Home » New Jersey » OCEAN County » ZIP Code 08742 » Tax Stats

08742 Income Tax Overview

Total Number of Tax Returns for ZIP Code 08742 [1]	13,143
Total Number of Joint Tax Returns for ZIP Code 08742	5,091
Total Number of Dependents for ZIP Code 08742	3,893
Total Adjusted Gross Income for ZIP Code 08742	888,379,218
Average Income per Person for ZIP Code 08742	$36,402

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]	2,507
Number of joint returns	154
Number of returns with paid preparer's signature	1,362
Number of exemptions	1,606
Number of dependents	153
Adjust gross income (AGI) [2]	$8,314,486
Salaries and wages	$9,520,649
Taxable interest	$1,430,512
Ordinary dividends	$898,697
Business or professional net income (less loss)	$612,699
Net capital gain (less loss)	$219,541
Taxable individual retirement arrangements distributions	$541,433
Taxable pensions and annuities	$1,124,402
Unemployment compensation [3]	$331,082
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$5,552,846
State and local income taxes	$263,296
State and local general sales tax	$42,349
Real estate taxes	$1,538,212
Taxes paid	$1,853,393
Mortgage interest paid	$2,092,751
Contributions	$74,201
Taxable income	$797,783
Total tax credits [5]	$962
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$316,701
Excess earned income credit (refundable) [7]	$232,983
Alternative minimum tax	$0
Income tax [8]	$76,249
Total tax liability [9]	$305,286
Tax due at time of filing [10]	$94,232
Overpayments refunded [11]	($1,191,890)

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

Number of returns [1]	1,979
Number of joint returns	278
Number of returns with paid preparer's signature	1,129
Number of exemptions	2,808
Number of dependents	397
Adjust gross income (AGI) [2]	$33,640,903
Salaries and wages	$22,027,640
Taxable interest	$2,004,005
Ordinary dividends	$1,194,609
Business or professional net income (less loss)	$2,769,413
Net capital gain (less loss)	($94,126)
Taxable individual retirement arrangements distributions	$1,116,820
Taxable pensions and annuities	$4,215,341
Unemployment compensation [3]	$1,401,337
Taxable Social Security benefits	$279,558
Self-employment retirement plans	$0
Total itemized deductions [4]	$7,481,499
State and local income taxes	$214,639
State and local general sales tax	$115,133
Real estate taxes	$2,028,387
Taxes paid	$2,349,994
Mortgage interest paid	$2,273,025
Contributions	$289,984
Taxable income	$10,321,807
Total tax credits [5]	$125,410
Residential energy tax credit	$0
Child tax credit	$25,706
Child and dependent care credit	$5,170
Earned income credit [6]	$758,714
Excess earned income credit (refundable) [7]	$603,453
Alternative minimum tax	$0
Income tax [8]	$982,939
Total tax liability [9]	$1,439,306
Tax due at time of filing [10]	$232,901
Overpayments refunded [11]	($2,525,659)

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

Number of returns [1]	2,456
Number of joint returns	575
Number of returns with paid preparer's signature	1,529
Number of exemptions	4,113
Number of dependents	604
Adjust gross income (AGI) [2]	$90,969,844
Salaries and wages	$63,316,404
Taxable interest	$2,975,433
Ordinary dividends	$2,723,702
Business or professional net income (less loss)	$4,113,643
Net capital gain (less loss)	$249,868
Taxable individual retirement arrangements distributions	$2,606,710
Taxable pensions and annuities	$9,861,324
Unemployment compensation [3]	$1,979,485
Taxable Social Security benefits	$3,902,043
Self-employment retirement plans	$174,168
Total itemized deductions [4]	$17,568,231
State and local income taxes	$941,146
State and local general sales tax	$259,217
Real estate taxes	$4,663,240
Taxes paid	$5,971,914
Mortgage interest paid	$6,159,375
Contributions	$1,007,038
Taxable income	$49,912,553
Total tax credits [5]	$613,943
Residential energy tax credit	$0
Child tax credit	$344,344
Child and dependent care credit	$27,480
Earned income credit [6]	$225,285
Excess earned income credit (refundable) [7]	$152,345
Alternative minimum tax	$0
Income tax [8]	$5,717,376
Total tax liability [9]	$6,450,453
Tax due at time of filing [10]	$547,387
Overpayments refunded [11]	($4,326,044)

