Income Taxes

3 Months Ended

Mar. 28, 2023

Income Taxes

Income Taxes

(5) Income Taxes

A reconciliation of the statutory federal income tax rate to our effective tax rate for the 13 weeks ended March 28, 2023 and March 29, 2022 is as follows:

	13 Weeks Ended
	March 28, 2023		March 29, 2022
Tax at statutory federal rate	21.0	%	21.0	%
State and local tax, net of federal benefit	3.7		3.8
FICA tip tax credit	(10.2)		(9.7)
Work opportunity tax credit	(1.1)		(1.3)
Stock compensation	(0.3)		(0.2)
Net income attributable to noncontrolling interests	(0.4)		(0.4)
Officers compensation	0.6		0.5
Other	0.6		0.5
Total	13.9	%	14.2	%

Our effective tax rate was 13.9% and 14.2% for the 13 weeks ended March 28, 2023 and March 29, 2022, respectively. The reduction in our tax rate for the 13 weeks ended March 28, 2023 as compared to the prior year period was primarily driven by an increase in FICA tip tax credits.