Home » Florida » SARASOTA County » ZIP Code 34237 » Tax Stats

34237 Income Tax Overview

Total Number of Tax Returns for ZIP Code 34237 [1]	7,042
Total Number of Joint Tax Returns for ZIP Code 34237	1,797
Total Number of Dependents for ZIP Code 34237	2,335
Total Adjusted Gross Income for ZIP Code 34237	238,730,642
Average Income per Person for ZIP Code 34237	$14,642

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]	1,389
Number of joint returns	129
Number of returns with paid preparer's signature	669
Number of exemptions	1,729
Number of dependents	264
Adjust gross income (AGI) [2]	$5,419,795
Salaries and wages	$5,433,659
Taxable interest	$451,912
Ordinary dividends	$336,162
Business or professional net income (less loss)	($243,057)
Net capital gain (less loss)	($182,883)
Taxable individual retirement arrangements distributions	$385,140
Taxable pensions and annuities	$408,544
Unemployment compensation [3]	$182,654
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$2,119,267
State and local income taxes	$9,676
State and local general sales tax	$27,425
Real estate taxes	$272,144
Taxes paid	$331,037
Mortgage interest paid	$904,065
Contributions	$50,444
Taxable income	$157,793
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$592,871
Excess earned income credit (refundable) [7]	$504,483
Alternative minimum tax	$0
Income tax [8]	$15,544
Total tax liability [9]	$195,880
Tax due at time of filing [10]	$60,652
Overpayments refunded [11]	($1,013,861)

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

Number of returns [1]	2,288
Number of joint returns	359
Number of returns with paid preparer's signature	1,137
Number of exemptions	4,149
Number of dependents	876
Adjust gross income (AGI) [2]	$39,849,119
Salaries and wages	$32,320,046
Taxable interest	$920,499
Ordinary dividends	$487,448
Business or professional net income (less loss)	$2,130,822
Net capital gain (less loss)	($74,550)
Taxable individual retirement arrangements distributions	$707,844
Taxable pensions and annuities	$2,339,881
Unemployment compensation [3]	$885,054
Taxable Social Security benefits	$96,678
Self-employment retirement plans	$160,700
Total itemized deductions [4]	$3,323,152
State and local income taxes	$14,505
State and local general sales tax	$79,554
Real estate taxes	$284,211
Taxes paid	$394,415
Mortgage interest paid	$1,283,667
Contributions	$246,981
Taxable income	$10,871,725
Total tax credits [5]	$188,383
Residential energy tax credit	$0
Child tax credit	$91,557
Child and dependent care credit	$20,393
Earned income credit [6]	$1,998,358
Excess earned income credit (refundable) [7]	$1,789,773
Alternative minimum tax	$0
Income tax [8]	$978,705
Total tax liability [9]	$1,350,155
Tax due at time of filing [10]	$166,458
Overpayments refunded [11]	($4,597,090)

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

Number of returns [1]	2,200
Number of joint returns	605
Number of returns with paid preparer's signature	1,060
Number of exemptions	4,348
Number of dependents	813
Adjust gross income (AGI) [2]	$77,476,802
Salaries and wages	$67,594,994
Taxable interest	$937,008
Ordinary dividends	$786,664
Business or professional net income (less loss)	$1,225,970
Net capital gain (less loss)	$77,581
Taxable individual retirement arrangements distributions	$1,263,645
Taxable pensions and annuities	$3,500,233
Unemployment compensation [3]	$517,659
Taxable Social Security benefits	$1,455,037
Self-employment retirement plans	$0
Total itemized deductions [4]	$7,657,487
State and local income taxes	$74,289
State and local general sales tax	$252,652
Real estate taxes	$739,618
Taxes paid	$1,082,436
Mortgage interest paid	$3,926,103
Contributions	$540,689
Taxable income	$41,948,182
Total tax credits [5]	$764,258
Residential energy tax credit	$0
Child tax credit	$554,831
Child and dependent care credit	$55,606
Earned income credit [6]	$453,422
Excess earned income credit (refundable) [7]	$390,167
Alternative minimum tax	$0
Income tax [8]	$4,508,373
Total tax liability [9]	$4,773,955
Tax due at time of filing [10]	$276,977
Overpayments refunded [11]	($4,313,700)

