Home » Florida » SUMTER County » ZIP Code 32162 » Tax Stats

32162 Income Tax Overview

Total Number of Tax Returns for ZIP Code 32162 [1]	21,809
Total Number of Joint Tax Returns for ZIP Code 32162	14,834
Total Number of Dependents for ZIP Code 32162	612
Total Adjusted Gross Income for ZIP Code 32162	1,621,050,689
Average Income per Person for ZIP Code 32162	$35,880

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]	2,147
Number of joint returns	763
Number of returns with paid preparer's signature	995
Number of exemptions	2,833
Number of dependents	49
Adjust gross income (AGI) [2]	$5,251,253
Salaries and wages	$4,703,666
Taxable interest	$3,185,878
Ordinary dividends	$2,318,265
Business or professional net income (less loss)	($236,354)
Net capital gain (less loss)	($386,429)
Taxable individual retirement arrangements distributions	$2,811,725
Taxable pensions and annuities	$4,411,062
Unemployment compensation [3]	$180,013
Taxable Social Security benefits	$68,977
Self-employment retirement plans	$0
Total itemized deductions [4]	$11,847,010
State and local income taxes	$287,357
State and local general sales tax	$229,649
Real estate taxes	$1,940,186
Taxes paid	$2,522,940
Mortgage interest paid	$3,792,688
Contributions	$323,843
Taxable income	$135,011
Total tax credits [5]	$277
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$97,188
Excess earned income credit (refundable) [7]	$80,425
Alternative minimum tax	$0
Income tax [8]	$13,068
Total tax liability [9]	$154,398
Tax due at time of filing [10]	$74,832
Overpayments refunded [11]	($1,952,284)

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

Number of returns [1]	3,697
Number of joint returns	1,863
Number of returns with paid preparer's signature	1,517
Number of exemptions	5,640
Number of dependents	80
Adjust gross income (AGI) [2]	$63,681,230
Salaries and wages	$13,609,279
Taxable interest	$7,189,258
Ordinary dividends	$5,337,824
Business or professional net income (less loss)	$1,353,137
Net capital gain (less loss)	($1,367,663)
Taxable individual retirement arrangements distributions	$10,699,538
Taxable pensions and annuities	$25,653,910
Unemployment compensation [3]	$434,090
Taxable Social Security benefits	$1,907,150
Self-employment retirement plans	$0
Total itemized deductions [4]	$22,296,544
State and local income taxes	$169,492
State and local general sales tax	$789,935
Real estate taxes	$3,613,342
Taxes paid	$4,640,908
Mortgage interest paid	$6,140,143
Contributions	$1,652,232
Taxable income	$10,257,595
Total tax credits [5]	$38,833
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$115,543
Excess earned income credit (refundable) [7]	$97,000
Alternative minimum tax	$0
Income tax [8]	$957,044
Total tax liability [9]	$1,227,536
Tax due at time of filing [10]	$218,821
Overpayments refunded [11]	($3,462,249)

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

Number of returns [1]	4,977
Number of joint returns	3,189
Number of returns with paid preparer's signature	2,271
Number of exemptions	8,304
Number of dependents	106
Adjust gross income (AGI) [2]	$184,796,244
Salaries and wages	$33,946,781
Taxable interest	$12,645,795
Ordinary dividends	$9,508,327
Business or professional net income (less loss)	$1,659,781
Net capital gain (less loss)	($519,365)
Taxable individual retirement arrangements distributions	$27,116,830
Taxable pensions and annuities	$75,754,796
Unemployment compensation [3]	$478,816
Taxable Social Security benefits	$26,020,030
Self-employment retirement plans	$153,929
Total itemized deductions [4]	$44,178,770
State and local income taxes	$591,183
State and local general sales tax	$1,643,897
Real estate taxes	$7,431,887
Taxes paid	$9,868,755
Mortgage interest paid	$13,685,587
Contributions	$3,787,327
Taxable income	$85,582,628
Total tax credits [5]	$189,026
Residential energy tax credit	$12,211
Child tax credit	$27,458
Child and dependent care credit	$0
Earned income credit [6]	$18,124
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$9,488,022
Total tax liability [9]	$9,976,915
Tax due at time of filing [10]	$1,001,832
Overpayments refunded [11]	($6,978,601)

