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20122 Income Tax Overview

Total Number of Tax Returns for ZIP Code 20122 [1]	395
Total Number of Joint Tax Returns for ZIP Code 20122	96
Total Number of Dependents for ZIP Code 20122	127
Total Adjusted Gross Income for ZIP Code 20122	22,254,854
Average Income per Person for ZIP Code 20122	$22,254,854

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]	61
Number of joint returns	0
Number of returns with paid preparer's signature	23
Number of exemptions	68
Number of dependents	11
Adjust gross income (AGI) [2]	$269,910
Salaries and wages	$285,601
Taxable interest	$12,821
Ordinary dividends	$0
Business or professional net income (less loss)	$102,567
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]	$234,698
State and local income taxes	$0
State and local general sales tax	$0
Real estate taxes	$0
Taxes paid	$34,867
Mortgage interest paid	$0
Contributions	$0
Taxable income	$11,223
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$28,906
Excess earned income credit (refundable) [7]	$25,110
Alternative minimum tax	$0
Income tax [8]	$1,117
Total tax liability [9]	$20,512
Tax due at time of filing [10]	$26,542
Overpayments refunded [11]	($50,747)

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

Number of returns [1]	66
Number of joint returns	18
Number of returns with paid preparer's signature	40
Number of exemptions	127
Number of dependents	27
Adjust gross income (AGI) [2]	$1,126,067
Salaries and wages	$816,519
Taxable interest	$0
Ordinary dividends	$4,080
Business or professional net income (less loss)	$202,021
Net capital gain (less loss)	($26,647)
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$161,189
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	$277,655
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$85,341
Excess earned income credit (refundable) [7]	$71,529
Alternative minimum tax	$0
Income tax [8]	$27,351
Total tax liability [9]	$61,789
Tax due at time of filing [10]	$0
Overpayments refunded [11]	($134,478)

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

Number of returns [1]	117
Number of joint returns	15
Number of returns with paid preparer's signature	45
Number of exemptions	191
Number of dependents	35
Adjust gross income (AGI) [2]	$4,484,022
Salaries and wages	$4,280,202
Taxable interest	$27,223
Ordinary dividends	$0
Business or professional net income (less loss)	$111,631
Net capital gain (less loss)	$0
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$0
Unemployment compensation [3]	$51,693
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$666,598
State and local income taxes	$51,283
State and local general sales tax	$0
Real estate taxes	$52,878
Taxes paid	$109,470
Mortgage interest paid	$293,134
Contributions	$69,043
Taxable income	$2,657,911
Total tax credits [5]	$37,554
Residential energy tax credit	$0
Child tax credit	$22,646
Child and dependent care credit	$0
Earned income credit [6]	$10,278
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$323,327
Total tax liability [9]	$351,443
Tax due at time of filing [10]	$26,446
Overpayments refunded [11]	($201,537)

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

Number of returns [1]	59
Number of joint returns	24
Number of returns with paid preparer's signature	29
Number of exemptions	103
Number of dependents	26
Adjust gross income (AGI) [2]	$3,615,018
Salaries and wages	$2,931,532
Taxable interest	$44,805
Ordinary dividends	$9,247
Business or professional net income (less loss)	$0
Net capital gain (less loss)	($15,659)
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$240,640
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$676,208
State and local income taxes	$85,545
State and local general sales tax	$0
Real estate taxes	$78,376
Taxes paid	$173,149
Mortgage interest paid	$308,799
Contributions	$65,222
Taxable income	$2,343,584
Total tax credits [5]	$21,916
Residential energy tax credit	$0
Child tax credit	$26,417
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]	$347,022
Total tax liability [9]	$359,716
Tax due at time of filing [10]	$69,515
Overpayments refunded [11]	($107,902)

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

Number of returns [1]	31
Number of joint returns	0
Number of returns with paid preparer's signature	16
Number of exemptions	56
Number of dependents	0
Adjust gross income (AGI) [2]	$2,653,895
Salaries and wages	$2,269,269
Taxable interest	$14,818
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	$250,301
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$612,175
State and local income taxes	$74,846
State and local general sales tax	$0
Real estate taxes	$62,118
Taxes paid	$151,128
Mortgage interest paid	$328,975
Contributions	$39,786
Taxable income	$1,817,163
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]	$309,163
Total tax liability [9]	$319,469
Tax due at time of filing [10]	$0
Overpayments refunded [11]	($67,356)

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

Number of returns [1]	46
Number of joint returns	28
Number of returns with paid preparer's signature	26
Number of exemptions	118
Number of dependents	28
Adjust gross income (AGI) [2]	$6,093,278
Salaries and wages	$4,972,288
Taxable interest	$173,739
Ordinary dividends	$76,504
Business or professional net income (less loss)	($29,125)
Net capital gain (less loss)	($19,705)
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]	$1,689,589
State and local income taxes	$302,022
State and local general sales tax	$0
Real estate taxes	$190,187
Taxes paid	$510,202
Mortgage interest paid	$675,556
Contributions	$108,149
Taxable income	$4,094,844
Total tax credits [5]	$21,410
Residential energy tax credit	$0
Child tax credit	$13,250
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$28,893
Income tax [8]	$746,401
Total tax liability [9]	$772,494
Tax due at time of filing [10]	$76,086
Overpayments refunded [11]	($273,767)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	15
Number of joint returns	11
Number of returns with paid preparer's signature	10
Number of exemptions	33
Number of dependents	0
Adjust gross income (AGI) [2]	$4,012,664
Salaries and wages	$3,037,849
Taxable interest	$29,136
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]	$738,966
State and local income taxes	$217,746
State and local general sales tax	$0
Real estate taxes	$67,202
Taxes paid	$292,196
Mortgage interest paid	$0
Contributions	$27,312
Taxable income	$3,168,000
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]	$797,028
Total tax liability [9]	$827,820
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.