Home » South Carolina » HORRY County » MYRTLE BEACH, SC » ZIP Code 29577 » Tax Stats

29577 Income Tax Overview

Total Number of Tax Returns for ZIP Code 29577 [1]	12,755
Total Number of Joint Tax Returns for ZIP Code 29577	3,504
Total Number of Dependents for ZIP Code 29577	4,483
Total Adjusted Gross Income for ZIP Code 29577	479,706,837
Average Income per Person for ZIP Code 29577	$17,770

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]	3,236
Number of joint returns	337
Number of returns with paid preparer's signature	1,867
Number of exemptions	4,333
Number of dependents	745
Adjust gross income (AGI) [2]	$11,859,989
Salaries and wages	$17,114,986
Taxable interest	$2,446,722
Ordinary dividends	$1,176,303
Business or professional net income (less loss)	($191,881)
Net capital gain (less loss)	$1,474,204
Taxable individual retirement arrangements distributions	$630,270
Taxable pensions and annuities	$936,566
Unemployment compensation [3]	$536,323
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$6,800,216
State and local income taxes	$348,018
State and local general sales tax	$22,194
Real estate taxes	$488,291
Taxes paid	$954,561
Mortgage interest paid	$2,879,122
Contributions	$77,470
Taxable income	$450,210
Total tax credits [5]	$921
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$1,414,853
Excess earned income credit (refundable) [7]	$1,319,840
Alternative minimum tax	$0
Income tax [8]	$45,182
Total tax liability [9]	$324,843
Tax due at time of filing [10]	$92,970
Overpayments refunded [11]	($3,310,888)

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

Number of returns [1]	4,479
Number of joint returns	758
Number of returns with paid preparer's signature	2,701
Number of exemptions	9,693
Number of dependents	2,005
Adjust gross income (AGI) [2]	$75,980,766
Salaries and wages	$64,206,516
Taxable interest	$1,381,648
Ordinary dividends	$800,953
Business or professional net income (less loss)	$2,795,925
Net capital gain (less loss)	$65,642
Taxable individual retirement arrangements distributions	$1,119,014
Taxable pensions and annuities	$4,640,820
Unemployment compensation [3]	$1,384,454
Taxable Social Security benefits	$237,718
Self-employment retirement plans	$0
Total itemized deductions [4]	$5,735,292
State and local income taxes	$259,226
State and local general sales tax	$64,462
Real estate taxes	$308,331
Taxes paid	$715,861
Mortgage interest paid	$2,326,359
Contributions	$464,615
Taxable income	$18,019,849
Total tax credits [5]	$256,000
Residential energy tax credit	$0
Child tax credit	$122,207
Child and dependent care credit	$18,983
Earned income credit [6]	$3,710,893
Excess earned income credit (refundable) [7]	$3,361,024
Alternative minimum tax	$0
Income tax [8]	$1,677,226
Total tax liability [9]	$2,212,382
Tax due at time of filing [10]	$263,004
Overpayments refunded [11]	($8,384,031)

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

Number of returns [1]	2,809
Number of joint returns	935
Number of returns with paid preparer's signature	1,617
Number of exemptions	6,272
Number of dependents	1,001
Adjust gross income (AGI) [2]	$98,206,847
Salaries and wages	$78,000,505
Taxable interest	$1,873,120
Ordinary dividends	$1,579,652
Business or professional net income (less loss)	$1,787,298
Net capital gain (less loss)	$222,793
Taxable individual retirement arrangements distributions	$2,116,657
Taxable pensions and annuities	$9,392,344
Unemployment compensation [3]	$730,389
Taxable Social Security benefits	$2,767,585
Self-employment retirement plans	$0
Total itemized deductions [4]	$11,733,542
State and local income taxes	$1,267,033
State and local general sales tax	$86,960
Real estate taxes	$636,524
Taxes paid	$2,163,347
Mortgage interest paid	$4,968,174
Contributions	$1,153,789
Taxable income	$49,403,559
Total tax credits [5]	$728,083
Residential energy tax credit	$0
Child tax credit	$497,823
Child and dependent care credit	$52,005
Earned income credit [6]	$482,924
Excess earned income credit (refundable) [7]	$375,897
Alternative minimum tax	$0
Income tax [8]	$5,425,988
Total tax liability [9]	$6,005,094
Tax due at time of filing [10]	$609,976
Overpayments refunded [11]	($5,209,508)

