Home » Illinois » KANE County » ZIP Code 60505 » Tax Stats

60505 Income Tax Overview

Total Number of Tax Returns for ZIP Code 60505 [1]	23,662
Total Number of Joint Tax Returns for ZIP Code 60505	7,088
Total Number of Dependents for ZIP Code 60505	14,105
Total Adjusted Gross Income for ZIP Code 60505	731,716,971
Average Income per Person for ZIP Code 60505	$9,556

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]	3,802
Number of joint returns	325
Number of returns with paid preparer's signature	2,139
Number of exemptions	5,276
Number of dependents	1,168
Adjust gross income (AGI) [2]	$19,681,386
Salaries and wages	$17,404,993
Taxable interest	$379,101
Ordinary dividends	$175,249
Business or professional net income (less loss)	$1,561,379
Net capital gain (less loss)	($101,760)
Taxable individual retirement arrangements distributions	$282,293
Taxable pensions and annuities	$1,085,195
Unemployment compensation [3]	$609,968
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,875,294
State and local income taxes	$18,985
State and local general sales tax	$30,807
Real estate taxes	$391,075
Taxes paid	$470,673
Mortgage interest paid	$854,699
Contributions	$70,232
Taxable income	$758,019
Total tax credits [5]	$663
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$2,001,233
Excess earned income credit (refundable) [7]	$1,809,254
Alternative minimum tax	$0
Income tax [8]	$75,856
Total tax liability [9]	$407,712
Tax due at time of filing [10]	$113,603
Overpayments refunded [11]	($3,379,439)

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

Number of returns [1]	8,445
Number of joint returns	1,505
Number of returns with paid preparer's signature	5,915
Number of exemptions	22,484
Number of dependents	5,719
Adjust gross income (AGI) [2]	$149,244,425
Salaries and wages	$132,172,605
Taxable interest	$1,356,932
Ordinary dividends	$408,447
Business or professional net income (less loss)	$5,372,852
Net capital gain (less loss)	($17,567)
Taxable individual retirement arrangements distributions	$1,237,310
Taxable pensions and annuities	$5,458,695
Unemployment compensation [3]	$4,830,297
Taxable Social Security benefits	$216,965
Self-employment retirement plans	$0
Total itemized deductions [4]	$11,382,688
State and local income taxes	$328,811
State and local general sales tax	$170,091
Real estate taxes	$2,218,816
Taxes paid	$2,817,934
Mortgage interest paid	$5,691,403
Contributions	$580,806
Taxable income	$25,536,209
Total tax credits [5]	$788,057
Residential energy tax credit	$0
Child tax credit	$457,340
Child and dependent care credit	$81,158
Earned income credit [6]	$9,205,081
Excess earned income credit (refundable) [7]	$8,549,342
Alternative minimum tax	$0
Income tax [8]	$1,952,950
Total tax liability [9]	$2,902,195
Tax due at time of filing [10]	$215,268
Overpayments refunded [11]	($21,511,505)

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

Number of returns [1]	7,647
Number of joint returns	2,656
Number of returns with paid preparer's signature	5,144
Number of exemptions	23,333
Number of dependents	5,103
Adjust gross income (AGI) [2]	$267,406,409
Salaries and wages	$246,149,477
Taxable interest	$1,735,562
Ordinary dividends	$574,986
Business or professional net income (less loss)	$2,262,187
Net capital gain (less loss)	($39,210)
Taxable individual retirement arrangements distributions	$2,065,800
Taxable pensions and annuities	$8,242,310
Unemployment compensation [3]	$5,600,920
Taxable Social Security benefits	$2,519,372
Self-employment retirement plans	$0
Total itemized deductions [4]	$37,074,985
State and local income taxes	$2,120,184
State and local general sales tax	$305,314
Real estate taxes	$6,457,743
Taxes paid	$9,169,921
Mortgage interest paid	$17,297,240
Contributions	$2,274,326
Taxable income	$109,060,719
Total tax credits [5]	$4,110,719
Residential energy tax credit	$5,549
Child tax credit	$3,144,801
Child and dependent care credit	$373,782
Earned income credit [6]	$2,187,640
Excess earned income credit (refundable) [7]	$1,961,191
Alternative minimum tax	$0
Income tax [8]	$9,144,426
Total tax liability [9]	$9,713,883
Tax due at time of filing [10]	$399,384
Overpayments refunded [11]	($23,037,846)