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

Number of returns [1]	1,966
Number of joint returns	824
Number of returns with paid preparer's signature	1,270
Number of exemptions	3,879
Number of dependents	633
Adjust gross income (AGI) [2]	$121,651,118
Salaries and wages	$85,349,806
Taxable interest	$3,280,334
Ordinary dividends	$3,008,645
Business or professional net income (less loss)	$4,055,984
Net capital gain (less loss)	$142,010
Taxable individual retirement arrangements distributions	$3,163,909
Taxable pensions and annuities	$14,069,136
Unemployment compensation [3]	$1,528,420
Taxable Social Security benefits	$6,762,020
Self-employment retirement plans	$0
Total itemized deductions [4]	$24,813,519
State and local income taxes	$2,129,769
State and local general sales tax	$248,131
Real estate taxes	$5,980,930
Taxes paid	$8,452,249
Mortgage interest paid	$9,839,471
Contributions	$1,641,463
Taxable income	$76,987,782
Total tax credits [5]	$867,773
Residential energy tax credit	$0
Child tax credit	$620,062
Child and dependent care credit	$35,813
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$10,499,296
Total tax liability [9]	$11,269,788
Tax due at time of filing [10]	$785,272
Overpayments refunded [11]	($4,680,651)

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

Number of returns [1]	1,451
Number of joint returns	938
Number of returns with paid preparer's signature	995
Number of exemptions	3,454
Number of dependents	592
Adjust gross income (AGI) [2]	$125,944,792
Salaries and wages	$91,161,281
Taxable interest	$3,082,678
Ordinary dividends	$2,881,514
Business or professional net income (less loss)	$4,172,550
Net capital gain (less loss)	$697,790
Taxable individual retirement arrangements distributions	$3,854,606
Taxable pensions and annuities	$12,695,120
Unemployment compensation [3]	$1,096,632
Taxable Social Security benefits	$6,283,276
Self-employment retirement plans	$94,074
Total itemized deductions [4]	$27,009,295
State and local income taxes	$3,351,937
State and local general sales tax	$189,719
Real estate taxes	$6,499,786
Taxes paid	$10,151,056
Mortgage interest paid	$11,023,378
Contributions	$1,938,468
Taxable income	$83,827,199
Total tax credits [5]	$1,054,148
Residential energy tax credit	$0
Child tax credit	$698,864
Child and dependent care credit	$50,404
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$33,005
Income tax [8]	$11,789,440
Total tax liability [9]	$12,591,789
Tax due at time of filing [10]	$821,654
Overpayments refunded [11]	($4,549,206)

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

Number of returns [1]	2,279
Number of joint returns	1,898
Number of returns with paid preparer's signature	1,696
Number of exemptions	6,535
Number of dependents	1,263
Adjust gross income (AGI) [2]	$305,373,915
Salaries and wages	$236,479,340
Taxable interest	$6,157,963
Ordinary dividends	$6,621,019
Business or professional net income (less loss)	$10,521,418
Net capital gain (less loss)	$3,786,277
Taxable individual retirement arrangements distributions	$6,982,458
Taxable pensions and annuities	$20,644,180
Unemployment compensation [3]	$1,325,951
Taxable Social Security benefits	$8,003,395
Self-employment retirement plans	$613,733
Total itemized deductions [4]	$64,201,852
State and local income taxes	$11,880,921
State and local general sales tax	$187,150
Real estate taxes	$14,238,451
Taxes paid	$26,683,593
Mortgage interest paid	$26,621,777
Contributions	$4,342,920
Taxable income	$216,607,887
Total tax credits [5]	$1,085,388
Residential energy tax credit	$0
Child tax credit	$752,397
Child and dependent care credit	$141,703
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$393,253
Income tax [8]	$37,635,966
Total tax liability [9]	$39,392,381
Tax due at time of filing [10]	$2,522,527
Overpayments refunded [11]	($8,839,354)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	505
Number of joint returns	424
Number of returns with paid preparer's signature	433
Number of exemptions	1,433
Number of dependents	251
Adjust gross income (AGI) [2]	$202,484,160
Salaries and wages	$122,234,371
Taxable interest	$5,314,448
Ordinary dividends	$7,829,578
Business or professional net income (less loss)	$9,043,260
Net capital gain (less loss)	$23,352,876
Taxable individual retirement arrangements distributions	$3,493,346
Taxable pensions and annuities	$7,041,532
Unemployment compensation [3]	$230,256
Taxable Social Security benefits	$2,211,763
Self-employment retirement plans	$1,060,710
Total itemized deductions [4]	$33,783,369
State and local income taxes	$13,797,186
State and local general sales tax	$0
Real estate taxes	$5,710,131
Taxes paid	$19,635,210
Mortgage interest paid	$8,700,925
Contributions	$3,031,839
Taxable income	$164,566,094
Total tax credits [5]	$278,306
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$21,407
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$3,176,185
Income tax [8]	$43,482,279
Total tax liability [9]	$44,845,363
Tax due at time of filing [10]	$4,861,489
Overpayments refunded [11]	($2,425,683)

[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.