Home » Massachusetts » BARNSTABLE County » ZIP Code 02541 » Tax Stats

02541 Income Tax Overview

Total Number of Tax Returns for ZIP Code 02541 [1]	392
Total Number of Joint Tax Returns for ZIP Code 02541	103
Total Number of Dependents for ZIP Code 02541	76
Total Adjusted Gross Income for ZIP Code 02541	23,833,725
Average Income per Person for ZIP Code 02541	$23,833,725

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]	62
Number of joint returns	0
Number of returns with paid preparer's signature	38
Number of exemptions	56
Number of dependents	0
Adjust gross income (AGI) [2]	$162,274
Salaries and wages	$183,611
Taxable interest	$38,844
Ordinary dividends	$34,378
Business or professional net income (less loss)	$50,765
Net capital gain (less loss)	($25,059)
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$0
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$297,530
State and local income taxes	$0
State and local general sales tax	$0
Real estate taxes	$40,933
Taxes paid	$69,478
Mortgage interest paid	$212,228
Contributions	$0
Taxable income	$21,510
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$0
Total tax liability [9]	$23,803
Tax due at time of filing [10]	$12,092
Overpayments refunded [11]	($36,117)

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

Number of returns [1]	80
Number of joint returns	0
Number of returns with paid preparer's signature	49
Number of exemptions	97
Number of dependents	16
Adjust gross income (AGI) [2]	$1,413,040
Salaries and wages	$911,102
Taxable interest	$67,706
Ordinary dividends	$60,248
Business or professional net income (less loss)	$162,584
Net capital gain (less loss)	($27,340)
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$209,198
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$313,814
State and local income taxes	$48,496
State and local general sales tax	$0
Real estate taxes	$44,586
Taxes paid	$71,105
Mortgage interest paid	$0
Contributions	$16,906
Taxable income	$506,844
Total tax credits [5]	$4,142
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$20,349
Excess earned income credit (refundable) [7]	$13,525
Alternative minimum tax	$0
Income tax [8]	$51,061
Total tax liability [9]	$76,508
Tax due at time of filing [10]	$20,807
Overpayments refunded [11]	($82,914)

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

Number of returns [1]	101
Number of joint returns	24
Number of returns with paid preparer's signature	63
Number of exemptions	145
Number of dependents	22
Adjust gross income (AGI) [2]	$3,691,925
Salaries and wages	$2,671,568
Taxable interest	$68,956
Ordinary dividends	$79,579
Business or professional net income (less loss)	$434,187
Net capital gain (less loss)	($17,698)
Taxable individual retirement arrangements distributions	$151,518
Taxable pensions and annuities	$248,124
Unemployment compensation [3]	$70,374
Taxable Social Security benefits	$129,677
Self-employment retirement plans	$0
Total itemized deductions [4]	$472,204
State and local income taxes	$44,137
State and local general sales tax	$0
Real estate taxes	$59,763
Taxes paid	$107,690
Mortgage interest paid	$199,132
Contributions	$25,124
Taxable income	$2,228,738
Total tax credits [5]	$22,078
Residential energy tax credit	$0
Child tax credit	$12,934
Child and dependent care credit	$0
Earned income credit [6]	$7,311
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$269,695
Total tax liability [9]	$341,964
Tax due at time of filing [10]	$49,746
Overpayments refunded [11]	($114,491)

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

Number of returns [1]	59
Number of joint returns	16
Number of returns with paid preparer's signature	36
Number of exemptions	103
Number of dependents	26
Adjust gross income (AGI) [2]	$3,567,498
Salaries and wages	$2,689,256
Taxable interest	$81,861
Ordinary dividends	$143,234
Business or professional net income (less loss)	$96,644
Net capital gain (less loss)	($8,691)
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$508,125
Unemployment compensation [3]	$0
Taxable Social Security benefits	$225,574
Self-employment retirement plans	$0
Total itemized deductions [4]	$636,916
State and local income taxes	$119,612
State and local general sales tax	$0
Real estate taxes	$87,993
Taxes paid	$214,201
Mortgage interest paid	$225,910
Contributions	$41,534
Taxable income	$2,363,761
Total tax credits [5]	$27,835
Residential energy tax credit	$0
Child tax credit	$20,028
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$336,200
Total tax liability [9]	$357,874
Tax due at time of filing [10]	$22,946
Overpayments refunded [11]	($191,960)

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

Number of returns [1]	24
Number of joint returns	14
Number of returns with paid preparer's signature	19
Number of exemptions	55
Number of dependents	0
Adjust gross income (AGI) [2]	$2,057,124
Salaries and wages	$1,337,341
Taxable interest	$39,644
Ordinary dividends	$62,218
Business or professional net income (less loss)	$0
Net capital gain (less loss)	$0
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$0
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$371,327
State and local income taxes	$69,829
State and local general sales tax	$0
Real estate taxes	$44,813
Taxes paid	$154,419
Mortgage interest paid	$0
Contributions	$22,376
Taxable income	$1,445,147
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$209,282
Total tax liability [9]	$230,995
Tax due at time of filing [10]	$0
Overpayments refunded [11]	($72,001)

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

Number of returns [1]	44
Number of joint returns	34
Number of returns with paid preparer's signature	35
Number of exemptions	84
Number of dependents	12
Adjust gross income (AGI) [2]	$5,666,812
Salaries and wages	$2,551,619
Taxable interest	$197,651
Ordinary dividends	$631,298
Business or professional net income (less loss)	$366,020
Net capital gain (less loss)	($6,170)
Taxable individual retirement arrangements distributions	$494,535
Taxable pensions and annuities	$917,221
Unemployment compensation [3]	$0
Taxable Social Security benefits	$477,517
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,146,935
State and local income taxes	$334,512
State and local general sales tax	$0
Real estate taxes	$147,658
Taxes paid	$497,482
Mortgage interest paid	$277,849
Contributions	$83,632
Taxable income	$4,195,118
Total tax credits [5]	$16,964
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$728,689
Total tax liability [9]	$825,080
Tax due at time of filing [10]	$116,396
Overpayments refunded [11]	($252,677)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	22
Number of joint returns	15
Number of returns with paid preparer's signature	20
Number of exemptions	52
Number of dependents	0
Adjust gross income (AGI) [2]	$7,275,052
Salaries and wages	$2,004,857
Taxable interest	$170,555
Ordinary dividends	$729,187
Business or professional net income (less loss)	$0
Net capital gain (less loss)	$1,726,145
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$0
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,672,286
State and local income taxes	$353,371
State and local general sales tax	$0
Real estate taxes	$149,708
Taxes paid	$522,037
Mortgage interest paid	$392,222
Contributions	$103,176
Taxable income	$5,509,153
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$78,385
Income tax [8]	$1,163,862
Total tax liability [9]	$1,349,965
Tax due at time of filing [10]	$0
Overpayments refunded [11]	$0

[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.