Home » Massachusetts » MIDDLESEX County » ZIP Code 02467 » Tax Stats

02467 Income Tax Overview

Total Number of Tax Returns for ZIP Code 02467 [1]	7,725
Total Number of Joint Tax Returns for ZIP Code 02467	3,153
Total Number of Dependents for ZIP Code 02467	2,193
Total Adjusted Gross Income for ZIP Code 02467	1,609,905,697
Average Income per Person for ZIP Code 02467	$71,580

The following tables break down the Income Tax Statistics into different Gross Income levels.

Adjusted Gross Income: Under $10,000 [1]

Number of returns [1]	1,328
Number of joint returns	88
Number of returns with paid preparer's signature	826
Number of exemptions	793
Number of dependents	67
Adjust gross income (AGI) [2]	$2,732,736
Salaries and wages	$6,895,646
Taxable interest	$6,638,042
Ordinary dividends	$5,459,961
Business or professional net income (less loss)	$313,968
Net capital gain (less loss)	$427,726
Taxable individual retirement arrangements distributions	$358,901
Taxable pensions and annuities	$350,241
Unemployment compensation [3]	$78,722
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$12,283,535
State and local income taxes	$2,230,073
State and local general sales tax	$12,914
Real estate taxes	$1,539,715
Taxes paid	$3,832,047
Mortgage interest paid	$1,870,565
Contributions	$50,447
Taxable income	$769,858
Total tax credits [5]	$10,876
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$90,781
Excess earned income credit (refundable) [7]	$68,038
Alternative minimum tax	$0
Income tax [8]	$79,383
Total tax liability [9]	$289,375
Tax due at time of filing [10]	$83,586
Overpayments refunded [11]	($2,509,847)

Adjusted Gross Income: $10,000 under $25,000

Number of returns [1]	805
Number of joint returns	84
Number of returns with paid preparer's signature	466
Number of exemptions	926
Number of dependents	92
Adjust gross income (AGI) [2]	$13,729,488
Salaries and wages	$8,040,621
Taxable interest	$1,392,992
Ordinary dividends	$1,447,720
Business or professional net income (less loss)	$1,070,496
Net capital gain (less loss)	($45,236)
Taxable individual retirement arrangements distributions	$619,701
Taxable pensions and annuities	$861,907
Unemployment compensation [3]	$265,383
Taxable Social Security benefits	$189,781
Self-employment retirement plans	$0
Total itemized deductions [4]	$3,918,518
State and local income taxes	$474,504
State and local general sales tax	$20,299
Real estate taxes	$586,695
Taxes paid	$1,115,298
Mortgage interest paid	$821,358
Contributions	$181,741
Taxable income	$5,271,189
Total tax credits [5]	$96,200
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$204,361
Excess earned income credit (refundable) [7]	$163,100
Alternative minimum tax	$0
Income tax [8]	$500,482
Total tax liability [9]	$693,583
Tax due at time of filing [10]	$136,914
Overpayments refunded [11]	($983,679)

Adjusted Gross Income: $25,000 under $50,000

Number of returns [1]	1,121
Number of joint returns	188
Number of returns with paid preparer's signature	602
Number of exemptions	1,577
Number of dependents	192
Adjust gross income (AGI) [2]	$41,958,186
Salaries and wages	$30,956,046
Taxable interest	$2,187,140
Ordinary dividends	$2,142,513
Business or professional net income (less loss)	$2,143,543
Net capital gain (less loss)	$292,399
Taxable individual retirement arrangements distributions	$1,067,214
Taxable pensions and annuities	$2,310,845
Unemployment compensation [3]	$402,280
Taxable Social Security benefits	$1,754,121
Self-employment retirement plans	$0
Total itemized deductions [4]	$8,332,009
State and local income taxes	$988,655
State and local general sales tax	$38,333
Real estate taxes	$1,292,030
Taxes paid	$2,381,528
Mortgage interest paid	$2,073,024
Contributions	$517,934
Taxable income	$24,932,356
Total tax credits [5]	$323,452
Residential energy tax credit	$0
Child tax credit	$116,747
Child and dependent care credit	$12,088
Earned income credit [6]	$60,256
Excess earned income credit (refundable) [7]	$44,798
Alternative minimum tax	$19,754
Income tax [8]	$2,920,771
Total tax liability [9]	$3,296,399
Tax due at time of filing [10]	$334,915
Overpayments refunded [11]	($2,093,771)

