Home » Washington » KING County » ZIP Code 98033 » Tax Stats

98033 Income Tax Overview

Total Number of Tax Returns for ZIP Code 98033 [1]	17,542
Total Number of Joint Tax Returns for ZIP Code 98033	6,971
Total Number of Dependents for ZIP Code 98033	4,623
Total Adjusted Gross Income for ZIP Code 98033	2,112,063,654
Average Income per Person for ZIP Code 98033	$61,508

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]	2,351
Number of joint returns	230
Number of returns with paid preparer's signature	927
Number of exemptions	1,906
Number of dependents	173
Adjust gross income (AGI) [2]	$2,803,509
Salaries and wages	$13,941,743
Taxable interest	$6,267,055
Ordinary dividends	$2,320,780
Business or professional net income (less loss)	($5,464,769)
Net capital gain (less loss)	$1,074,181
Taxable individual retirement arrangements distributions	$1,217,522
Taxable pensions and annuities	$773,424
Unemployment compensation [3]	$167,735
Taxable Social Security benefits	$0
Self-employment retirement plans	$0
Total itemized deductions [4]	$16,453,363
State and local income taxes	$118,055
State and local general sales tax	$215,153
Real estate taxes	$2,296,008
Taxes paid	$2,705,677
Mortgage interest paid	$7,187,675
Contributions	$112,745
Taxable income	$855,101
Total tax credits [5]	$4,201
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$0
Earned income credit [6]	$244,957
Excess earned income credit (refundable) [7]	$185,561
Alternative minimum tax	$0
Income tax [8]	$85,528
Total tax liability [9]	$766,265
Tax due at time of filing [10]	$326,430
Overpayments refunded [11]	($3,028,224)

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

Number of returns [1]	1,962
Number of joint returns	230
Number of returns with paid preparer's signature	792
Number of exemptions	2,440
Number of dependents	266
Adjust gross income (AGI) [2]	$33,965,542
Salaries and wages	$25,185,809
Taxable interest	$1,836,981
Ordinary dividends	$1,628,170
Business or professional net income (less loss)	$2,455,137
Net capital gain (less loss)	$236,638
Taxable individual retirement arrangements distributions	$1,582,557
Taxable pensions and annuities	$3,333,396
Unemployment compensation [3]	$546,271
Taxable Social Security benefits	$268,251
Self-employment retirement plans	$0
Total itemized deductions [4]	$9,421,498
State and local income taxes	$84,834
State and local general sales tax	$266,137
Real estate taxes	$1,321,851
Taxes paid	$1,714,078
Mortgage interest paid	$3,619,587
Contributions	$504,296
Taxable income	$12,143,929
Total tax credits [5]	$161,878
Residential energy tax credit	$0
Child tax credit	$26,835
Child and dependent care credit	$6,908
Earned income credit [6]	$566,154
Excess earned income credit (refundable) [7]	$439,258
Alternative minimum tax	$0
Income tax [8]	$1,168,987
Total tax liability [9]	$1,673,892
Tax due at time of filing [10]	$298,245
Overpayments refunded [11]	($2,703,085)

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

Number of returns [1]	3,086
Number of joint returns	513
Number of returns with paid preparer's signature	1,167
Number of exemptions	4,338
Number of dependents	463
Adjust gross income (AGI) [2]	$114,526,878
Salaries and wages	$89,580,279
Taxable interest	$3,335,144
Ordinary dividends	$3,513,480
Business or professional net income (less loss)	$5,682,650
Net capital gain (less loss)	$512,594
Taxable individual retirement arrangements distributions	$2,780,195
Taxable pensions and annuities	$7,526,170
Unemployment compensation [3]	$1,310,350
Taxable Social Security benefits	$3,264,228
Self-employment retirement plans	$176,508
Total itemized deductions [4]	$19,226,112
State and local income taxes	$173,826
State and local general sales tax	$845,365
Real estate taxes	$3,072,396
Taxes paid	$4,189,569
Mortgage interest paid	$8,742,258
Contributions	$1,278,674
Taxable income	$68,498,801
Total tax credits [5]	$668,459
Residential energy tax credit	$0
Child tax credit	$299,358
Child and dependent care credit	$26,112
Earned income credit [6]	$138,509
Excess earned income credit (refundable) [7]	$91,463
Alternative minimum tax	$0
Income tax [8]	$8,326,883
Total tax liability [9]	$9,347,139
Tax due at time of filing [10]	$842,315
Overpayments refunded [11]	($5,090,086)

