Home » Texas » TRAVIS County » ZIP Code 78724 » Tax Stats

78724 Income Tax Overview

Total Number of Tax Returns for ZIP Code 78724 [1]	6,806
Total Number of Joint Tax Returns for ZIP Code 78724	1,880
Total Number of Dependents for ZIP Code 78724	4,114
Total Adjusted Gross Income for ZIP Code 78724	200,026,837
Average Income per Person for ZIP Code 78724	$9,220

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]	1,241
Number of joint returns	98
Number of returns with paid preparer's signature	599
Number of exemptions	1,963
Number of dependents	496
Adjust gross income (AGI) [2]	$6,071,254
Salaries and wages	$5,384,880
Taxable interest	$34,777
Ordinary dividends	$2,877
Business or professional net income (less loss)	$532,413
Net capital gain (less loss)	$0
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$182,408
Unemployment compensation [3]	$68,886
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$402,116
State and local income taxes	$0
State and local general sales tax	$11,073
Real estate taxes	$63,346
Taxes paid	$88,639
Mortgage interest paid	$241,775
Contributions	$0
Taxable income	$122,530
Total tax credits [5]	$0
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$912,782
Excess earned income credit (refundable) [7]	$847,346
Alternative minimum tax	$0
Income tax [8]	$11,912
Total tax liability [9]	$158,150
Tax due at time of filing [10]	$58,837
Overpayments refunded [11]	($1,337,887)

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

Number of returns [1]	2,296
Number of joint returns	389
Number of returns with paid preparer's signature	1,353
Number of exemptions	5,788
Number of dependents	1,573
Adjust gross income (AGI) [2]	$40,695,170
Salaries and wages	$35,118,098
Taxable interest	$122,016
Ordinary dividends	$11,798
Business or professional net income (less loss)	$3,738,732
Net capital gain (less loss)	($11,670)
Taxable individual retirement arrangements distributions	$78,422
Taxable pensions and annuities	$1,430,009
Unemployment compensation [3]	$402,873
Taxable Social Security benefits	$57,449
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,153,799
State and local income taxes	$0
State and local general sales tax	$45,228
Real estate taxes	$172,197
Taxes paid	$227,847
Mortgage interest paid	$533,636
Contributions	$98,931
Taxable income	$8,054,676
Total tax credits [5]	$268,812
Residential energy tax credit	$0
Child tax credit	$185,651
Child and dependent care credit	$18,645
Earned income credit [6]	$3,820,127
Excess earned income credit (refundable) [7]	$3,434,256
Alternative minimum tax	$0
Income tax [8]	$599,765
Total tax liability [9]	$1,179,750
Tax due at time of filing [10]	$153,428
Overpayments refunded [11]	($6,967,012)

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

Number of returns [1]	2,353
Number of joint returns	804
Number of returns with paid preparer's signature	1,250
Number of exemptions	6,823
Number of dependents	1,581
Adjust gross income (AGI) [2]	$81,805,191
Salaries and wages	$76,147,149
Taxable interest	$133,194
Ordinary dividends	$59,672
Business or professional net income (less loss)	$2,219,562
Net capital gain (less loss)	($4,553)
Taxable individual retirement arrangements distributions	$285,440
Taxable pensions and annuities	$2,617,253
Unemployment compensation [3]	$336,414
Taxable Social Security benefits	$471,338
Self-employment retirement plans	$0
Total itemized deductions [4]	$4,370,495
State and local income taxes	$36,629
State and local general sales tax	$221,486
Real estate taxes	$714,486
Taxes paid	$1,032,844
Mortgage interest paid	$2,191,687
Contributions	$430,145
Taxable income	$37,131,326
Total tax credits [5]	$1,402,251
Residential energy tax credit	$0
Child tax credit	$1,171,116
Child and dependent care credit	$79,240
Earned income credit [6]	$912,587
Excess earned income credit (refundable) [7]	$793,829
Alternative minimum tax	$0
Income tax [8]	$3,149,735
Total tax liability [9]	$3,493,656
Tax due at time of filing [10]	$283,751
Overpayments refunded [11]	($6,671,512)

