Home » Alabama » SHELBY County » ZIP Code 35242 » Tax Stats

35242 Income Tax Overview

Total Number of Tax Returns for ZIP Code 35242 [1]	22,280
Total Number of Joint Tax Returns for ZIP Code 35242	10,879
Total Number of Dependents for ZIP Code 35242	8,403
Total Adjusted Gross Income for ZIP Code 35242	2,616,569,183
Average Income per Person for ZIP Code 35242	$52,812

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]	3,729
Number of joint returns	330
Number of returns with paid preparer's signature	1,766
Number of exemptions	2,490
Number of dependents	318
Adjust gross income (AGI) [2]	$7,852,640
Salaries and wages	$20,422,259
Taxable interest	$8,356,290
Ordinary dividends	$2,595,297
Business or professional net income (less loss)	($1,006,609)
Net capital gain (less loss)	$3,122,930
Taxable individual retirement arrangements distributions	$1,354,075
Taxable pensions and annuities	$1,074,635
Unemployment compensation [3]	$95,590
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$13,064,443
State and local income taxes	$871,672
State and local general sales tax	$79,087
Real estate taxes	$1,212,813
Taxes paid	$2,267,105
Mortgage interest paid	$5,460,795
Contributions	$169,632
Taxable income	$1,422,394
Total tax credits [5]	$6,194
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$437,385
Excess earned income credit (refundable) [7]	$362,142
Alternative minimum tax	$0
Income tax [8]	$150,690
Total tax liability [9]	$579,120
Tax due at time of filing [10]	$197,557
Overpayments refunded [11]	($3,566,379)

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

Number of returns [1]	2,836
Number of joint returns	445
Number of returns with paid preparer's signature	1,394
Number of exemptions	4,393
Number of dependents	753
Adjust gross income (AGI) [2]	$49,468,475
Salaries and wages	$38,304,199
Taxable interest	$1,906,408
Ordinary dividends	$1,716,013
Business or professional net income (less loss)	$2,597,967
Net capital gain (less loss)	$277,814
Taxable individual retirement arrangements distributions	$1,847,011
Taxable pensions and annuities	$3,584,150
Unemployment compensation [3]	$409,349
Taxable Social Security benefits	$418,811
Self-employment retirement plans	$0
Total itemized deductions [4]	$9,374,574
State and local income taxes	$460,157
State and local general sales tax	$210,915
Real estate taxes	$581,447
Taxes paid	$1,330,219
Mortgage interest paid	$3,228,129
Contributions	$1,090,801
Taxable income	$15,665,984
Total tax credits [5]	$301,068
Residential energy tax credit	$0
Child tax credit	$67,302
Child and dependent care credit	$21,453
Earned income credit [6]	$1,566,646
Excess earned income credit (refundable) [7]	$1,351,857
Alternative minimum tax	$0
Income tax [8]	$1,419,884
Total tax liability [9]	$2,016,318
Tax due at time of filing [10]	$350,495
Overpayments refunded [11]	($4,573,272)

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

Number of returns [1]	3,709
Number of joint returns	904
Number of returns with paid preparer's signature	1,802
Number of exemptions	6,537
Number of dependents	1,051
Adjust gross income (AGI) [2]	$135,218,791
Salaries and wages	$107,639,004
Taxable interest	$3,429,968
Ordinary dividends	$3,004,837
Business or professional net income (less loss)	$3,740,573
Net capital gain (less loss)	$773,106
Taxable individual retirement arrangements distributions	$3,969,560
Taxable pensions and annuities	$9,261,162
Unemployment compensation [3]	$394,103
Taxable Social Security benefits	$3,892,256
Self-employment retirement plans	$0
Total itemized deductions [4]	$22,902,167
State and local income taxes	$2,045,351
State and local general sales tax	$367,946
Real estate taxes	$1,654,780
Taxes paid	$4,316,596
Mortgage interest paid	$9,053,405
Contributions	$3,161,469
Taxable income	$74,727,607
Total tax credits [5]	$1,224,093
Residential energy tax credit	$0
Child tax credit	$613,471
Child and dependent care credit	$99,359
Earned income credit [6]	$397,087
Excess earned income credit (refundable) [7]	$316,571
Alternative minimum tax	$23,485
Income tax [8]	$8,368,864
Total tax liability [9]	$9,413,290
Tax due at time of filing [10]	$1,010,042
Overpayments refunded [11]	($6,871,633)

