XML 30 R20.htm IDEA: XBRL DOCUMENT v3.21.4
Income Taxes
3 Months Ended
Nov. 27, 2021
Income Taxes [Abstract]  
Income Taxes Note 12. Income Taxes During the thirteen-week period ended November 27, 2021, there were no material changes in unrecognized tax benefits. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law, which is intended to provide economic relief to those impacted by the COVID-19 pandemic.  On March 11, 2021, the American Rescue Plan Act (the “ARPA”) was signed into law. The ARPA includes several provisions, such as measures that extend and expand the Employee Retention Credit (the “ERC”) provision, previously enacted under the CARES Act, through December 31, 2021.The Company is reviewing the ERC provision of the CARES Act and of the ARPA to determine eligibility and potential impact.  The CARES Act provides for the deferral of the employer-paid portion of social security payroll taxes. The Company elected to defer the employer-paid portion of social security payroll taxes through December 31, 2020 of $18,887, of which $9,444 will be remitted by December 31, 2021 and $9,443 will be remitted by December 31, 2022. The Company’s effective tax rate was 23.5% for the thirteen-week period ended November 27, 2021, as compared to 24.3% for the thirteen-week period ended November 28, 2020. The decrease in the effective tax rate was primarily due to a higher tax benefit from stock-based compensation.