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

Number of returns [1]	1,006
Number of joint returns	548
Number of returns with paid preparer's signature	667
Number of exemptions	2,066
Number of dependents	277
Adjust gross income (AGI) [2]	$61,209,560
Salaries and wages	$39,759,559
Taxable interest	$2,011,316
Ordinary dividends	$1,839,880
Business or professional net income (less loss)	$1,575,386
Net capital gain (less loss)	$463,760
Taxable individual retirement arrangements distributions	$1,854,467
Taxable pensions and annuities	$8,652,469
Unemployment compensation [3]	$215,816
Taxable Social Security benefits	$3,810,511
Self-employment retirement plans	$161,930
Total itemized deductions [4]	$10,313,617
State and local income taxes	$1,614,629
State and local general sales tax	$51,257
Real estate taxes	$662,049
Taxes paid	$2,507,316
Mortgage interest paid	$4,108,983
Contributions	$1,115,792
Taxable income	$39,239,246
Total tax credits [5]	$378,548
Residential energy tax credit	$0
Child tax credit	$281,545
Child and dependent care credit	$27,463
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$5,152,709
Total tax liability [9]	$5,585,007
Tax due at time of filing [10]	$661,971
Overpayments refunded [11]	($1,934,773)

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

Number of returns [1]	466
Number of joint returns	333
Number of returns with paid preparer's signature	315
Number of exemptions	1,058
Number of dependents	156
Adjust gross income (AGI) [2]	$40,245,586
Salaries and wages	$26,107,436
Taxable interest	$1,255,617
Ordinary dividends	$1,247,502
Business or professional net income (less loss)	$855,655
Net capital gain (less loss)	$584,706
Taxable individual retirement arrangements distributions	$1,475,235
Taxable pensions and annuities	$5,091,220
Unemployment compensation [3]	$104,293
Taxable Social Security benefits	$2,450,365
Self-employment retirement plans	$0
Total itemized deductions [4]	$8,146,868
State and local income taxes	$1,521,357
State and local general sales tax	$16,478
Real estate taxes	$516,037
Taxes paid	$2,184,486
Mortgage interest paid	$3,367,002
Contributions	$964,699
Taxable income	$27,147,072
Total tax credits [5]	$254,287
Residential energy tax credit	$0
Child tax credit	$142,987
Child and dependent care credit	$16,666
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$3,802,534
Total tax liability [9]	$4,070,583
Tax due at time of filing [10]	$594,854
Overpayments refunded [11]	($1,270,466)

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

Number of returns [1]	513
Number of joint returns	402
Number of returns with paid preparer's signature	389
Number of exemptions	1,235
Number of dependents	187
Adjust gross income (AGI) [2]	$67,742,219
Salaries and wages	$40,134,677
Taxable interest	$2,697,622
Ordinary dividends	$2,619,485
Business or professional net income (less loss)	$1,153,130
Net capital gain (less loss)	$1,685,374
Taxable individual retirement arrangements distributions	$3,079,907
Taxable pensions and annuities	$7,113,990
Unemployment compensation [3]	$129,514
Taxable Social Security benefits	$2,790,480
Self-employment retirement plans	$0
Total itemized deductions [4]	$13,893,126
State and local income taxes	$3,287,072
State and local general sales tax	$30,166
Real estate taxes	$1,020,072
Taxes paid	$4,567,219
Mortgage interest paid	$5,339,183
Contributions	$1,863,752
Taxable income	$48,705,980
Total tax credits [5]	$183,167
Residential energy tax credit	$0
Child tax credit	$77,600
Child and dependent care credit	$14,845
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$73,005
Income tax [8]	$8,456,746
Total tax liability [9]	$8,919,005
Tax due at time of filing [10]	$1,215,823
Overpayments refunded [11]	($1,697,196)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	246
Number of joint returns	191
Number of returns with paid preparer's signature	211
Number of exemptions	666
Number of dependents	112
Adjust gross income (AGI) [2]	$124,461,870
Salaries and wages	$45,029,946
Taxable interest	$5,837,954
Ordinary dividends	$6,483,236
Business or professional net income (less loss)	$5,578,469
Net capital gain (less loss)	$21,758,088
Taxable individual retirement arrangements distributions	$1,580,670
Taxable pensions and annuities	$1,630,671
Unemployment compensation [3]	$0
Taxable Social Security benefits	$1,025,341
Self-employment retirement plans	$504,007
Total itemized deductions [4]	$19,415,848
State and local income taxes	$8,131,960
State and local general sales tax	$0
Real estate taxes	$1,111,359
Taxes paid	$9,472,629
Mortgage interest paid	$4,361,429
Contributions	$3,904,691
Taxable income	$103,511,474
Total tax credits [5]	$255,311
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	$1,283,206
Income tax [8]	$26,846,385
Total tax liability [9]	$27,453,422
Tax due at time of filing [10]	$3,070,753
Overpayments refunded [11]	($1,217,386)

[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.