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

Number of returns [1]	2,407
Number of joint returns	1,055
Number of returns with paid preparer's signature	1,269
Number of exemptions	4,866
Number of dependents	836
Adjust gross income (AGI) [2]	$148,704,323
Salaries and wages	$110,808,542
Taxable interest	$4,156,692
Ordinary dividends	$3,505,486
Business or professional net income (less loss)	$4,012,235
Net capital gain (less loss)	$464,253
Taxable individual retirement arrangements distributions	$5,450,556
Taxable pensions and annuities	$12,383,342
Unemployment compensation [3]	$238,856
Taxable Social Security benefits	$6,779,553
Self-employment retirement plans	$211,878
Total itemized deductions [4]	$30,604,990
State and local income taxes	$3,698,236
State and local general sales tax	$316,231
Real estate taxes	$2,331,792
Taxes paid	$6,711,271
Mortgage interest paid	$13,937,144
Contributions	$4,900,710
Taxable income	$94,222,895
Total tax credits [5]	$1,218,502
Residential energy tax credit	$0
Child tax credit	$887,456
Child and dependent care credit	$66,259
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$12,674,190
Total tax liability [9]	$13,891,216
Tax due at time of filing [10]	$1,181,180
Overpayments refunded [11]	($5,605,909)

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

Number of returns [1]	2,023
Number of joint returns	1,396
Number of returns with paid preparer's signature	1,110
Number of exemptions	5,117
Number of dependents	899
Adjust gross income (AGI) [2]	$176,828,787
Salaries and wages	$127,389,479
Taxable interest	$4,248,438
Ordinary dividends	$4,123,012
Business or professional net income (less loss)	$7,770,045
Net capital gain (less loss)	$1,115,970
Taxable individual retirement arrangements distributions	$7,231,380
Taxable pensions and annuities	$14,990,144
Unemployment compensation [3]	$204,400
Taxable Social Security benefits	$7,804,233
Self-employment retirement plans	$269,162
Total itemized deductions [4]	$36,620,410
State and local income taxes	$5,693,667
State and local general sales tax	$285,084
Real estate taxes	$2,730,345
Taxes paid	$9,146,736
Mortgage interest paid	$16,434,796
Contributions	$6,364,861
Taxable income	$118,271,755
Total tax credits [5]	$1,607,321
Residential energy tax credit	$0
Child tax credit	$1,173,616
Child and dependent care credit	$84,381
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$32,545
Income tax [8]	$16,320,196
Total tax liability [9]	$17,892,267
Tax due at time of filing [10]	$1,627,089
Overpayments refunded [11]	($5,730,280)

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

Number of returns [1]	4,738
Number of joint returns	4,131
Number of returns with paid preparer's signature	2,562
Number of exemptions	14,360
Number of dependents	2,803
Adjust gross income (AGI) [2]	$669,052,252
Salaries and wages	$534,910,897
Taxable interest	$10,928,402
Ordinary dividends	$12,049,193
Business or professional net income (less loss)	$26,108,368
Net capital gain (less loss)	$6,128,810
Taxable individual retirement arrangements distributions	$18,291,010
Taxable pensions and annuities	$30,610,180
Unemployment compensation [3]	$425,972
Taxable Social Security benefits	$12,392,928
Self-employment retirement plans	$1,659,954
Total itemized deductions [4]	$136,130,179
State and local income taxes	$26,388,200
State and local general sales tax	$529,716
Real estate taxes	$10,272,704
Taxes paid	$38,763,903
Mortgage interest paid	$60,321,777
Contributions	$25,483,194
Taxable income	$480,445,619
Total tax credits [5]	$2,306,114
Residential energy tax credit	$16,453
Child tax credit	$1,542,017
Child and dependent care credit	$243,829
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$439,636
Income tax [8]	$85,217,510
Total tax liability [9]	$89,545,700
Tax due at time of filing [10]	$6,891,579
Overpayments refunded [11]	($16,933,860)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	2,838
Number of joint returns	2,618
Number of returns with paid preparer's signature	2,072
Number of exemptions	9,067
Number of dependents	1,743
Adjust gross income (AGI) [2]	$1,429,443,915
Salaries and wages	$804,460,928
Taxable interest	$39,084,970
Ordinary dividends	$43,035,615
Business or professional net income (less loss)	$51,492,386
Net capital gain (less loss)	$161,650,429
Taxable individual retirement arrangements distributions	$14,438,074
Taxable pensions and annuities	$23,531,479
Unemployment compensation [3]	$102,896
Taxable Social Security benefits	$7,128,278
Self-employment retirement plans	$7,010,564
Total itemized deductions [4]	$191,395,162
State and local income taxes	$56,728,413
State and local general sales tax	$268,978
Real estate taxes	$13,954,615
Taxes paid	$72,896,540
Mortgage interest paid	$56,044,488
Contributions	$54,458,135
Taxable income	$1,211,962,980
Total tax credits [5]	$6,193,435
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$113,174
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$7,894,766
Income tax [8]	$321,042,941
Total tax liability [9]	$329,387,719
Tax due at time of filing [10]	$39,608,330
Overpayments refunded [11]	($20,558,059)

[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.