INCOME TAXES

3 Months Ended

Mar. 31, 2014

11.	INCOME TAXES

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense for the three months ended March 31, 2014 and 2013 is shown below.

	March 31, 2014			March 31, 2013
Computed at the statutory rate (34%)	$	392,122		$	493,420
Increase (decrease) resulting from
Tax exempt interest		(133,698	)		(124,448	)
State income taxes, net		67,567			86,512
Increase in cash surrender value		(16,388	)		(16,244	)
Other, net		3,906			(453	)

Actual tax expense	$	313,509		$	438,787

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details