Home » New Jersey » HUDSON County » ZIP Code 07307 » Tax Stats

07307 Income Tax Overview

Total Number of Tax Returns for ZIP Code 07307 [1]	20,799
Total Number of Joint Tax Returns for ZIP Code 07307	5,360
Total Number of Dependents for ZIP Code 07307	7,882
Total Adjusted Gross Income for ZIP Code 07307	829,377,394
Average Income per Person for ZIP Code 07307	$18,930

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]	3,805
Number of joint returns	397
Number of returns with paid preparer's signature	2,475
Number of exemptions	4,472
Number of dependents	731
Adjust gross income (AGI) [2]	$16,326,912
Salaries and wages	$15,117,963
Taxable interest	$659,975
Ordinary dividends	$185,359
Business or professional net income (less loss)	$3,987,758
Net capital gain (less loss)	($148,171)
Taxable individual retirement arrangements distributions	$276,726
Taxable pensions and annuities	$1,170,344
Unemployment compensation [3]	$1,002,065
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$3,552,827
State and local income taxes	$242,663
State and local general sales tax	$45,882
Real estate taxes	$784,127
Taxes paid	$1,119,998
Mortgage interest paid	$1,641,953
Contributions	$38,824
Taxable income	$717,105
Total tax credits [5]	$1,319
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$1,607,596
Excess earned income credit (refundable) [7]	$1,288,912
Alternative minimum tax	$0
Income tax [8]	$72,338
Total tax liability [9]	$758,281
Tax due at time of filing [10]	$264,365
Overpayments refunded [11]	($2,863,818)

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

Number of returns [1]	5,528
Number of joint returns	920
Number of returns with paid preparer's signature	4,002
Number of exemptions	10,237
Number of dependents	2,487
Adjust gross income (AGI) [2]	$95,036,885
Salaries and wages	$78,188,123
Taxable interest	$1,462,067
Ordinary dividends	$354,584
Business or professional net income (less loss)	$9,779,972
Net capital gain (less loss)	($151,818)
Taxable individual retirement arrangements distributions	$681,783
Taxable pensions and annuities	$3,666,423
Unemployment compensation [3]	$4,157,831
Taxable Social Security benefits	$212,567
Self-employment retirement plans	$0
Total itemized deductions [4]	$7,384,407
State and local income taxes	$239,030
State and local general sales tax	$80,270
Real estate taxes	$1,492,956
Taxes paid	$1,925,499
Mortgage interest paid	$3,207,726
Contributions	$324,557
Taxable income	$25,247,950
Total tax credits [5]	$625,477
Residential energy tax credit	$0
Child tax credit	$210,386
Child and dependent care credit	$59,864
Earned income credit [6]	$6,879,707
Excess earned income credit (refundable) [7]	$5,816,503
Alternative minimum tax	$0
Income tax [8]	$2,115,086
Total tax liability [9]	$3,597,603
Tax due at time of filing [10]	$439,462
Overpayments refunded [11]	($13,021,792)

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

Number of returns [1]	5,739
Number of joint returns	1,363
Number of returns with paid preparer's signature	3,969
Number of exemptions	10,989
Number of dependents	2,356
Adjust gross income (AGI) [2]	$208,461,168
Salaries and wages	$195,840,868
Taxable interest	$2,281,437
Ordinary dividends	$618,187
Business or professional net income (less loss)	$3,782,203
Net capital gain (less loss)	($72,116)
Taxable individual retirement arrangements distributions	$1,015,125
Taxable pensions and annuities	$5,391,708
Unemployment compensation [3]	$3,621,391
Taxable Social Security benefits	$1,766,074
Self-employment retirement plans	$124,570
Total itemized deductions [4]	$20,625,050
State and local income taxes	$1,629,976
State and local general sales tax	$112,271
Real estate taxes	$3,114,020
Taxes paid	$5,054,470
Mortgage interest paid	$6,909,017
Contributions	$1,594,038
Taxable income	$117,061,425
Total tax credits [5]	$2,819,620
Residential energy tax credit	$0
Child tax credit	$1,470,787
Child and dependent care credit	$303,461
Earned income credit [6]	$1,200,410
Excess earned income credit (refundable) [7]	$994,759
Alternative minimum tax	$0
Income tax [8]	$12,212,916
Total tax liability [9]	$13,069,881
Tax due at time of filing [10]	$771,376
Overpayments refunded [11]	($14,099,997)