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

Number of returns [1]	4,311
Number of joint returns	3,164
Number of returns with paid preparer's signature	2,113
Number of exemptions	7,614
Number of dependents	124
Adjust gross income (AGI) [2]	$267,684,984
Salaries and wages	$39,985,609
Taxable interest	$14,202,265
Ordinary dividends	$11,814,312
Business or professional net income (less loss)	$2,926,279
Net capital gain (less loss)	$1,395,785
Taxable individual retirement arrangements distributions	$33,408,424
Taxable pensions and annuities	$113,715,449
Unemployment compensation [3]	$724,869
Taxable Social Security benefits	$49,881,920
Self-employment retirement plans	$0
Total itemized deductions [4]	$46,747,246
State and local income taxes	$1,160,401
State and local general sales tax	$1,955,811
Real estate taxes	$8,533,505
Taxes paid	$11,943,222
Mortgage interest paid	$15,934,317
Contributions	$5,364,601
Taxable income	$171,186,857
Total tax credits [5]	$222,260
Residential energy tax credit	$17,866
Child tax credit	$14,089
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]	$22,571,853
Total tax liability [9]	$23,203,223
Tax due at time of filing [10]	$2,305,299
Overpayments refunded [11]	($6,687,612)

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

Number of returns [1]	3,017
Number of joint returns	2,601
Number of returns with paid preparer's signature	1,540
Number of exemptions	5,725
Number of dependents	90
Adjust gross income (AGI) [2]	$260,219,412
Salaries and wages	$42,508,197
Taxable interest	$12,266,334
Ordinary dividends	$11,069,277
Business or professional net income (less loss)	$2,611,470
Net capital gain (less loss)	$3,213,593
Taxable individual retirement arrangements distributions	$32,887,593
Taxable pensions and annuities	$108,407,972
Unemployment compensation [3]	$520,009
Taxable Social Security benefits	$46,225,624
Self-employment retirement plans	$134,369
Total itemized deductions [4]	$40,796,652
State and local income taxes	$1,320,635
State and local general sales tax	$1,735,064
Real estate taxes	$8,154,799
Taxes paid	$11,444,488
Mortgage interest paid	$14,832,702
Contributions	$5,542,098
Taxable income	$184,154,537
Total tax credits [5]	$252,447
Residential energy tax credit	$15,135
Child tax credit	$21,400
Child and dependent care credit	$0
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$23,087
Income tax [8]	$25,558,415
Total tax liability [9]	$26,082,633
Tax due at time of filing [10]	$1,985,055
Overpayments refunded [11]	($5,553,860)

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

Number of returns [1]	3,007
Number of joint returns	2,687
Number of returns with paid preparer's signature	1,781
Number of exemptions	5,828
Number of dependents	120
Adjust gross income (AGI) [2]	$389,604,443
Salaries and wages	$90,631,249
Taxable interest	$22,353,258
Ordinary dividends	$19,941,568
Business or professional net income (less loss)	$8,921,072
Net capital gain (less loss)	$14,456,818
Taxable individual retirement arrangements distributions	$53,151,677
Taxable pensions and annuities	$126,438,745
Unemployment compensation [3]	$521,874
Taxable Social Security benefits	$46,732,392
Self-employment retirement plans	$772,266
Total itemized deductions [4]	$56,129,426
State and local income taxes	$4,263,448
State and local general sales tax	$2,253,746
Real estate taxes	$12,268,456
Taxes paid	$19,285,402
Mortgage interest paid	$20,257,262
Contributions	$8,744,095
Taxable income	$300,124,165
Total tax credits [5]	$379,118
Residential energy tax credit	$18,877
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	$173,281
Income tax [8]	$51,419,582
Total tax liability [9]	$52,773,645
Tax due at time of filing [10]	$4,925,120
Overpayments refunded [11]	($8,147,572)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	653
Number of joint returns	567
Number of returns with paid preparer's signature	496
Number of exemptions	1,286
Number of dependents	43
Adjust gross income (AGI) [2]	$449,813,123
Salaries and wages	$90,949,465
Taxable interest	$25,602,496
Ordinary dividends	$23,476,279
Business or professional net income (less loss)	$9,094,253
Net capital gain (less loss)	$98,320,941
Taxable individual retirement arrangements distributions	$16,370,859
Taxable pensions and annuities	$23,202,481
Unemployment compensation [3]	$139,659
Taxable Social Security benefits	$8,385,010
Self-employment retirement plans	$751,017
Total itemized deductions [4]	$32,299,558
State and local income taxes	$5,300,431
State and local general sales tax	$675,196
Real estate taxes	$4,893,141
Taxes paid	$11,167,326
Mortgage interest paid	$6,398,936
Contributions	$8,180,781
Taxable income	$412,363,514
Total tax credits [5]	$922,977
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	$2,006,695
Income tax [8]	$109,213,914
Total tax liability [9]	$110,060,668
Tax due at time of filing [10]	$9,720,544
Overpayments refunded [11]	($5,437,464)

[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.