Adjusted Gross Income: $50,000 under $75,000

Number of returns [1]	909
Number of joint returns	260
Number of returns with paid preparer's signature	566
Number of exemptions	1,509
Number of dependents	211
Adjust gross income (AGI) [2]	$55,979,765
Salaries and wages	$36,821,014
Taxable interest	$2,763,101
Ordinary dividends	$3,408,425
Business or professional net income (less loss)	$2,866,515
Net capital gain (less loss)	$517,313
Taxable individual retirement arrangements distributions	$2,260,161
Taxable pensions and annuities	$3,599,562
Unemployment compensation [3]	$279,122
Taxable Social Security benefits	$3,337,800
Self-employment retirement plans	$199,268
Total itemized deductions [4]	$11,969,425
State and local income taxes	$1,939,247
State and local general sales tax	$17,352
Real estate taxes	$1,915,470
Taxes paid	$3,963,835
Mortgage interest paid	$3,320,832
Contributions	$976,987
Taxable income	$36,989,179
Total tax credits [5]	$348,835
Residential energy tax credit	$0
Child tax credit	$212,999
Child and dependent care credit	$22,609
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$5,279,053
Total tax liability [9]	$5,746,483
Tax due at time of filing [10]	$444,210
Overpayments refunded [11]	($2,095,210)

Adjusted Gross Income: $75,000 under $100,000

Number of returns [1]	684
Number of joint returns	311
Number of returns with paid preparer's signature	411
Number of exemptions	1,322
Number of dependents	198
Adjust gross income (AGI) [2]	$59,455,287
Salaries and wages	$38,988,432
Taxable interest	$3,251,343
Ordinary dividends	$3,259,970
Business or professional net income (less loss)	$2,708,690
Net capital gain (less loss)	$573,817
Taxable individual retirement arrangements distributions	$2,564,228
Taxable pensions and annuities	$4,381,891
Unemployment compensation [3]	$297,471
Taxable Social Security benefits	$3,500,240
Self-employment retirement plans	$232,795
Total itemized deductions [4]	$11,620,488
State and local income taxes	$2,281,154
State and local general sales tax	$11,012
Real estate taxes	$1,873,105
Taxes paid	$4,260,772
Mortgage interest paid	$3,837,040
Contributions	$1,138,631
Taxable income	$41,578,380
Total tax credits [5]	$384,449
Residential energy tax credit	$0
Child tax credit	$196,619
Child and dependent care credit	$30,835
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$15,144
Income tax [8]	$6,459,636
Total tax liability [9]	$6,922,310
Tax due at time of filing [10]	$579,003
Overpayments refunded [11]	($2,016,225)

