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INCOME TAXES | 12 Months Ended
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Oct. 01, 2022
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 12. INCOME TAXES The components of our provision for income taxes for our fiscal years 2022 and 2021 are as follows:
|  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |
Federal |  | $ | 302,000 |  |  | $ | 251,000 |
State |  |  | 262,000 |  |  |  | 176,000 |
Deferred: |  |  | 564,000 |  |  |  | 427,000 |
Federal |  |  | 172,000 |  |  |  | 649,000 |
State |  |  | 27,000 |  |  |  | 109,000 |
|  |  | 199,000 |  |  |  | 758,000 |
|  | $ | 763,000 |  |  | $ | 1,185,000 |
A reconciliation of income tax computed at the statutory federal rate to income tax expense is as follows:
|  | 2022 |  |  | 2021 |
Tax provision at the statutory rate |  | $ | 2,061,000 |  |  | $ | 3,770,000 |
Non-controlling interests |  |  | (575,000 | ) |  |  | (1,046,000 | )
State income taxes, net of federal income tax |  |  | 210,000 |  |  |  | 196,000 |
FICA tip credit |  |  | (744,000 | ) |  |  | (297,000 | )
True up adjustment |  |  | 43,000 |  |  |  | 115,000 |
Tax effect of rate change due to Tax Reform |  |  | — |  |  |  | (1,000 | )
PPP forgiveness |  |  | (252,000 | ) |  |  | (1,576,000 | )
Other permanent items, net |  |  | 20,000 |  |  |  | 24,000 |
|  | $ | 763,000 |  |  | $ | 1,185,000 |
We have deferred tax liabilities and assets which arise primarily due to depreciation recorded at different rates for tax and book purposes offset by cost basis differences in depreciable assets due to the deferral of the recognition of insurance recoveries on casualty losses for tax purposes, investments in and management fees paid by limited partnerships, accruals for potential uninsured claims, bonuses accrued for book purposes but not paid within two and a half months for tax purposes, the capitalization of certain inventory costs for tax purposes not recognized for financial reporting purposes, the recognition of revenue from gift cards not redeemed within twelve months of issuance, allowances for uncollectable receivables, unfunded limited retirement commitments and FICA tax credit. The components of our deferred tax assets (liabilities) at October 1, 2022 and October 2, 2021 were as follows:
|  |  | 2022 |  |  |  | 2021 |
Reversal of aged payables |  | $ | 18,000 |  |  | $ | 18,000 |
Capitalized inventory costs |  |  | 26,000 |  |  |  | 26,000 |
Accrued bonuses |  |  | 84,000 |  |  |  | 96,000 |
Accruals for potential uninsured claims |  |  | 19,000 |  |  |  | 34,000 |
Gift cards |  |  | 198,000 |  |  |  | 195,000 |
Limited partnership management fees |  |  | (862,000 | ) |  |  | (720,000 | )
Tip credit |  |  | 71,000 |  |  |  | 85,000 |
Book/tax differences in property and equipment |  |  | (1,106,000 | ) |  |  | (886,000 | )
Book/tax differences in operating leases |  |  | 488,000 |  |  |  | 428,000 |
Limited partnership investments |  |  | 394,000 |  |  |  | 264,000 |
Accrued limited retirement |  |  | 65,000 |  |  |  | 54,000 |
Total Deferred Tax Liabilities, Net |  | $ | (605,000) |  |  | $ | (406,000) |

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