Home » Texas » HIDALGO County » ZIP Code 78501 » Tax Stats

78501 Income Tax Overview

Total Number of Tax Returns for ZIP Code 78501 [1]	22,199
Total Number of Joint Tax Returns for ZIP Code 78501	6,965
Total Number of Dependents for ZIP Code 78501	11,548
Total Adjusted Gross Income for ZIP Code 78501	833,708,073
Average Income per Person for ZIP Code 78501	$13,618

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]	5,025
Number of joint returns	650
Number of returns with paid preparer's signature	3,167
Number of exemptions	6,688
Number of dependents	1,444
Adjust gross income (AGI) [2]	$22,758,240
Salaries and wages	$21,353,816
Taxable interest	$839,317
Ordinary dividends	$420,960
Business or professional net income (less loss)	$2,804,129
Net capital gain (less loss)	($19,950)
Taxable individual retirement arrangements distributions	$321,786
Taxable pensions and annuities	$891,147
Unemployment compensation [3]	$194,853
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,919,268
State and local income taxes	$0
State and local general sales tax	$36,799
Real estate taxes	$214,841
Taxes paid	$279,525
Mortgage interest paid	$614,590
Contributions	$37,387
Taxable income	$898,535
Total tax credits [5]	$1,720
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$3,623,842
Excess earned income credit (refundable) [7]	$2,907,779
Alternative minimum tax	$0
Income tax [8]	$85,546
Total tax liability [9]	$1,100,187
Tax due at time of filing [10]	$207,888
Overpayments refunded [11]	($5,147,976)

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

Number of returns [1]	8,172
Number of joint returns	1,771
Number of returns with paid preparer's signature	5,838
Number of exemptions	18,909
Number of dependents	5,173
Adjust gross income (AGI) [2]	$133,554,766
Salaries and wages	$109,311,012
Taxable interest	$1,300,234
Ordinary dividends	$428,949
Business or professional net income (less loss)	$16,402,186
Net capital gain (less loss)	$112,001
Taxable individual retirement arrangements distributions	$1,001,054
Taxable pensions and annuities	$4,961,198
Unemployment compensation [3]	$1,808,991
Taxable Social Security benefits	$149,452
Self-employment retirement plans	$0
Total itemized deductions [4]	$4,911,055
State and local income taxes	$42,169
State and local general sales tax	$208,606
Real estate taxes	$490,460
Taxes paid	$842,003
Mortgage interest paid	$1,177,382
Contributions	$382,924
Taxable income	$23,864,773
Total tax credits [5]	$668,026
Residential energy tax credit	$0
Child tax credit	$374,176
Child and dependent care credit	$49,090
Earned income credit [6]	$17,459,386
Excess earned income credit (refundable) [7]	$14,896,802
Alternative minimum tax	$0
Income tax [8]	$1,880,495
Total tax liability [9]	$4,789,335
Tax due at time of filing [10]	$399,256
Overpayments refunded [11]	($26,147,333)

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

Number of returns [1]	4,662
Number of joint returns	1,662
Number of returns with paid preparer's signature	3,035
Number of exemptions	11,069
Number of dependents	2,586
Adjust gross income (AGI) [2]	$166,096,908
Salaries and wages	$144,598,843
Taxable interest	$2,183,442
Ordinary dividends	$791,475
Business or professional net income (less loss)	$2,139,803
Net capital gain (less loss)	$412,982
Taxable individual retirement arrangements distributions	$1,646,524
Taxable pensions and annuities	$10,165,301
Unemployment compensation [3]	$1,329,523
Taxable Social Security benefits	$2,173,288
Self-employment retirement plans	$0
Total itemized deductions [4]	$17,014,942
State and local income taxes	$146,577
State and local general sales tax	$802,398
Real estate taxes	$1,592,111
Taxes paid	$2,861,055
Mortgage interest paid	$3,419,214
Contributions	$1,503,182
Taxable income	$80,204,533
Total tax credits [5]	$2,387,388
Residential energy tax credit	$0
Child tax credit	$1,686,962
Child and dependent care credit	$154,406
Earned income credit [6]	$2,024,118
Excess earned income credit (refundable) [7]	$1,699,329
Alternative minimum tax	$0
Income tax [8]	$7,469,715
Total tax liability [9]	$8,514,330
Tax due at time of filing [10]	$850,609
Overpayments refunded [11]	($12,921,691)

