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ZIP Code Database - Facts & Stats

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NANTUCKET, MA IRS Tax Stats



NANTUCKET, MA Income Tax Overview

2010 Population for NANTUCKET, MA 0
Total Number of Tax Returns for NANTUCKET, MA [1] 5,748
Total Number of Joint Tax Returns for NANTUCKET, MA 1,615
Total Number of Dependents for NANTUCKET, MA 1,369
Total Adjusted Gross Income for NANTUCKET, MA $274,220,531

The following tables break down the Income Tax Statistics into different Gross Income levels.


Adjusted Gross Income: Under $10,000 [1]

Number of tax returns [1] 1,155
Number of joint returns 100
Number of returns with paid preparer's signature 745
Number of exemptions 1,053
Number of dependents 80
Adjust gross income (AGI) [2] $2,784,850
Salaries and wages $5,735,493
Taxable interest $1,120,277
Ordinary dividends $634,758
Business or professional net income (less loss) $202,540
Net capital gain (less loss) $438,158
Taxable individual retirement arrangements distributions $316,445
Taxable pensions and annuities $347,201
Unemployment compensation [3] $0
Taxable Social Security benefits $0
Self-employment retirement plans $0
Total itemized deductions [4] $6,080,345
State and local income taxes $531,825
State and local general sales tax $32,012
Real estate taxes $371,291
Taxes paid $956,546
Mortgage interest paid $2,567,890
Contributions $27,315
Taxable income $535,137
Total tax credits [5] $1,683
Residential energy tax credit $0
Child tax credit $0
Child and dependent care credit $0
Earned income credit [6] $145,059
Excess earned income credit (refundable) [7] $94,950
Alternative minimum tax $0
Income tax [8] $53,383
Total tax liability [9] $371,582
Tax due at time of filing [10] $162,181
Overpayments refunded [11]

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

Number of tax returns [1] 994
Number of joint returns 97
Number of returns with paid preparer's signature 615
Number of exemptions 1,285
Number of dependents 180
Adjust gross income (AGI) [2] $16,859,682
Salaries and wages $11,842,176
Taxable interest $521,388
Ordinary dividends $526,121
Business or professional net income (less loss) $3,777,825
Net capital gain (less loss) $19,461
Taxable individual retirement arrangements distributions $201,493
Taxable pensions and annuities $690,907
Unemployment compensation [3] $365,680
Taxable Social Security benefits $60,441
Self-employment retirement plans $0
Total itemized deductions [4] $3,280,465
State and local income taxes $219,611
State and local general sales tax $21,861
Real estate taxes $264,855
Taxes paid $527,683
Mortgage interest paid $1,539,278
Contributions $114,622
Taxable income $6,054,484
Total tax credits [5] $69,310
Residential energy tax credit $0
Child tax credit $24,521
Child and dependent care credit $0
Earned income credit [6] $407,161
Excess earned income credit (refundable) [7] $281,372
Alternative minimum tax $0
Income tax [8] $586,513
Total tax liability [9] $1,197,124
Tax due at time of filing [10] $424,996
Overpayments refunded [11]

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

Number of tax returns [1] 1,443
Number of joint returns 262
Number of returns with paid preparer's signature 877
Number of exemptions 2,258
Number of dependents 371
Adjust gross income (AGI) [2] $53,528,152
Salaries and wages $42,122,486
Taxable interest $1,022,311
Ordinary dividends $1,340,094
Business or professional net income (less loss) $7,503,165
Net capital gain (less loss) $19,079
Taxable individual retirement arrangements distributions $515,322
Taxable pensions and annuities $1,366,754
Unemployment compensation [3] $939,854
Taxable Social Security benefits $709,703
Self-employment retirement plans $109,846
Total itemized deductions [4] $8,623,639
State and local income taxes $1,083,098
State and local general sales tax $27,082
Real estate taxes $580,009
Taxes paid $1,755,143
Mortgage interest paid $3,620,159
Contributions $461,637
Taxable income $31,652,632
Total tax credits [5] $404,176
Residential energy tax credit $0
Child tax credit $256,686
Child and dependent care credit $35,966
Earned income credit [6] $126,484
Excess earned income credit (refundable) [7] $83,415
Alternative minimum tax $0
Income tax [8] $3,735,656
Total tax liability [9] $4,869,335
Tax due at time of filing [10] $838,715
Overpayments refunded [11]

