Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of deferred tax assets and liabilities

December 31,

December 31,

    

2021

    

2020

 

Deferred tax assets:

Accruals and reserves

$

501

$

483

Deferred rent credit

163

175

Depreciation and amortization

24

7

Total deferred tax assets

688

665

Deferred tax liabilities:

Accruals and reserves

(67)

(9)

Depreciation and amortization

(2,212)

 

(2,010)

Total deferred tax liabilities

(2,279)

(2,019)

Net deferred tax (liabilities) asset

$

(1,591)

$

(1,354)

Schedule of provision (benefit) for income taxes

Year ended December 31,

 

    

2021

    

2020

 

Current:

Federal

$

1,692

$

1,339

State

 

572

 

263

Foreign

 

674

 

314

 

2,938

 

1,916

Deferred:

Federal

 

(45)

 

(134)

State

(12)

(28)

Foreign

 

285

 

(8)

 

228

 

(170)

$

3,166

$

1,746

Effective Tax Rate

 

25.6

%  

 

28.1

%

Schedule of difference between total tax expense and the amount computed by applying the U.S. statutory federal income tax rate to income before income taxes

Year ended December 31,

 

    

2021

    

2020

 

Statutory rate applied to pretax income

$

2,596

$

1,309

State income taxes, net of federal income tax benefit

 

442

 

182

Adjustment for foreign rate change

353

Other permanent items

19

19

Acquisition related costs

319

Dividends

(17)

(19)

Foreign income taxes over U.S. statutory rate

 

(18)

 

(1)

GILTI, net of foreign tax credits

(38)

Stock compensation

(135)

(59)

Other items

 

(36)

 

(4)

Income tax expense

$

3,166

$

1,746

Schedule of components of income before income taxes

Year ended December 31,

 

    

2021

    

2020

 

United States

$

9,355

$

4,767

Foreign

 

3,009

 

1,453

$

12,364

$

6,220

Schedule of activity related to unrecognized tax benefits

2021

    

2020

Balance as of January 1

$

-

$

49

Additions related to prior period tax positions

 

-

-

Reductions related to settlements with tax authorities

 

-

(49)

Balance as of December 31

$

-

$

-