Adjusted Gross Income: $100,000 under $200,000

Number of returns [1]	1,329
Number of joint returns	894
Number of returns with paid preparer's signature	918
Number of exemptions	3,215
Number of dependents	564
Adjust gross income (AGI) [2]	$189,855,788
Salaries and wages	$121,328,875
Taxable interest	$9,801,933
Ordinary dividends	$12,486,451
Business or professional net income (less loss)	$13,318,898
Net capital gain (less loss)	$2,836,820
Taxable individual retirement arrangements distributions	$7,618,672
Taxable pensions and annuities	$10,686,236
Unemployment compensation [3]	$420,260
Taxable Social Security benefits	$7,623,717
Self-employment retirement plans	$1,475,027
Total itemized deductions [4]	$45,682,326
State and local income taxes	$10,384,084
State and local general sales tax	$24,205
Real estate taxes	$6,915,139
Taxes paid	$17,739,186
Mortgage interest paid	$12,548,664
Contributions	$3,960,472
Taxable income	$135,511,725
Total tax credits [5]	$556,120
Residential energy tax credit	$0
Child tax credit	$201,393
Child and dependent care credit	$80,493
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$597,156
Income tax [8]	$25,256,308
Total tax liability [9]	$27,228,375
Tax due at time of filing [10]	$2,247,711
Overpayments refunded [11]	($6,125,311)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	1,549
Number of joint returns	1,328
Number of returns with paid preparer's signature	1,274
Number of exemptions	4,610
Number of dependents	869
Adjust gross income (AGI) [2]	$1,246,194,447
Salaries and wages	$569,689,791
Taxable interest	$72,690,682
Ordinary dividends	$99,983,560
Business or professional net income (less loss)	$68,769,367
Net capital gain (less loss)	$144,571,278
Taxable individual retirement arrangements distributions	$14,791,624
Taxable pensions and annuities	$15,829,116
Unemployment compensation [3]	$310,021
Taxable Social Security benefits	$8,453,674
Self-employment retirement plans	$8,804,297
Total itemized deductions [4]	$302,672,967
State and local income taxes	$125,889,788
State and local general sales tax	$0
Real estate taxes	$22,812,565
Taxes paid	$145,120,243
Mortgage interest paid	$31,651,051
Contributions	$43,207,411
Taxable income	$956,107,053
Total tax credits [5]	$6,184,957
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$102,633
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$21,331,085
Income tax [8]	$310,103,407
Total tax liability [9]	$318,252,009
Tax due at time of filing [10]	$12,662,001
Overpayments refunded [11]	($29,697,053)

[1] Includes returns with adjusted gross deficit.

[2] Less deficit.

[3] Includes the Alaskan permanent fund, reported by residents of Alaska on Forms 1040A and 1040EZ's. This fund only applies to statistics in the U.S. totals, and the state of Alaska.

[4] "Itemized deductions" include any amounts reported by the taxpayer, even if they could not be used in computing "taxable income," the base on which the regular income tax was computed. Thus, total itemized deductions include amounts that did not have to be reported by taxpayers with no "adjusted gross income." (Adjusted gross income is the total from which these deductions would normally be subtracted.) In addition, if standard and itemized deductions were both reported on a tax return, the form of deduction actually used in computing income tax was the one used for the statistics. Therefore, if the standard deduction was the form of deduction used, the total reported for itemized deductions was excluded from the statistics. However, the component deductions were not similarly excluded. As a result, the number of returns and related amounts for the component deductions are slightly overstated in relation to the grand total shown for itemized deductions. These components are also overstated in relation to the total because there was a statutory limitation on the total of itemized deductions that could be claimed by certain high-income taxpayers. This limitation did not affect the component deductions, the sum of which therefore exceeded the total used in computing income tax.

[5] "Total tax credits" excludes the "earned income credit" which is shown separately.

[6] "Earned income credit" includes both the refundable and non-refundable portions. The non-refundable portion could reduce income tax and certain related taxes to zero. The earned income credit amounts in excess of total tax liability, or amounts when there was no tax liability at all, were refundable. See footnote 7 below for explanation of the refundable portion of the earned income credit.

[7] The refundable portion of the "earned income credit" equals "total income tax" minus the "earned income credit". If the result is negative, this amount is considered the refundable portion.

[8] "Income tax" is in general, the same as "income tax after credits" which was redefined in Tax Year 2000 to include the "alternative minimum tax (AMT)". Zip Code table "Income tax" differs from "total income tax" (in other tables) in that the Zip Code table "Income tax" is after the subtraction of all tax credits except the earned income credit. See footnote 6 and 7 above, for an explanation of the treatment of the earned income credit. "Income tax" reflects the amount reported on the tax return and is, therefore, before any examination or enforcement activities by the Internal Revenue Service. It represents the tax filer reported income tax liability that was payable to the U.S. Department of the Treasury.

[9] For the Zip Code tables, "Total tax liability" differs from "Income tax," in that "Total tax liability" includes the taxes from recapture of certain prior-year credits, tax applicable to individual retirement arrangements (IRA's), Social Security taxes on self-employment income and on certain tip income, advanced earned income payments, household employment taxes, and certain "other taxes" listed in the Form 1040 instructions.

[10] Reflects payments to or withholdings made to "Total tax liability" (footnote 9). The amount the tax filer owes when the income tax return is filed.

[11] The amount of overpayments the tax filer requested to have refunded.