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

Number of tax returns [1] 918
Number of joint returns 277
Number of returns with paid preparer's signature 605
Number of exemptions 1,555
Number of dependents 228
Adjust gross income (AGI) [2] $56,057,905
Salaries and wages $41,829,525
Taxable interest $1,243,895
Ordinary dividends $1,551,501
Business or professional net income (less loss) $6,684,077
Net capital gain (less loss) $48,863
Taxable individual retirement arrangements distributions $745,570
Taxable pensions and annuities $2,520,416
Unemployment compensation [3] $301,171
Taxable Social Security benefits $1,462,245
Self-employment retirement plans $137,019
Total itemized deductions [4] $9,956,980
State and local income taxes $2,137,705
State and local general sales tax $10,325
Real estate taxes $707,117
Taxes paid $2,963,019
Mortgage interest paid $4,238,438
Contributions $592,025
Taxable income $37,660,662
Total tax credits [5] $357,375
Residential energy tax credit $0
Child tax credit $225,128
Child and dependent care credit $29,052
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $0
Income tax [8] $5,545,077
Total tax liability [9] $6,596,084
Tax due at time of filing [10] $884,691
Overpayments refunded [11]

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

Number of tax returns [1] 493
Number of joint returns 300
Number of returns with paid preparer's signature 381
Number of exemptions 1,115
Number of dependents 193
Adjust gross income (AGI) [2] $42,674,482
Salaries and wages $27,790,794
Taxable interest $825,674
Ordinary dividends $1,615,614
Business or professional net income (less loss) $6,011,123
Net capital gain (less loss) $517,326
Taxable individual retirement arrangements distributions $1,009,770
Taxable pensions and annuities $1,917,781
Unemployment compensation [3] $172,477
Taxable Social Security benefits $1,508,285
Self-employment retirement plans $159,652
Total itemized deductions [4] $9,234,686
State and local income taxes $1,976,571
State and local general sales tax $0
Real estate taxes $707,275
Taxes paid $2,750,866
Mortgage interest paid $4,537,058
Contributions $599,523
Taxable income $28,212,673
Total tax credits [5] $352,023
Residential energy tax credit $0
Child tax credit $237,469
Child and dependent care credit $27,586
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $0
Income tax [8] $4,007,804
Total tax liability [9] $4,972,826
Tax due at time of filing [10] $648,853
Overpayments refunded [11]

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

Number of tax returns [1] 745
Number of joint returns 579
Number of returns with paid preparer's signature 597
Number of exemptions 1,916
Number of dependents 317
Adjust gross income (AGI) [2] $102,315,460
Salaries and wages $55,354,042
Taxable interest $2,773,132
Ordinary dividends $5,203,024
Business or professional net income (less loss) $13,850,915
Net capital gain (less loss) $4,245,142
Taxable individual retirement arrangements distributions $3,910,397
Taxable pensions and annuities $4,987,256
Unemployment compensation [3] $209,399
Taxable Social Security benefits $3,240,270
Self-employment retirement plans $832,992
Total itemized deductions [4] $23,712,221
State and local income taxes $6,129,681
State and local general sales tax $31,387
Real estate taxes $1,686,038
Taxes paid $8,035,710
Mortgage interest paid $11,161,254
Contributions $2,041,367
Taxable income $71,034,727
Total tax credits [5] $410,384
Residential energy tax credit $0
Child tax credit $185,242
Child and dependent care credit $73,614
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $207,745
Income tax [8] $12,330,608
Total tax liability [9] $14,413,388
Tax due at time of filing [10] $2,661,945
Overpayments refunded [11]

[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.


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