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

Number of returns [1]	3,043
Number of joint returns	1,111
Number of returns with paid preparer's signature	2,060
Number of exemptions	6,084
Number of dependents	1,164
Adjust gross income (AGI) [2]	$185,489,757
Salaries and wages	$173,615,366
Taxable interest	$2,184,936
Ordinary dividends	$889,138
Business or professional net income (less loss)	$2,376,969
Net capital gain (less loss)	($104,872)
Taxable individual retirement arrangements distributions	$1,203,831
Taxable pensions and annuities	$4,365,943
Unemployment compensation [3]	$1,644,951
Taxable Social Security benefits	$2,653,819
Self-employment retirement plans	$0
Total itemized deductions [4]	$23,058,524
State and local income taxes	$3,285,607
State and local general sales tax	$71,132
Real estate taxes	$3,267,439
Taxes paid	$6,842,980
Mortgage interest paid	$7,642,875
Contributions	$1,967,385
Taxable income	$126,597,561
Total tax credits [5]	$1,671,031
Residential energy tax credit	$0
Child tax credit	$1,159,361
Child and dependent care credit	$120,774
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$17,680,562
Total tax liability [9]	$18,193,294
Tax due at time of filing [10]	$734,581
Overpayments refunded [11]	($8,076,812)

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

Number of returns [1]	1,363
Number of joint returns	670
Number of returns with paid preparer's signature	907
Number of exemptions	3,005
Number of dependents	554
Adjust gross income (AGI) [2]	$117,440,204
Salaries and wages	$106,292,490
Taxable interest	$2,029,647
Ordinary dividends	$659,667
Business or professional net income (less loss)	$1,955,229
Net capital gain (less loss)	$120,168
Taxable individual retirement arrangements distributions	$1,015,711
Taxable pensions and annuities	$3,697,959
Unemployment compensation [3]	$753,403
Taxable Social Security benefits	$1,938,126
Self-employment retirement plans	$0
Total itemized deductions [4]	$16,686,751
State and local income taxes	$3,295,513
State and local general sales tax	$30,865
Real estate taxes	$2,477,233
Taxes paid	$5,945,659
Mortgage interest paid	$5,848,244
Contributions	$1,485,799
Taxable income	$84,970,883
Total tax credits [5]	$844,748
Residential energy tax credit	$0
Child tax credit	$560,083
Child and dependent care credit	$58,473
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$25,211
Income tax [8]	$13,296,382
Total tax liability [9]	$13,669,103
Tax due at time of filing [10]	$586,424
Overpayments refunded [11]	($4,341,373)

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

Number of returns [1]	1,126
Number of joint returns	746
Number of returns with paid preparer's signature	808
Number of exemptions	2,780
Number of dependents	501
Adjust gross income (AGI) [2]	$146,941,823
Salaries and wages	$130,928,372
Taxable interest	$2,363,461
Ordinary dividends	$889,897
Business or professional net income (less loss)	$2,353,024
Net capital gain (less loss)	$1,325,365
Taxable individual retirement arrangements distributions	$1,424,472
Taxable pensions and annuities	$5,083,877
Unemployment compensation [3]	$559,012
Taxable Social Security benefits	$1,977,195
Self-employment retirement plans	$128,266
Total itemized deductions [4]	$23,960,821
State and local income taxes	$6,284,437
State and local general sales tax	$19,766
Real estate taxes	$3,637,168
Taxes paid	$10,036,798
Mortgage interest paid	$7,816,138
Contributions	$2,242,796
Taxable income	$110,811,452
Total tax credits [5]	$436,869
Residential energy tax credit	$0
Child tax credit	$268,577
Child and dependent care credit	$59,811
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$192,299
Income tax [8]	$20,705,921
Total tax liability [9]	$21,240,549
Tax due at time of filing [10]	$1,301,601
Overpayments refunded [11]	($3,994,593)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	195
Number of joint returns	153
Number of returns with paid preparer's signature	139
Number of exemptions	499
Number of dependents	89
Adjust gross income (AGI) [2]	$59,680,645
Salaries and wages	$46,085,849
Taxable interest	$1,872,627
Ordinary dividends	$643,029
Business or professional net income (less loss)	$2,737,116
Net capital gain (less loss)	$3,232,658
Taxable individual retirement arrangements distributions	$122,612
Taxable pensions and annuities	$1,073,565
Unemployment compensation [3]	$120,710
Taxable Social Security benefits	$330,819
Self-employment retirement plans	$279,207
Total itemized deductions [4]	$10,063,017
State and local income taxes	$4,227,391
State and local general sales tax	$0
Real estate taxes	$1,206,687
Taxes paid	$5,473,467
Mortgage interest paid	$2,551,653
Contributions	$814,400
Taxable income	$48,196,715
Total tax credits [5]	$19,600
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$9,404
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$829,216
Income tax [8]	$12,559,510
Total tax liability [9]	$12,857,136
Tax due at time of filing [10]	$1,175,728
Overpayments refunded [11]	($882,939)

[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.