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

Number of returns [1]	642
Number of joint returns	362
Number of returns with paid preparer's signature	302
Number of exemptions	1,770
Number of dependents	349
Adjust gross income (AGI) [2]	$38,446,499
Salaries and wages	$33,724,800
Taxable interest	$168,556
Ordinary dividends	$50,561
Business or professional net income (less loss)	$648,140
Net capital gain (less loss)	$36,054
Taxable individual retirement arrangements distributions	$353,908
Taxable pensions and annuities	$2,685,542
Unemployment compensation [3]	$111,294
Taxable Social Security benefits	$747,715
Self-employment retirement plans	$0
Total itemized deductions [4]	$3,269,102
State and local income taxes	$28,493
State and local general sales tax	$172,533
Real estate taxes	$503,268
Taxes paid	$761,726
Mortgage interest paid	$1,465,201
Contributions	$454,380
Taxable income	$24,886,458
Total tax credits [5]	$576,049
Residential energy tax credit	$0
Child tax credit	$487,504
Child and dependent care credit	$21,302
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$3,004,963
Total tax liability [9]	$3,126,038
Tax due at time of filing [10]	$179,741
Overpayments refunded [11]	($1,628,433)

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

Number of returns [1]	176
Number of joint returns	148
Number of returns with paid preparer's signature	79
Number of exemptions	488
Number of dependents	78
Adjust gross income (AGI) [2]	$15,131,566
Salaries and wages	$12,588,803
Taxable interest	$74,201
Ordinary dividends	$13,135
Business or professional net income (less loss)	$461,762
Net capital gain (less loss)	$41,546
Taxable individual retirement arrangements distributions	$88,686
Taxable pensions and annuities	$1,333,489
Unemployment compensation [3]	$0
Taxable Social Security benefits	$360,429
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,637,458
State and local income taxes	$63,947
State and local general sales tax	$91,587
Real estate taxes	$233,482
Taxes paid	$362,477
Mortgage interest paid	$689,745
Contributions	$238,967
Taxable income	$10,815,499
Total tax credits [5]	$147,799
Residential energy tax credit	$0
Child tax credit	$105,681
Child and dependent care credit	$8,267
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$1,467,016
Total tax liability [9]	$1,575,197
Tax due at time of filing [10]	$123,609
Overpayments refunded [11]	($448,533)

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

Number of returns [1]	87
Number of joint returns	69
Number of returns with paid preparer's signature	48
Number of exemptions	205
Number of dependents	37
Adjust gross income (AGI) [2]	$11,078,364
Salaries and wages	$11,353,003
Taxable interest	$25,693
Ordinary dividends	$84,828
Business or professional net income (less loss)	$98,746
Net capital gain (less loss)	$66,925
Taxable individual retirement arrangements distributions	$0
Taxable pensions and annuities	$986,028
Unemployment compensation [3]	$0
Taxable Social Security benefits	$151,656
Self-employment retirement plans	$0
Total itemized deductions [4]	$1,286,177
State and local income taxes	$0
State and local general sales tax	$114,406
Real estate taxes	$334,039
Taxes paid	$383,871
Mortgage interest paid	$692,998
Contributions	$296,003
Taxable income	$8,725,239
Total tax credits [5]	$38,282
Residential energy tax credit	$0
Child tax credit	$23,600
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]	$1,597,330
Total tax liability [9]	$1,675,910
Tax due at time of filing [10]	$146,323
Overpayments refunded [11]	($240,181)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	11
Number of joint returns	10
Number of returns with paid preparer's signature	0
Number of exemptions	33
Number of dependents	0
Adjust gross income (AGI) [2]	$6,798,793
Salaries and wages	$0
Taxable interest	$0
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	$6,243,482
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	$0
Income tax [8]	$1,885,548
Total tax liability [9]	$1,955,715
Tax due at time of filing [10]	$0
Overpayments refunded [11]	$0

[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.