 113,000 |
Deferred: |  |  | 427,000 |  |  |  | 43,000 |
Federal |  |  | 649,000 |  |  |  | (88,000 | )
State |  |  | 109,000 |  |  |  | (15,000 | )
|  |  | 758,000 |  |  |  | (103,000 | )
|  | $ | 1,185,000 |  |  | $ | (60,000 | )
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:
|  | 2021 |  |  | 2020 |
Tax provision at the statutory rate |  | $ | 3,770,000 |  |  | $ | 446,000 |
Non-controlling interests |  |  | (1,046,000 | ) |  |  | (226,000 | )
State income taxes, net of federal income tax |  |  | 196,000 |  |  |  | 43,000 |
FICA tip credit |  |  | (297,000 | ) |  |  | (418,000 | )
True up adjustment |  |  | 115,000 |  |  |  | 43,000 |
Tax effect of rate change due to Tax Reform |  |  | (1,000 | ) |  |  | 13,000 |
PPP forgiveness |  |  | (1,576,000 | ) |  |  | — |
Other permanent items |  |  | 24,000 |  |  |  | 39,000 |
|  | $ | 1,185,000 |  |  | $ | (60,000 | )
Components of deferred tax assets | The components of our deferred tax assets at October 2, 2021 and October 3, 2020 were as follows:
|  | 2021 |  |  | 2020 |
Long-Term: |  |  |  |  |  |  |  |
Reversal of aged payables |  | $ | 18,000 |  |  | $ | 18,000 |
Capitalized inventory costs |  |  | 26,000 |  |  |  | 22,000 |
Accrued bonuses |  |  | 96,000 |  |  |  | 166,000 |
Accruals for potential uninsured claims |  |  | 34,000 |  |  |  | 27,000 |
Gift cards |  |  | 195,000 |  |  |  | 162,000 |
Limited partnership management fees |  |  | (720,000 | ) |  |  | (192,000 | )
Tip credit |  |  | 85,000 |  |  |  | 7,000 |
Book/tax differences in property and equipment |  |  | (886,000 | ) |  |  | (507,000 | )
Book/tax differences in operating leases |  |  | 428,000 |  |  |  | 279,000 |
Limited partnership investments |  |  | 264,000 |  |  |  | 307,000 |
Accrued limited retirement |  |  | 54,000 |  |  |  | 63,000 |
Total Deferred Tax Assets (Liabilities) |  | $ | (406,000 | ) |  | $ | 352,000 |

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