Home » Tennessee » SHELBY County » ZIP Code 38125 » Tax Stats

38125 Income Tax Overview

Total Number of Tax Returns for ZIP Code 38125 [1]	17,490
Total Number of Joint Tax Returns for ZIP Code 38125	4,363
Total Number of Dependents for ZIP Code 38125	8,511
Total Adjusted Gross Income for ZIP Code 38125	961,761,365
Average Income per Person for ZIP Code 38125	$26,605

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]	2,575
Number of joint returns	130
Number of returns with paid preparer's signature	1,167
Number of exemptions	2,514
Number of dependents	526
Adjust gross income (AGI) [2]	$11,101,251
Salaries and wages	$13,850,313
Taxable interest	$540,310
Ordinary dividends	$1,101,077
Business or professional net income (less loss)	($1,802,280)
Net capital gain (less loss)	$206,231
Taxable individual retirement arrangements distributions	$219,625
Taxable pensions and annuities	$727,973
Unemployment compensation [3]	$183,258
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$3,743,962
State and local income taxes	$52,290
State and local general sales tax	$84,108
Real estate taxes	$413,588
Taxes paid	$620,774
Mortgage interest paid	$1,363,669
Contributions	$117,047
Taxable income	$674,280
Total tax credits [5]	$2,520
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$1,251,117
Excess earned income credit (refundable) [7]	$1,085,151
Alternative minimum tax	$0
Income tax [8]	$77,547
Total tax liability [9]	$401,162
Tax due at time of filing [10]	$72,673
Overpayments refunded [11]	($3,527,795)

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

Number of returns [1]	3,932
Number of joint returns	307
Number of returns with paid preparer's signature	2,306
Number of exemptions	7,924
Number of dependents	2,131
Adjust gross income (AGI) [2]	$68,237,284
Salaries and wages	$61,658,375
Taxable interest	$660,609
Ordinary dividends	$184,469
Business or professional net income (less loss)	$2,635,988
Net capital gain (less loss)	($69,514)
Taxable individual retirement arrangements distributions	$586,699
Taxable pensions and annuities	$3,107,194
Unemployment compensation [3]	$1,086,789
Taxable Social Security benefits	$194,733
Self-employment retirement plans	$0
Total itemized deductions [4]	$8,780,909
State and local income taxes	$73,929
State and local general sales tax	$456,626
Real estate taxes	$891,613
Taxes paid	$1,515,770
Mortgage interest paid	$4,110,372
Contributions	$1,190,128
Taxable income	$16,387,524
Total tax credits [5]	$531,830
Residential energy tax credit	$0
Child tax credit	$191,117
Child and dependent care credit	$79,024
Earned income credit [6]	$6,144,821
Excess earned income credit (refundable) [7]	$5,469,795
Alternative minimum tax	$0
Income tax [8]	$1,258,974
Total tax liability [9]	$2,250,066
Tax due at time of filing [10]	$313,666
Overpayments refunded [11]	($11,685,869)

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

Number of returns [1]	4,987
Number of joint returns	648
Number of returns with paid preparer's signature	2,575
Number of exemptions	10,418
Number of dependents	2,693
Adjust gross income (AGI) [2]	$181,499,271
Salaries and wages	$171,700,560
Taxable interest	$844,069
Ordinary dividends	$334,683
Business or professional net income (less loss)	($1,485,883)
Net capital gain (less loss)	($25,376)
Taxable individual retirement arrangements distributions	$1,505,798
Taxable pensions and annuities	$8,549,300
Unemployment compensation [3]	$918,164
Taxable Social Security benefits	$1,785,247
Self-employment retirement plans	$113,696
Total itemized deductions [4]	$39,106,905
State and local income taxes	$463,674
State and local general sales tax	$2,230,692
Real estate taxes	$3,489,770
Taxes paid	$6,607,866
Mortgage interest paid	$17,080,720
Contributions	$7,192,179
Taxable income	$87,754,127
Total tax credits [5]	$3,004,973
Residential energy tax credit	$10,893
Child tax credit	$1,547,836
Child and dependent care credit	$464,977
Earned income credit [6]	$1,484,927
Excess earned income credit (refundable) [7]	$1,289,606
Alternative minimum tax	$0
Income tax [8]	$8,041,457
Total tax liability [9]	$8,806,726
Tax due at time of filing [10]	$754,497
Overpayments refunded [11]	($13,666,045)

