What was the provision for state income taxes for Jersey Mikes in 2023?
Jersey_Mikes Franchise · 2025 FDDAnswer from 2025 FDD Document
| Interest expense—net (including interest | |||
|---|---|---|---|
| income of $4,888,537, $5,596,531, and $1,614,477 | |||
| in 2024, 2023, and 2022, respectively) | 3 8,287,776 | 35,333,437 | 39,581,894 |
| Other (income) expenses—net | (247,048) | (159,476) | 1,154,779 |
| Other expenses—net | 3 8,040,728 | 3 5,173,961 | 4 0,736,673 |
| INCOME BEFORE PROVISION FOR STATE INCOME TAXES | 5,415,881 | 22,003,637 | 19,976,715 |
| PROVISION FOR STATE INCOME TAXES | 376,300 | 747,000 | 450,000 |
| NET INCOME | 5,039,581 | 21,256,637 | 19,526,715 |
| NET INCOME ATTRIBUTABLE TO THE NONCONTROLLING PARTNER | - | - | 7,581 |
| NET INCOME ATTRIBUTABLE TO THE CONTROLLING PARTNER | $ 5 ,039,581 | $ 21,256,637 | $ 19,519,134 |
Source: Item 23 — RECEIPTS (FDD pages 77–421)
What This Means (2025 FDD)
According to Jersey Mike's 2025 Franchise Disclosure Document, the provision for state income taxes in 2023 was $747,000. This figure reflects the amount allocated for state income taxes during that fiscal year. The net income attributable to the controlling partner for 2023 was $21,256,637.
This information is derived from Jersey Mike's financial statements, which are included in the FDD. Prospective franchisees can use this data to understand the company's financial performance and tax obligations. Understanding these figures can help potential franchisees assess the financial health and stability of Jersey Mike's.
It's important to note that past financial performance does not guarantee future results. However, reviewing these figures provides valuable insight into how Jersey Mike's manages its finances and handles its tax responsibilities. Franchisees should consult with financial advisors to fully understand the implications of these figures.