Home » Florida » HILLSBOROUGH County » ZIP Code 33688 » Tax Stats

33688 Income Tax Overview

Total Number of Tax Returns for ZIP Code 33688 [1]	710
Total Number of Joint Tax Returns for ZIP Code 33688	167
Total Number of Dependents for ZIP Code 33688	206
Total Adjusted Gross Income for ZIP Code 33688	38,677,983
Average Income per Person for ZIP Code 33688	$38,677,983

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]	119
Number of joint returns	10
Number of returns with paid preparer's signature	69
Number of exemptions	130
Number of dependents	18
Adjust gross income (AGI) [2]	$283,007
Salaries and wages	$472,088
Taxable interest	$58,329
Ordinary dividends	$31,431
Business or professional net income (less loss)	$140,855
Net capital gain (less loss)	($20,937)
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$67,880
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$441,859
State and local income taxes	$0
State and local general sales tax	$0
Real estate taxes	$50,535
Taxes paid	$53,614
Mortgage interest paid	$0
Contributions	$0
Taxable income	$12,406
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$50,703
Excess earned income credit (refundable) [7]	$37,952
Alternative minimum tax	$0
Income tax [8]	$0
Total tax liability [9]	$32,574
Tax due at time of filing [10]	$8,019
Overpayments refunded [11]	($75,313)

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

Number of returns [1]	151
Number of joint returns	21
Number of returns with paid preparer's signature	87
Number of exemptions	258
Number of dependents	52
Adjust gross income (AGI) [2]	$2,734,333
Salaries and wages	$2,185,180
Taxable interest	$112,585
Ordinary dividends	$24,342
Business or professional net income (less loss)	$148,316
Net capital gain (less loss)	($14,298)
Taxable individual retirement arrangements distributions	$71,402
Taxable pensions and annuities	$178,361
Unemployment compensation [3]	$80,322
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$434,288
State and local income taxes	$0
State and local general sales tax	$7,670
Real estate taxes	$50,307
Taxes paid	$61,768
Mortgage interest paid	$219,434
Contributions	$20,475
Taxable income	$834,497
Total tax credits [5]	$21,690
Residential energy tax credit	$0
Child tax credit	$6,174
Child and dependent care credit	$0
Earned income credit [6]	$141,792
Excess earned income credit (refundable) [7]	$128,171
Alternative minimum tax	$0
Income tax [8]	$69,816
Total tax liability [9]	$101,080
Tax due at time of filing [10]	$19,506
Overpayments refunded [11]	($319,797)

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

Number of returns [1]	239
Number of joint returns	45
Number of returns with paid preparer's signature	112
Number of exemptions	409
Number of dependents	75
Adjust gross income (AGI) [2]	$8,623,723
Salaries and wages	$6,759,811
Taxable interest	$335,969
Ordinary dividends	$204,924
Business or professional net income (less loss)	$266,866
Net capital gain (less loss)	$49,232
Taxable individual retirement arrangements distributions	$134,604
Taxable pensions and annuities	$673,694
Unemployment compensation [3]	$63,077
Taxable Social Security benefits	$184,213
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,305,091
State and local income taxes	$21,854
State and local general sales tax	$40,987
Real estate taxes	$165,522
Taxes paid	$218,164
Mortgage interest paid	$458,160
Contributions	$83,145
Taxable income	$4,800,443
Total tax credits [5]	$85,769
Residential energy tax credit	$0
Child tax credit	$41,058
Child and dependent care credit	$12,112
Earned income credit [6]	$34,520
Excess earned income credit (refundable) [7]	$26,320
Alternative minimum tax	$0
Income tax [8]	$519,977
Total tax liability [9]	$567,225
Tax due at time of filing [10]	$69,628
Overpayments refunded [11]	($472,297)

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

Number of returns [1]	99
Number of joint returns	29
Number of returns with paid preparer's signature	53
Number of exemptions	173
Number of dependents	27
Adjust gross income (AGI) [2]	$5,898,240
Salaries and wages	$4,680,245
Taxable interest	$198,476
Ordinary dividends	$121,851
Business or professional net income (less loss)	$0
Net capital gain (less loss)	$31,186
Taxable individual retirement arrangements distributions	$118,761
Taxable pensions and annuities	$343,409
Unemployment compensation [3]	$0
Taxable Social Security benefits	$421,036
Self-employment retirement plans	$0
Total itemized deductions [4]	$846,076
State and local income taxes	$0
State and local general sales tax	$42,534
Real estate taxes	$153,479
Taxes paid	$203,438
Mortgage interest paid	$334,800
Contributions	$98,974
Taxable income	$4,012,837
Total tax credits [5]	$53,125
Residential energy tax credit	$0
Child tax credit	$31,497
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]	$554,059
Total tax liability [9]	$572,484
Tax due at time of filing [10]	$67,935
Overpayments refunded [11]	($231,359)

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

Number of returns [1]	40
Number of joint returns	20
Number of returns with paid preparer's signature	24
Number of exemptions	78
Number of dependents	10
Adjust gross income (AGI) [2]	$3,458,095
Salaries and wages	$2,522,066
Taxable interest	$42,150
Ordinary dividends	$58,044
Business or professional net income (less loss)	$0
Net capital gain (less loss)	$0
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$321,458
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$530,346
State and local income taxes	$0
State and local general sales tax	$16,227
Real estate taxes	$51,988
Taxes paid	$75,119
Mortgage interest paid	$203,330
Contributions	$34,548
Taxable income	$2,517,796
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$16,900
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]	$383,211
Total tax liability [9]	$402,767
Tax due at time of filing [10]	$0
Overpayments refunded [11]	($130,402)

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

Number of returns [1]	48
Number of joint returns	42
Number of returns with paid preparer's signature	32
Number of exemptions	113
Number of dependents	24
Adjust gross income (AGI) [2]	$6,783,729
Salaries and wages	$5,697,538
Taxable interest	$687,374
Ordinary dividends	$609,243
Business or professional net income (less loss)	($68,814)
Net capital gain (less loss)	$276,186
Taxable individual retirement arrangements distributions	$308,751
Taxable pensions and annuities	$389,004
Unemployment compensation [3]	$0
Taxable Social Security benefits	$295,357
Self-employment retirement plans	$0
Total itemized deductions [4]	$932,812
State and local income taxes	$0
State and local general sales tax	$64,200
Real estate taxes	$291,601
Taxes paid	$262,577
Mortgage interest paid	$673,370
Contributions	$132,894
Taxable income	$5,310,610
Total tax credits [5]	$18,615
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]	$972,729
Total tax liability [9]	$1,005,880
Tax due at time of filing [10]	$367,914
Overpayments refunded [11]	($259,060)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	14
Number of joint returns	0
Number of returns with paid preparer's signature	12
Number of exemptions	35
Number of dependents	0
Adjust gross income (AGI) [2]	$10,896,856
Salaries and wages	$0
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	$261,747
Mortgage interest paid	$0
Contributions	$0
Taxable income	$5,787,469
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]	$1,711,261
Total tax liability [9]	$1,729,868
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.