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

Number of returns [1]	2,852
Number of joint returns	920
Number of returns with paid preparer's signature	1,440
Number of exemptions	6,213
Number of dependents	1,445
Adjust gross income (AGI) [2]	$173,713,575
Salaries and wages	$157,943,949
Taxable interest	$1,159,973
Ordinary dividends	$515,996
Business or professional net income (less loss)	$726,341
Net capital gain (less loss)	$187,720
Taxable individual retirement arrangements distributions	$1,559,579
Taxable pensions and annuities	$9,387,746
Unemployment compensation [3]	$329,878
Taxable Social Security benefits	$3,270,645
Self-employment retirement plans	$0
Total itemized deductions [4]	$40,667,141
State and local income taxes	$618,039
State and local general sales tax	$2,417,915
Real estate taxes	$3,566,048
Taxes paid	$6,907,168
Mortgage interest paid	$17,584,654
Contributions	$8,848,226
Taxable income	$104,195,871
Total tax credits [5]	$1,901,577
Residential energy tax credit	$7,426
Child tax credit	$1,368,640
Child and dependent care credit	$213,150
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$6,502
Income tax [8]	$13,262,986
Total tax liability [9]	$13,978,814
Tax due at time of filing [10]	$1,011,991
Overpayments refunded [11]	($8,337,355)

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

Number of returns [1]	1,437
Number of joint returns	917
Number of returns with paid preparer's signature	696
Number of exemptions	3,785
Number of dependents	799
Adjust gross income (AGI) [2]	$124,002,212
Salaries and wages	$110,540,996
Taxable interest	$588,094
Ordinary dividends	$375,721
Business or professional net income (less loss)	$1,494,334
Net capital gain (less loss)	$125,799
Taxable individual retirement arrangements distributions	$1,281,402
Taxable pensions and annuities	$7,880,003
Unemployment compensation [3]	$235,208
Taxable Social Security benefits	$2,079,638
Self-employment retirement plans	$0
Total itemized deductions [4]	$28,846,626
State and local income taxes	$403,141
State and local general sales tax	$2,030,966
Real estate taxes	$2,886,168
Taxes paid	$5,752,951
Mortgage interest paid	$12,459,753
Contributions	$6,232,167
Taxable income	$80,896,499
Total tax credits [5]	$1,362,724
Residential energy tax credit	$13,065
Child tax credit	$855,780
Child and dependent care credit	$130,285
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$19,310
Income tax [8]	$11,104,175
Total tax liability [9]	$11,677,957
Tax due at time of filing [10]	$752,668
Overpayments refunded [11]	($4,408,823)

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

Number of returns [1]	1,390
Number of joint returns	1,156
Number of returns with paid preparer's signature	720
Number of exemptions	3,894
Number of dependents	769
Adjust gross income (AGI) [2]	$177,362,825
Salaries and wages	$152,800,937
Taxable interest	$1,909,997
Ordinary dividends	$1,079,493
Business or professional net income (less loss)	$1,953,102
Net capital gain (less loss)	$404,902
Taxable individual retirement arrangements distributions	$3,253,002
Taxable pensions and annuities	$12,003,597
Unemployment compensation [3]	$225,401
Taxable Social Security benefits	$2,737,669
Self-employment retirement plans	$196,719
Total itemized deductions [4]	$33,827,880
State and local income taxes	$758,317
State and local general sales tax	$2,371,237
Real estate taxes	$2,959,898
Taxes paid	$6,274,308
Mortgage interest paid	$13,049,560
Contributions	$9,678,710
Taxable income	$127,755,864
Total tax credits [5]	$750,075
Residential energy tax credit	$0
Child tax credit	$499,359
Child and dependent care credit	$138,749
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$66,522
Income tax [8]	$22,017,026
Total tax liability [9]	$22,887,607
Tax due at time of filing [10]	$1,589,735
Overpayments refunded [11]	($4,190,171)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	317
Number of joint returns	285
Number of returns with paid preparer's signature	247
Number of exemptions	874
Number of dependents	148
Adjust gross income (AGI) [2]	$225,844,947
Salaries and wages	$137,746,818
Taxable interest	$5,998,111
Ordinary dividends	$5,610,050
Business or professional net income (less loss)	$9,389,446
Net capital gain (less loss)	$8,103,667
Taxable individual retirement arrangements distributions	$1,162,123
Taxable pensions and annuities	$4,291,825
Unemployment compensation [3]	$0
Taxable Social Security benefits	$1,385,273
Self-employment retirement plans	$1,304,897
Total itemized deductions [4]	$21,660,505
State and local income taxes	$1,936,648
State and local general sales tax	$934,927
Real estate taxes	$2,881,442
Taxes paid	$5,799,959
Mortgage interest paid	$6,016,150
Contributions	$7,820,313
Taxable income	$201,525,305
Total tax credits [5]	$314,911
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$6,026
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$554,719
Income tax [8]	$59,527,622
Total tax liability [9]	$61,292,766
Tax due at time of filing [10]	$3,350,462
Overpayments refunded [11]	($3,734,781)

[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.