Home » Florida » HERNANDO County » BROOKSVILLE, FL » ZIP Code 34603 » Tax Stats

34603 Income Tax Overview

Total Number of Tax Returns for ZIP Code 34603 [1]	435
Total Number of Joint Tax Returns for ZIP Code 34603	173
Total Number of Dependents for ZIP Code 34603	143
Total Adjusted Gross Income for ZIP Code 34603	20,030,830
Average Income per Person for ZIP Code 34603	$20,030,830

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]	78
Number of joint returns	14
Number of returns with paid preparer's signature	42
Number of exemptions	108
Number of dependents	13
Adjust gross income (AGI) [2]	$224,571
Salaries and wages	$279,931
Taxable interest	$52,673
Ordinary dividends	$2,322
Business or professional net income (less loss)	($46,662)
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	$0
Mortgage interest paid	$0
Contributions	$0
Taxable income	$0
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$26,007
Excess earned income credit (refundable) [7]	$22,817
Alternative minimum tax	$0
Income tax [8]	$0
Total tax liability [9]	$5,783
Tax due at time of filing [10]	$0
Overpayments refunded [11]	($43,505)

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

Number of returns [1]	106
Number of joint returns	31
Number of returns with paid preparer's signature	64
Number of exemptions	187
Number of dependents	30
Adjust gross income (AGI) [2]	$1,844,553
Salaries and wages	$1,286,250
Taxable interest	$66,883
Ordinary dividends	$7,324
Business or professional net income (less loss)	$169,275
Net capital gain (less loss)	($24,288)
Taxable individual retirement arrangements distributions	$61,394
Taxable pensions and annuities	$252,301
Unemployment compensation [3]	$0
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$205,767
State and local income taxes	$0
State and local general sales tax	$6,484
Real estate taxes	$42,390
Taxes paid	$51,630
Mortgage interest paid	$188,153
Contributions	$0
Taxable income	$487,162
Total tax credits [5]	$5,997
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$81,692
Excess earned income credit (refundable) [7]	$61,399
Alternative minimum tax	$0
Income tax [8]	$47,753
Total tax liability [9]	$75,998
Tax due at time of filing [10]	$8,784
Overpayments refunded [11]	($167,387)

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

Number of returns [1]	120
Number of joint returns	44
Number of returns with paid preparer's signature	66
Number of exemptions	250
Number of dependents	46
Adjust gross income (AGI) [2]	$4,329,754
Salaries and wages	$3,453,151
Taxable interest	$81,235
Ordinary dividends	$0
Business or professional net income (less loss)	$65,877
Net capital gain (less loss)	$0
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$472,767
Unemployment compensation [3]	$66,188
Taxable Social Security benefits	$147,622
Self-employment retirement plans	$0
Total itemized deductions [4]	$561,447
State and local income taxes	$0
State and local general sales tax	$18,169
Real estate taxes	$40,732
Taxes paid	$60,845
Mortgage interest paid	$168,376
Contributions	$72,507
Taxable income	$2,240,608
Total tax credits [5]	$43,352
Residential energy tax credit	$0
Child tax credit	$36,281
Child and dependent care credit	$0
Earned income credit [6]	$24,657
Excess earned income credit (refundable) [7]	$21,949
Alternative minimum tax	$0
Income tax [8]	$239,146
Total tax liability [9]	$265,424
Tax due at time of filing [10]	$21,885
Overpayments refunded [11]	($232,960)

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

Number of returns [1]	65
Number of joint returns	36
Number of returns with paid preparer's signature	33
Number of exemptions	142
Number of dependents	26
Adjust gross income (AGI) [2]	$3,962,268
Salaries and wages	$3,053,343
Taxable interest	$164,206
Ordinary dividends	$23,598
Business or professional net income (less loss)	$5,953
Net capital gain (less loss)	($18,183)
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$412,975
Unemployment compensation [3]	$0
Taxable Social Security benefits	$135,412
Self-employment retirement plans	$0
Total itemized deductions [4]	$485,886
State and local income taxes	$0
State and local general sales tax	$23,177
Real estate taxes	$45,066
Taxes paid	$68,319
Mortgage interest paid	$217,539
Contributions	$55,433
Taxable income	$2,591,848
Total tax credits [5]	$29,272
Residential energy tax credit	$0
Child tax credit	$24,000
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]	$337,986
Total tax liability [9]	$366,082
Tax due at time of filing [10]	$37,413
Overpayments refunded [11]	($188,517)

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

Number of returns [1]	33
Number of joint returns	23
Number of returns with paid preparer's signature	25
Number of exemptions	78
Number of dependents	13
Adjust gross income (AGI) [2]	$2,819,122
Salaries and wages	$2,142,920
Taxable interest	$15,900
Ordinary dividends	$0
Business or professional net income (less loss)	$0
Net capital gain (less loss)	$0
Taxable individual retirement arrangements distributions	$109,696
Taxable pensions and annuities	$365,977
Unemployment compensation [3]	$0
Taxable Social Security benefits	$281,195
Self-employment retirement plans	$0
Total itemized deductions [4]	$460,126
State and local income taxes	$0
State and local general sales tax	$23,078
Real estate taxes	$54,191
Taxes paid	$81,554
Mortgage interest paid	$225,517
Contributions	$52,986
Taxable income	$1,966,474
Total tax credits [5]	$26,419
Residential energy tax credit	$0
Child tax credit	$17,542
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]	$272,972
Total tax liability [9]	$282,617
Tax due at time of filing [10]	$0
Overpayments refunded [11]	($101,625)

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

Number of returns [1]	33
Number of joint returns	25
Number of returns with paid preparer's signature	23
Number of exemptions	85
Number of dependents	15
Adjust gross income (AGI) [2]	$6,850,562
Salaries and wages	$3,007,726
Taxable interest	$171,751
Ordinary dividends	$93,673
Business or professional net income (less loss)	$0
Net capital gain (less loss)	($12,200)
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]	$722,913
State and local income taxes	$0
State and local general sales tax	$43,602
Real estate taxes	$77,896
Taxes paid	$143,827
Mortgage interest paid	$260,274
Contributions	$67,836
Taxable income	$5,731,175
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]	$1,206,146
Total tax liability [9]	$1,209,222
Tax due at time of filing [10]	$60,905
Overpayments refunded [11]	($125,539)

[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.