Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

The amounts of income tax expense (benefit) reflected in operations is as follows:

	2019			2018
Current:
Federal	$	(82,673	)	$	(118,269	)
State		109,593			44,315
Foreign		887,556			618,930
Total:	$	914,476		$	544,976
Deferred:
Federal	$	92,446		$	311,608
State		22,634			76,290
Total:		115,080			387,898
Total Income Tax Expense:	$	1,029,556		$	932,874

US and Foreign Income Before Income Taxes

A summary of United States and foreign income before income taxes follows:

	2019		2018
United States	$	800,796	$	1,928,627
Foreign		5,742,368		3,602,597
Total:	$	6,543,164	$	5,531,224

US Statutory Rate Reconciliation

The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts reported in operations:

	2019			2018
Federal income taxes at 21% statutory rate	$	1,365,124		$	1,146,673
State and local taxes, net of federal income tax effect		109,593			95,278
Permanent items		(137,051	)		(75,022	)
Effect of federal rate change on deferred taxes		—			(111,324	)
Foreign tax rate difference		(209,216	)		(59,232	)
Change in deferred income tax valuation allowance		(98,894	)		(63,499	)
Provision for income taxes:	$	1,029,556		$	932,874

Deferred Tax Assets and Liabilities

The following summarizes deferred income tax assets and liabilities:

	2019			2018
Deferred income tax liabilities:
Plant, property and equipment	$	1,022,898		$	847,162
		1,022,898			847,162
Deferred income tax assets:
Asset valuations		604,755			575,920
Pension		81,561			105,647
Other		287,115			278,948
		973,431			960,515
Net deferred income tax (liability) asset:	$	(49,467	)	$	113,353