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

Number of returns [1]	2,336
Number of joint returns	702
Number of returns with paid preparer's signature	1,060
Number of exemptions	3,847
Number of dependents	513
Adjust gross income (AGI) [2]	$143,952,482
Salaries and wages	$110,899,713
Taxable interest	$4,486,320
Ordinary dividends	$4,317,182
Business or professional net income (less loss)	$6,211,120
Net capital gain (less loss)	$689,427
Taxable individual retirement arrangements distributions	$4,334,618
Taxable pensions and annuities	$9,054,046
Unemployment compensation [3]	$1,023,734
Taxable Social Security benefits	$5,572,290
Self-employment retirement plans	$297,109
Total itemized deductions [4]	$28,986,820
State and local income taxes	$344,383
State and local general sales tax	$1,497,301
Real estate taxes	$4,566,889
Taxes paid	$6,578,094
Mortgage interest paid	$14,214,319
Contributions	$2,387,998
Taxable income	$94,543,741
Total tax credits [5]	$672,069
Residential energy tax credit	$0
Child tax credit	$451,661
Child and dependent care credit	$27,179
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$0
Income tax [8]	$14,050,356
Total tax liability [9]	$15,252,058
Tax due at time of filing [10]	$1,182,580
Overpayments refunded [11]	($5,661,228)

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

Number of returns [1]	1,900
Number of joint returns	886
Number of returns with paid preparer's signature	829
Number of exemptions	3,647
Number of dependents	508
Adjust gross income (AGI) [2]	$165,794,049
Salaries and wages	$128,813,624
Taxable interest	$4,419,703
Ordinary dividends	$4,006,322
Business or professional net income (less loss)	$5,902,177
Net capital gain (less loss)	$1,733,235
Taxable individual retirement arrangements distributions	$4,676,066
Taxable pensions and annuities	$9,964,733
Unemployment compensation [3]	$551,746
Taxable Social Security benefits	$5,809,925
Self-employment retirement plans	$337,710
Total itemized deductions [4]	$31,377,881
State and local income taxes	$421,578
State and local general sales tax	$1,897,996
Real estate taxes	$4,859,617
Taxes paid	$7,360,721
Mortgage interest paid	$16,528,327
Contributions	$2,936,673
Taxable income	$116,214,940
Total tax credits [5]	$803,177
Residential energy tax credit	$0
Child tax credit	$505,341
Child and dependent care credit	$29,948
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$53,597
Income tax [8]	$18,714,404
Total tax liability [9]	$19,849,754
Tax due at time of filing [10]	$1,170,918
Overpayments refunded [11]	($6,052,313)

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

Number of returns [1]	3,704
Number of joint returns	2,567
Number of returns with paid preparer's signature	1,790
Number of exemptions	8,973
Number of dependents	1,551
Adjust gross income (AGI) [2]	$517,952,670
Salaries and wages	$421,529,009
Taxable interest	$11,749,893
Ordinary dividends	$14,884,453
Business or professional net income (less loss)	$22,667,807
Net capital gain (less loss)	$5,316,772
Taxable individual retirement arrangements distributions	$11,773,193
Taxable pensions and annuities	$16,939,959
Unemployment compensation [3]	$894,500
Taxable Social Security benefits	$7,921,697
Self-employment retirement plans	$1,782,675
Total itemized deductions [4]	$94,415,355
State and local income taxes	$2,047,390
State and local general sales tax	$6,548,883
Real estate taxes	$15,045,864
Taxes paid	$24,274,516
Mortgage interest paid	$52,323,533
Contributions	$9,034,304
Taxable income	$385,861,710
Total tax credits [5]	$1,427,691
Residential energy tax credit	$0
Child tax credit	$633,580
Child and dependent care credit	$131,004
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$410,666
Income tax [8]	$72,329,217
Total tax liability [9]	$75,777,490
Tax due at time of filing [10]	$4,395,370
Overpayments refunded [11]	($15,784,697)

Adjusted Gross Income: $200,000 or more

Number of returns [1]	2,203
Number of joint returns	1,843
Number of returns with paid preparer's signature	1,498
Number of exemptions	6,064
Number of dependents	1,149
Adjust gross income (AGI) [2]	$1,133,068,524
Salaries and wages	$656,040,777
Taxable interest	$32,527,908
Ordinary dividends	$52,607,448
Business or professional net income (less loss)	$34,206,918
Net capital gain (less loss)	$143,724,798
Taxable individual retirement arrangements distributions	$10,432,655
Taxable pensions and annuities	$13,382,178
Unemployment compensation [3]	$297,708
Taxable Social Security benefits	$4,272,048
Self-employment retirement plans	$3,731,078
Total itemized deductions [4]	$140,616,527
State and local income taxes	$6,180,631
State and local general sales tax	$8,698,834
Real estate taxes	$17,847,159
Taxes paid	$33,455,934
Mortgage interest paid	$52,680,223
Contributions	$23,206,801
Taxable income	$974,007,904
Total tax credits [5]	$6,767,043
Residential energy tax credit	$0
Child tax credit	$0
Child and dependent care credit	$102,922
Earned income credit [6]	$0
Excess earned income credit (refundable) [7]	$0
Alternative minimum tax	$4,234,510
Income tax [8]	$252,959,200
Total tax liability [9]	$257,205,337
Tax due at time of filing [10]	$24,796,856
Overpayments refunded [11]	($17,842,163)

[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.