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

Number of returns [1]	2,407
Number of joint returns	1,505
Number of returns with paid preparer's signature	1,548
Number of exemptions	7,607
Number of dependents	1,452
Adjust gross income (AGI) [2]	$144,794,234
Salaries and wages	$126,688,254
Taxable interest	$1,532,366
Ordinary dividends	$487,612
Business or professional net income (less loss)	$1,337,508
Net capital gain (less loss)	$306,917
Taxable individual retirement arrangements distributions	$1,672,954
Taxable pensions and annuities	$7,263,070
Unemployment compensation [3]	$2,606,506
Taxable Social Security benefits	$3,285,990
Self-employment retirement plans	$0
Total itemized deductions [4]	$24,066,377
State and local income taxes	$2,115,519
State and local general sales tax	$151,521
Real estate taxes	$4,307,848
Taxes paid	$6,746,785
Mortgage interest paid	$10,646,898
Contributions	$1,989,504
Taxable income	$83,775,557
Total tax credits [5]	$2,490,785
Residential energy tax credit	$0
Child tax credit	$2,014,224
Child and dependent care credit	$171,845
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$9,144,570
Total tax liability [9]	$9,513,098
Tax due at time of filing [10]	$443,824
Overpayments refunded [11]	($7,659,687)

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

Number of returns [1]	829
Number of joint returns	649
Number of returns with paid preparer's signature	510
Number of exemptions	2,478
Number of dependents	441
Adjust gross income (AGI) [2]	$70,427,414
Salaries and wages	$59,224,091
Taxable interest	$809,154
Ordinary dividends	$393,234
Business or professional net income (less loss)	$683,212
Net capital gain (less loss)	$256,925
Taxable individual retirement arrangements distributions	$1,395,064
Taxable pensions and annuities	$4,634,347
Unemployment compensation [3]	$709,342
Taxable Social Security benefits	$2,150,750
Self-employment retirement plans	$0
Total itemized deductions [4]	$10,887,859
State and local income taxes	$1,239,299
State and local general sales tax	$63,039
Real estate taxes	$2,080,025
Taxes paid	$3,444,986
Mortgage interest paid	$4,443,421
Contributions	$1,279,410
Taxable income	$47,884,811
Total tax credits [5]	$882,042
Residential energy tax credit	$0
Child tax credit	$664,332
Child and dependent care credit	$65,240
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$11,928
Income tax [8]	$6,222,850
Total tax liability [9]	$6,396,963
Tax due at time of filing [10]	$290,991
Overpayments refunded [11]	($2,590,234)

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

Number of returns [1]	481
Number of joint returns	408
Number of returns with paid preparer's signature	277
Number of exemptions	1,304
Number of dependents	202
Adjust gross income (AGI) [2]	$59,613,329
Salaries and wages	$45,168,259
Taxable interest	$970,282
Ordinary dividends	$783,227
Business or professional net income (less loss)	$900,927
Net capital gain (less loss)	$684,974
Taxable individual retirement arrangements distributions	$2,166,577
Taxable pensions and annuities	$4,846,091
Unemployment compensation [3]	$306,125
Taxable Social Security benefits	$1,636,126
Self-employment retirement plans	$0
Total itemized deductions [4]	$8,468,960
State and local income taxes	$1,180,371
State and local general sales tax	$50,973
Real estate taxes	$1,767,039
Taxes paid	$3,090,924
Mortgage interest paid	$3,364,539
Contributions	$1,120,478
Taxable income	$45,213,002
Total tax credits [5]	$230,753
Residential energy tax credit	$0
Child tax credit	$172,600
Child and dependent care credit	$16,508
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$7,764,032
Total tax liability [9]	$8,005,113
Tax due at time of filing [10]	$658,678
Overpayments refunded [11]	($1,377,942)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	51
Number of joint returns	40
Number of returns with paid preparer's signature	33
Number of exemptions	125
Number of dependents	20
Adjust gross income (AGI) [2]	$20,549,774
Salaries and wages	$10,153,399
Taxable interest	$582,119
Ordinary dividends	$346,530
Business or professional net income (less loss)	$0
Net capital gain (less loss)	$542,959
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$985,929
Unemployment compensation [3]	$0
Taxable Social Security benefits	$350,466
Self-employment retirement plans	$0
Total itemized deductions [4]	$2,222,460
State and local income taxes	$607,590
State and local general sales tax	$0
Real estate taxes	$336,566
Taxes paid	$965,799
Mortgage interest paid	$384,926
Contributions	$330,500
Taxable income	$17,891,075
Total tax credits [5]	$1,470
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	$120,239
Income tax [8]	$4,981,336
Total tax liability [9]	$5,018,917
Tax due at time of filing [10]	$653,491
Overpayments refunded [11]	($316,450)

[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.