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

Number of returns [1]	722
Number of joint returns	391
Number of returns with paid preparer's signature	399
Number of exemptions	1,527
Number of dependents	238
Adjust gross income (AGI) [2]	$43,543,922
Salaries and wages	$33,030,000
Taxable interest	$1,050,729
Ordinary dividends	$604,785
Business or professional net income (less loss)	$972,298
Net capital gain (less loss)	$150,618
Taxable individual retirement arrangements distributions	$1,164,444
Taxable pensions and annuities	$3,744,717
Unemployment compensation [3]	$155,610
Taxable Social Security benefits	$2,179,236
Self-employment retirement plans	$0
Total itemized deductions [4]	$4,985,637
State and local income taxes	$64,202
State and local general sales tax	$208,361
Real estate taxes	$495,693
Taxes paid	$778,693
Mortgage interest paid	$2,408,449
Contributions	$542,151
Taxable income	$29,147,517
Total tax credits [5]	$365,377
Residential energy tax credit	$0
Child tax credit	$283,507
Child and dependent care credit	$29,502
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$3,845,061
Total tax liability [9]	$4,014,431
Tax due at time of filing [10]	$284,621
Overpayments refunded [11]	($1,312,140)

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

Number of returns [1]	257
Number of joint returns	179
Number of returns with paid preparer's signature	139
Number of exemptions	574
Number of dependents	79
Adjust gross income (AGI) [2]	$21,866,953
Salaries and wages	$16,205,928
Taxable interest	$429,046
Ordinary dividends	$525,484
Business or professional net income (less loss)	$239,583
Net capital gain (less loss)	$387,590
Taxable individual retirement arrangements distributions	$635,257
Taxable pensions and annuities	$1,869,753
Unemployment compensation [3]	$65,091
Taxable Social Security benefits	$992,078
Self-employment retirement plans	$0
Total itemized deductions [4]	$2,552,468
State and local income taxes	$34,850
State and local general sales tax	$114,492
Real estate taxes	$225,478
Taxes paid	$379,199
Mortgage interest paid	$1,248,256
Contributions	$290,391
Taxable income	$15,943,620
Total tax credits [5]	$128,693
Residential energy tax credit	$0
Child tax credit	$85,539
Child and dependent care credit	$7,426
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$2,307,947
Total tax liability [9]	$2,369,212
Tax due at time of filing [10]	$205,576
Overpayments refunded [11]	($569,428)

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

Number of returns [1]	150
Number of joint returns	114
Number of returns with paid preparer's signature	88
Number of exemptions	354
Number of dependents	53
Adjust gross income (AGI) [2]	$18,914,422
Salaries and wages	$12,370,155
Taxable interest	$748,978
Ordinary dividends	$705,318
Business or professional net income (less loss)	$898,018
Net capital gain (less loss)	$683,497
Taxable individual retirement arrangements distributions	$643,554
Taxable pensions and annuities	$1,858,376
Unemployment compensation [3]	$0
Taxable Social Security benefits	$629,001
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,981,381
State and local income taxes	$199,008
State and local general sales tax	$97,008
Real estate taxes	$257,503
Taxes paid	$419,011
Mortgage interest paid	$996,585
Contributions	$456,106
Taxable income	$14,698,714
Total tax credits [5]	$58,041
Residential energy tax credit	$0
Child tax credit	$32,900
Child and dependent care credit	$5,322
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$2,577,151
Total tax liability [9]	$2,735,296
Tax due at time of filing [10]	$379,169
Overpayments refunded [11]	($1,011,301)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	36
Number of joint returns	20
Number of returns with paid preparer's signature	34
Number of exemptions	74
Number of dependents	12
Adjust gross income (AGI) [2]	$31,659,629
Salaries and wages	$5,713,985
Taxable interest	$1,763,779
Ordinary dividends	$875,241
Business or professional net income (less loss)	$2,587,359
Net capital gain (less loss)	$3,056,378
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$197,992
Unemployment compensation [3]	$0
Taxable Social Security benefits	$251,479
Self-employment retirement plans	$0
Total itemized deductions [4]	$3,632,425
State and local income taxes	$0
State and local general sales tax	$51,576
Real estate taxes	$457,115
Taxes paid	$715,741
Mortgage interest paid	$575,206
Contributions	$273,019
Taxable income	$18,415,489
Total tax credits [5]	$10,656
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	$99,614
Income tax [8]	$5,234,331
Total tax liability [9]	$5,381,810
Tax due at time of filing [10]	$1,142,752
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.