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

Number of returns [1]	1,941
Number of joint returns	1,028
Number of returns with paid preparer's signature	1,248
Number of exemptions	4,922
Number of dependents	1,035
Adjust gross income (AGI) [2]	$118,136,794
Salaries and wages	$99,976,136
Taxable interest	$1,688,231
Ordinary dividends	$583,880
Business or professional net income (less loss)	$1,864,785
Net capital gain (less loss)	$529,292
Taxable individual retirement arrangements distributions	$1,545,880
Taxable pensions and annuities	$8,344,859
Unemployment compensation [3]	$522,727
Taxable Social Security benefits	$2,896,602
Self-employment retirement plans	$91,068
Total itemized deductions [4]	$16,228,160
State and local income taxes	$147,236
State and local general sales tax	$920,493
Real estate taxes	$1,750,001
Taxes paid	$3,094,105
Mortgage interest paid	$3,424,697
Contributions	$1,623,612
Taxable income	$74,054,629
Total tax credits [5]	$1,657,556
Residential energy tax credit	$18,629
Child tax credit	$1,113,928
Child and dependent care credit	$66,099
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$36,064
Income tax [8]	$8,970,243
Total tax liability [9]	$9,545,641
Tax due at time of filing [10]	$850,894
Overpayments refunded [11]	($5,853,809)

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

Number of returns [1]	1,074
Number of joint returns	791
Number of returns with paid preparer's signature	677
Number of exemptions	3,015
Number of dependents	576
Adjust gross income (AGI) [2]	$92,214,478
Salaries and wages	$76,417,483
Taxable interest	$1,902,019
Ordinary dividends	$701,554
Business or professional net income (less loss)	$1,640,412
Net capital gain (less loss)	$451,889
Taxable individual retirement arrangements distributions	$1,346,942
Taxable pensions and annuities	$6,783,442
Unemployment compensation [3]	$227,213
Taxable Social Security benefits	$2,193,614
Self-employment retirement plans	$0
Total itemized deductions [4]	$12,436,698
State and local income taxes	$222,934
State and local general sales tax	$695,030
Real estate taxes	$1,461,753
Taxes paid	$2,511,539
Mortgage interest paid	$3,243,027
Contributions	$1,465,568
Taxable income	$63,667,364
Total tax credits [5]	$1,215,548
Residential energy tax credit	$0
Child tax credit	$733,193
Child and dependent care credit	$57,437
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$55,056
Income tax [8]	$8,531,995
Total tax liability [9]	$9,053,248
Tax due at time of filing [10]	$785,155
Overpayments refunded [11]	($3,669,790)

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

Number of returns [1]	1,008
Number of joint returns	821
Number of returns with paid preparer's signature	698
Number of exemptions	3,032
Number of dependents	594
Adjust gross income (AGI) [2]	$132,012,918
Salaries and wages	$99,558,563
Taxable interest	$3,604,474
Ordinary dividends	$1,933,330
Business or professional net income (less loss)	$5,287,138
Net capital gain (less loss)	$3,665,297
Taxable individual retirement arrangements distributions	$2,228,131
Taxable pensions and annuities	$8,151,842
Unemployment compensation [3]	$81,073
Taxable Social Security benefits	$2,339,272
Self-employment retirement plans	$0
Total itemized deductions [4]	$15,311,178
State and local income taxes	$243,083
State and local general sales tax	$1,026,294
Real estate taxes	$2,332,180
Taxes paid	$3,725,948
Mortgage interest paid	$4,369,259
Contributions	$2,286,490
Taxable income	$101,496,558
Total tax credits [5]	$1,297,518
Residential energy tax credit	$0
Child tax credit	$411,844
Child and dependent care credit	$64,862
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$180,071
Income tax [8]	$17,485,305
Total tax liability [9]	$18,593,904
Tax due at time of filing [10]	$2,529,006
Overpayments refunded [11]	($3,112,784)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	317
Number of joint returns	242
Number of returns with paid preparer's signature	288
Number of exemptions	854
Number of dependents	140
Adjust gross income (AGI) [2]	$168,933,969
Salaries and wages	$49,931,207
Taxable interest	$10,939,907
Ordinary dividends	$5,969,957
Business or professional net income (less loss)	$13,441,014
Net capital gain (less loss)	$26,324,913
Taxable individual retirement arrangements distributions	$1,868,564
Taxable pensions and annuities	$2,882,770
Unemployment compensation [3]	$0
Taxable Social Security benefits	$1,420,445
Self-employment retirement plans	$721,038
Total itemized deductions [4]	$12,272,714
State and local income taxes	$77,166
State and local general sales tax	$679,876
Real estate taxes	$2,032,235
Taxes paid	$2,886,608
Mortgage interest paid	$2,257,946
Contributions	$3,359,893
Taxable income	$153,570,939
Total tax credits [5]	$1,559,427
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$8,638
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$563,558
Income tax [8]	$39,959,522
Total tax liability [9]	$41,613,891
Tax due at time of filing [10]	$6,021,973
Overpayments refunded [11]	($2,001,598)

[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.