Home » Texas » HILL County » ZIP Code 76621 » Tax Stats

76621 Income Tax Overview

Total Number of Tax Returns for ZIP Code 76621 [1]	482
Total Number of Joint Tax Returns for ZIP Code 76621	247
Total Number of Dependents for ZIP Code 76621	179
Total Adjusted Gross Income for ZIP Code 76621	23,069,655
Average Income per Person for ZIP Code 76621	$22,247

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]	95
Number of joint returns	14
Number of returns with paid preparer's signature	57
Number of exemptions	88
Number of dependents	0
Adjust gross income (AGI) [2]	$276,499
Salaries and wages	$379,158
Taxable interest	$39,048
Ordinary dividends	$0
Business or professional net income (less loss)	$11,460
Net capital gain (less loss)	$1,743
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$49,408
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	$20,769
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$22,042
Excess earned income credit (refundable) [7]	$20,705
Alternative minimum tax	$0
Income tax [8]	$2,067
Total tax liability [9]	$6,943
Tax due at time of filing [10]	$0
Overpayments refunded [11]	($51,625)

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

Number of returns [1]	74
Number of joint returns	19
Number of returns with paid preparer's signature	56
Number of exemptions	130
Number of dependents	31
Adjust gross income (AGI) [2]	$1,268,552
Salaries and wages	$956,335
Taxable interest	$45,147
Ordinary dividends	$0
Business or professional net income (less loss)	$0
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	$366,248
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$71,692
Excess earned income credit (refundable) [7]	$67,884
Alternative minimum tax	$0
Income tax [8]	$33,705
Total tax liability [9]	$57,192
Tax due at time of filing [10]	$19,760
Overpayments refunded [11]	($133,111)

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

Number of returns [1]	132
Number of joint returns	61
Number of returns with paid preparer's signature	91
Number of exemptions	280
Number of dependents	50
Adjust gross income (AGI) [2]	$4,697,390
Salaries and wages	$3,772,279
Taxable interest	$154,025
Ordinary dividends	$34,952
Business or professional net income (less loss)	$163,583
Net capital gain (less loss)	($8,228)
Taxable individual retirement arrangements distributions	$146,847
Taxable pensions and annuities	$333,988
Unemployment compensation [3]	$0
Taxable Social Security benefits	$94,096
Self-employment retirement plans	$0
Total itemized deductions [4]	$323,509
State and local income taxes	$0
State and local general sales tax	$9,301
Real estate taxes	$20,599
Taxes paid	$53,432
Mortgage interest paid	$0
Contributions	$38,245
Taxable income	$2,478,647
Total tax credits [5]	$49,994
Residential energy tax credit	$0
Child tax credit	$36,561
Child and dependent care credit	$0
Earned income credit [6]	$29,642
Excess earned income credit (refundable) [7]	$26,152
Alternative minimum tax	$0
Income tax [8]	$256,446
Total tax liability [9]	$314,513
Tax due at time of filing [10]	$55,956
Overpayments refunded [11]	($257,321)

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

Number of returns [1]	86
Number of joint returns	65
Number of returns with paid preparer's signature	67
Number of exemptions	235
Number of dependents	47
Adjust gross income (AGI) [2]	$5,295,895
Salaries and wages	$4,523,898
Taxable interest	$128,785
Ordinary dividends	$23,846
Business or professional net income (less loss)	$74,879
Net capital gain (less loss)	$26,603
Taxable individual retirement arrangements distributions	$52,970
Taxable pensions and annuities	$365,136
Unemployment compensation [3]	$0
Taxable Social Security benefits	$135,012
Self-employment retirement plans	$0
Total itemized deductions [4]	$0
State and local income taxes	$0
State and local general sales tax	$20,444
Real estate taxes	$0
Taxes paid	$0
Mortgage interest paid	$124,408
Contributions	$0
Taxable income	$3,501,638
Total tax credits [5]	$82,571
Residential energy tax credit	$0
Child tax credit	$64,694
Child and dependent care credit	$9,812
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$403,921
Total tax liability [9]	$429,831
Tax due at time of filing [10]	$43,412
Overpayments refunded [11]	($199,616)

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

Number of returns [1]	44
Number of joint returns	40
Number of returns with paid preparer's signature	30
Number of exemptions	127
Number of dependents	21
Adjust gross income (AGI) [2]	$3,817,877
Salaries and wages	$3,033,698
Taxable interest	$58,018
Ordinary dividends	$0
Business or professional net income (less loss)	$0
Net capital gain (less loss)	$0
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$293,620
Unemployment compensation [3]	$0
Taxable Social Security benefits	$229,133
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	$2,818,389
Total tax credits [5]	$43,222
Residential energy tax credit	$0
Child tax credit	$32,000
Child and dependent care credit	$6,331
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$352,996
Total tax liability [9]	$390,347
Tax due at time of filing [10]	$81,973
Overpayments refunded [11]	($74,092)

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

Number of returns [1]	51
Number of joint returns	48
Number of returns with paid preparer's signature	33
Number of exemptions	158
Number of dependents	30
Adjust gross income (AGI) [2]	$7,713,442
Salaries and wages	$4,307,061
Taxable interest	$107,040
Ordinary dividends	$27,193
Business or professional net income (less loss)	$0
Net capital gain (less loss)	$384,210
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]	$388,796
State and local income taxes	$0
State and local general sales tax	$48,889
Real estate taxes	$83,353
Taxes paid	$139,820
Mortgage interest paid	$142,149
Contributions	$101,840
Taxable income	$6,437,737
Total tax credits [5]	$27,063
Residential energy tax credit	$0
Child tax credit	$23,050
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]	$1,175,324
Total tax liability [9]	$1,310,364
Tax due at time of filing [10]	$317,140
Overpayments refunded [11]	($102,016)

[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.