Home » Texas » COLLIN County » ZIP Code 75086 » Tax Stats

75086 Income Tax Overview

Total Number of Tax Returns for ZIP Code 75086 [1]	795
Total Number of Joint Tax Returns for ZIP Code 75086	263
Total Number of Dependents for ZIP Code 75086	283
Total Adjusted Gross Income for ZIP Code 75086	49,112,479
Average Income per Person for ZIP Code 75086	$49,112,479

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]	128
Number of joint returns	19
Number of returns with paid preparer's signature	58
Number of exemptions	164
Number of dependents	28
Adjust gross income (AGI) [2]	$291,630
Salaries and wages	$429,414
Taxable interest	$23,256
Ordinary dividends	$10,221
Business or professional net income (less loss)	($65,795)
Net capital gain (less loss)	($6,542)
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]	$174,972
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	$21,019
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$47,146
Excess earned income credit (refundable) [7]	$40,915
Alternative minimum tax	$0
Income tax [8]	$2,166
Total tax liability [9]	$22,019
Tax due at time of filing [10]	$5,998
Overpayments refunded [11]	($82,078)

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

Number of returns [1]	155
Number of joint returns	23
Number of returns with paid preparer's signature	75
Number of exemptions	302
Number of dependents	68
Adjust gross income (AGI) [2]	$2,697,736
Salaries and wages	$2,026,611
Taxable interest	$7,578
Ordinary dividends	$6,866
Business or professional net income (less loss)	$537,616
Net capital gain (less loss)	($6,464)
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$106,395
Unemployment compensation [3]	$107,403
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$424,092
State and local income taxes	$0
State and local general sales tax	$15,563
Real estate taxes	$107,064
Taxes paid	$91,242
Mortgage interest paid	$96,617
Contributions	$53,469
Taxable income	$704,601
Total tax credits [5]	$12,341
Residential energy tax credit	$0
Child tax credit	$5,927
Child and dependent care credit	$0
Earned income credit [6]	$175,639
Excess earned income credit (refundable) [7]	$142,412
Alternative minimum tax	$0
Income tax [8]	$64,008
Total tax liability [9]	$147,083
Tax due at time of filing [10]	$28,956
Overpayments refunded [11]	($301,500)

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

Number of returns [1]	192
Number of joint returns	37
Number of returns with paid preparer's signature	93
Number of exemptions	354
Number of dependents	63
Adjust gross income (AGI) [2]	$7,011,667
Salaries and wages	$5,717,227
Taxable interest	$86,440
Ordinary dividends	$66,095
Business or professional net income (less loss)	$405,913
Net capital gain (less loss)	$35,659
Taxable individual retirement arrangements distributions	$220,801
Taxable pensions and annuities	$449,321
Unemployment compensation [3]	$64,302
Taxable Social Security benefits	$134,068
Self-employment retirement plans	$0
Total itemized deductions [4]	$862,074
State and local income taxes	$17,350
State and local general sales tax	$52,052
Real estate taxes	$124,789
Taxes paid	$185,221
Mortgage interest paid	$250,501
Contributions	$121,805
Taxable income	$3,978,067
Total tax credits [5]	$71,605
Residential energy tax credit	$0
Child tax credit	$48,144
Child and dependent care credit	$10,576
Earned income credit [6]	$30,276
Excess earned income credit (refundable) [7]	$24,331
Alternative minimum tax	$0
Income tax [8]	$452,334
Total tax liability [9]	$530,407
Tax due at time of filing [10]	$47,231
Overpayments refunded [11]	($365,582)

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

Number of returns [1]	135
Number of joint returns	58
Number of returns with paid preparer's signature	64
Number of exemptions	272
Number of dependents	50
Adjust gross income (AGI) [2]	$8,220,789
Salaries and wages	$6,359,743
Taxable interest	$127,578
Ordinary dividends	$92,503
Business or professional net income (less loss)	$408,692
Net capital gain (less loss)	$99,131
Taxable individual retirement arrangements distributions	$267,778
Taxable pensions and annuities	$617,469
Unemployment compensation [3]	$0
Taxable Social Security benefits	$275,458
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,025,765
State and local income taxes	$0
State and local general sales tax	$53,665
Real estate taxes	$205,542
Taxes paid	$268,588
Mortgage interest paid	$398,939
Contributions	$185,606
Taxable income	$5,582,261
Total tax credits [5]	$57,270
Residential energy tax credit	$0
Child tax credit	$43,202
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]	$778,321
Total tax liability [9]	$859,012
Tax due at time of filing [10]	$54,900
Overpayments refunded [11]	($279,391)

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

Number of returns [1]	67
Number of joint returns	38
Number of returns with paid preparer's signature	26
Number of exemptions	145
Number of dependents	25
Adjust gross income (AGI) [2]	$5,775,028
Salaries and wages	$4,405,097
Taxable interest	$127,877
Ordinary dividends	$93,496
Business or professional net income (less loss)	$200,630
Net capital gain (less loss)	$18,413
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$315,345
Unemployment compensation [3]	$0
Taxable Social Security benefits	$284,716
Self-employment retirement plans	$0
Total itemized deductions [4]	$758,556
State and local income taxes	$0
State and local general sales tax	$50,593
Real estate taxes	$163,914
Taxes paid	$229,703
Mortgage interest paid	$259,424
Contributions	$124,801
Taxable income	$4,222,262
Total tax credits [5]	$33,984
Residential energy tax credit	$0
Child tax credit	$21,263
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]	$654,065
Total tax liability [9]	$699,130
Tax due at time of filing [10]	$97,202
Overpayments refunded [11]	($157,518)

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

Number of returns [1]	86
Number of joint returns	64
Number of returns with paid preparer's signature	42
Number of exemptions	211
Number of dependents	33
Adjust gross income (AGI) [2]	$11,254,346
Salaries and wages	$7,963,648
Taxable interest	$346,749
Ordinary dividends	$216,146
Business or professional net income (less loss)	$854,569
Net capital gain (less loss)	$90,686
Taxable individual retirement arrangements distributions	$336,354
Taxable pensions and annuities	$632,299
Unemployment compensation [3]	$0
Taxable Social Security benefits	$409,346
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,400,238
State and local income taxes	$70,287
State and local general sales tax	$117,691
Real estate taxes	$267,837
Taxes paid	$414,956
Mortgage interest paid	$482,836
Contributions	$255,851
Taxable income	$8,858,564
Total tax credits [5]	$28,751
Residential energy tax credit	$0
Child tax credit	$12,400
Child and dependent care credit	$6,205
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$1,632,060
Total tax liability [9]	$1,743,756
Tax due at time of filing [10]	$174,154
Overpayments refunded [11]	($193,090)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	32
Number of joint returns	24
Number of returns with paid preparer's signature	23
Number of exemptions	82
Number of dependents	16
Adjust gross income (AGI) [2]	$13,861,283
Salaries and wages	$6,859,298
Taxable interest	$859,018
Ordinary dividends	$472,992
Business or professional net income (less loss)	$0
Net capital gain (less loss)	$132,378
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]	$1,038,700
State and local income taxes	$0
State and local general sales tax	$43,717
Real estate taxes	$155,796
Taxes paid	$386,217
Mortgage interest paid	$362,900
Contributions	$289,577
Taxable income	$12,466,009
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	$46,545
Income tax [8]	$3,464,758
Total tax liability [9]	$3,570,665
Tax due at time of filing [10]	$363,907
Overpayments refunded [11]	($333,887)

[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.