Home » New Jersey » MERCER County » ZIP Code 08608 » Tax Stats

08608 Income Tax Overview

Total Number of Tax Returns for ZIP Code 08608 [1]	351
Total Number of Joint Tax Returns for ZIP Code 08608	31
Total Number of Dependents for ZIP Code 08608	140
Total Adjusted Gross Income for ZIP Code 08608	8,730,251
Average Income per Person for ZIP Code 08608	$8,881

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]	85
Number of joint returns	0
Number of returns with paid preparer's signature	31
Number of exemptions	112
Number of dependents	23
Adjust gross income (AGI) [2]	$433,932
Salaries and wages	$358,202
Taxable interest	$930
Ordinary dividends	$0
Business or professional net income (less loss)	$68,370
Net capital gain (less loss)	$0
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$0
Unemployment compensation [3]	$41,653
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$0
State and local income taxes	$0
State and local general sales tax	$0
Real estate taxes	$0
Taxes paid	$0
Mortgage interest paid	$0
Contributions	$0
Taxable income	$0
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$59,882
Excess earned income credit (refundable) [7]	$55,905
Alternative minimum tax	$0
Income tax [8]	$0
Total tax liability [9]	$10,728
Tax due at time of filing [10]	$7,060
Overpayments refunded [11]	($79,978)

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

Number of returns [1]	141
Number of joint returns	13
Number of returns with paid preparer's signature	80
Number of exemptions	252
Number of dependents	66
Adjust gross income (AGI) [2]	$2,566,727
Salaries and wages	$2,280,795
Taxable interest	$0
Ordinary dividends	$0
Business or professional net income (less loss)	$79,161
Net capital gain (less loss)	$0
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$132,585
Unemployment compensation [3]	$133,139
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$0
State and local income taxes	$0
State and local general sales tax	$0
Real estate taxes	$0
Taxes paid	$0
Mortgage interest paid	$0
Contributions	$0
Taxable income	$806,751
Total tax credits [5]	$14,467
Residential energy tax credit	$0
Child tax credit	$6,511
Child and dependent care credit	$0
Earned income credit [6]	$184,094
Excess earned income credit (refundable) [7]	$177,768
Alternative minimum tax	$0
Income tax [8]	$75,875
Total tax liability [9]	$84,927
Tax due at time of filing [10]	$0
Overpayments refunded [11]	($374,650)

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

Number of returns [1]	91
Number of joint returns	18
Number of returns with paid preparer's signature	58
Number of exemptions	167
Number of dependents	36
Adjust gross income (AGI) [2]	$3,261,888
Salaries and wages	$3,079,349
Taxable interest	$1,653
Ordinary dividends	$0
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]	$305,354
State and local income taxes	$16,495
State and local general sales tax	$0
Real estate taxes	$0
Taxes paid	$58,039
Mortgage interest paid	$0
Contributions	$26,039
Taxable income	$1,987,780
Total tax credits [5]	$36,947
Residential energy tax credit	$0
Child tax credit	$36,437
Child and dependent care credit	$8,348
Earned income credit [6]	$31,650
Excess earned income credit (refundable) [7]	$28,600
Alternative minimum tax	$0
Income tax [8]	$226,532
Total tax liability [9]	$234,806
Tax due at time of filing [10]	$29,289
Overpayments refunded [11]	($184,745)

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

Number of returns [1]	34
Number of joint returns	0
Number of returns with paid preparer's signature	18
Number of exemptions	67
Number of dependents	15
Adjust gross income (AGI) [2]	$2,467,704
Salaries and wages	$1,870,485
Taxable interest	$0
Ordinary dividends	$0
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]	$0
State and local income taxes	$0
State and local general sales tax	$0
Real estate taxes	$0
Taxes paid	$0
Mortgage interest paid	$0
Contributions	$0
Taxable income	$1,455,217
Total tax credits [5]	$19,373
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]	$214,191
Total tax liability [9]	$206,511
Tax due at time of filing [10]	$0
Overpayments refunded [11]	($76,362)

[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.