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ZIP Code Database - Facts & Stats

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FARIBAULT, MN IRS Tax Stats




FARIBAULT, MN Income Tax Overview

2010 Population for FARIBAULT, MN 0
Total Number of Tax Returns for FARIBAULT, MN [1] 7,404
Total Number of Joint Tax Returns for FARIBAULT, MN 3,348
Total Number of Dependents for FARIBAULT, MN 2,107
Total Adjusted Gross Income for FARIBAULT, MN $277,967,777

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] 1,632
Number of joint returns 209
Number of returns with paid preparer's signature 966
Number of exemptions 1,505
Number of dependents 157
Adjust gross income (AGI) [2] $5,052,437
Salaries and wages $7,099,202
Taxable interest $481,633
Ordinary dividends $172,149
Business or professional net income (less loss) $171,584
Net capital gain (less loss) $76,431
Taxable individual retirement arrangements distributions $170,287
Taxable pensions and annuities $417,906
Unemployment compensation [3] $77,921
Taxable Social Security benefits $0
Self-employment retirement plans $0
Total itemized deductions [4] $1,278,703
State and local income taxes $35,421
State and local general sales tax $4,950
Real estate taxes $31,971
Taxes paid $101,563
Mortgage interest paid $0
Contributions $58,368
Taxable income $517,288
Total tax credits [5] $0
Residential energy tax credit $0
Child tax credit $0
Child and dependent care credit $0
Earned income credit [6] $363,789
Excess earned income credit (refundable) [7] $300,778
Alternative minimum tax $0
Income tax [8] $47,281
Total tax liability [9] $244,251
Tax due at time of filing [10] $77,694
Overpayments refunded [11]

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

Number of tax returns [1] 1,740
Number of joint returns 446
Number of returns with paid preparer's signature 1,246
Number of exemptions 2,833
Number of dependents 446
Adjust gross income (AGI) [2] $30,374,791
Salaries and wages $21,207,979
Taxable interest $1,204,094
Ordinary dividends $369,189
Business or professional net income (less loss) $992,900
Net capital gain (less loss) $161,184
Taxable individual retirement arrangements distributions $783,974
Taxable pensions and annuities $1,975,458
Unemployment compensation [3] $644,918
Taxable Social Security benefits $87,660
Self-employment retirement plans $0
Total itemized deductions [4] $2,825,618
State and local income taxes $98,679
State and local general sales tax $34,185
Real estate taxes $100,139
Taxes paid $303,984
Mortgage interest paid $239,363
Contributions $214,259
Taxable income $8,553,010
Total tax credits [5] $134,649
Residential energy tax credit $0
Child tax credit $24,516
Child and dependent care credit $3,684
Earned income credit [6] $1,319,536
Excess earned income credit (refundable) [7] $1,167,429
Alternative minimum tax $0
Income tax [8] $782,858
Total tax liability [9] $1,263,393
Tax due at time of filing [10] $331,995
Overpayments refunded [11]

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

Number of tax returns [1] 1,889
Number of joint returns 870
Number of returns with paid preparer's signature 1,478
Number of exemptions 3,898
Number of dependents 603
Adjust gross income (AGI) [2] $68,859,790
Salaries and wages $48,753,781
Taxable interest $2,126,116
Ordinary dividends $806,064
Business or professional net income (less loss) $2,232,763
Net capital gain (less loss) $592,764
Taxable individual retirement arrangements distributions $1,722,478
Taxable pensions and annuities $3,842,279
Unemployment compensation [3] $855,276
Taxable Social Security benefits $2,839,440
Self-employment retirement plans $0
Total itemized deductions [4] $6,566,219
State and local income taxes $791,166
State and local general sales tax $13,177
Real estate taxes $348,858
Taxes paid $1,221,777
Mortgage interest paid $1,396,724
Contributions $619,820
Taxable income $35,902,066
Total tax credits [5] $716,994
Residential energy tax credit $0
Child tax credit $430,374
Child and dependent care credit $33,427
Earned income credit [6] $316,548
Excess earned income credit (refundable) [7] $240,712
Alternative minimum tax $0
Income tax [8] $3,592,052
Total tax liability [9] $4,355,374
Tax due at time of filing [10] $832,321
Overpayments refunded [11]

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

Number of tax returns [1] 1,166
Number of joint returns 930
Number of returns with paid preparer's signature 946
Number of exemptions 3,030
Number of dependents 459
Adjust gross income (AGI) [2] $71,418,224
Salaries and wages $49,354,380
Taxable interest $1,949,924
Ordinary dividends $667,763
Business or professional net income (less loss) $1,831,860
Net capital gain (less loss) $627,950
Taxable individual retirement arrangements distributions $853,738
Taxable pensions and annuities $4,043,692
Unemployment compensation [3] $549,744
Taxable Social Security benefits $4,304,559
Self-employment retirement plans $0
Total itemized deductions [4] $6,327,621
State and local income taxes $1,178,666
State and local general sales tax $0
Real estate taxes $384,932
Taxes paid $1,644,574
Mortgage interest paid $1,596,716
Contributions $934,559
Taxable income $45,770,325
Total tax credits [5] $958,175
Residential energy tax credit $0
Child tax credit $612,338
Child and dependent care credit $45,358
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $0
Income tax [8] $5,118,488
Total tax liability [9] $6,053,818
Tax due at time of filing [10] $1,330,268
Overpayments refunded [11]

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

Number of tax returns [1] 569
Number of joint returns 523
Number of returns with paid preparer's signature 476
Number of exemptions 1,586
Number of dependents 268
Adjust gross income (AGI) [2] $48,804,331
Salaries and wages $31,378,364
Taxable interest $1,047,070
Ordinary dividends $397,612
Business or professional net income (less loss) $1,236,993
Net capital gain (less loss) $462,885
Taxable individual retirement arrangements distributions $1,245,859
Taxable pensions and annuities $2,851,176
Unemployment compensation [3] $64,619
Taxable Social Security benefits $1,347,264
Self-employment retirement plans $0
Total itemized deductions [4] $5,107,455
State and local income taxes $1,269,375
State and local general sales tax $0
Real estate taxes $336,695
Taxes paid $1,663,057
Mortgage interest paid $1,162,942
Contributions $702,381
Taxable income $34,707,445
Total tax credits [5] $598,141
Residential energy tax credit $0
Child tax credit $367,000
Child and dependent care credit $20,531
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $0
Income tax [8] $4,269,526
Total tax liability [9] $5,311,973
Tax due at time of filing [10] $1,792,407
Overpayments refunded [11]

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

Number of tax returns [1] 408
Number of joint returns 370
Number of returns with paid preparer's signature 352
Number of exemptions 1,126
Number of dependents 174
Adjust gross income (AGI) [2] $53,458,204
Salaries and wages $26,575,708
Taxable interest $1,391,283
Ordinary dividends $851,584
Business or professional net income (less loss) $1,290,150
Net capital gain (less loss) $1,638,681
Taxable individual retirement arrangements distributions $708,997
Taxable pensions and annuities $2,139,545
Unemployment compensation [3] $0
Taxable Social Security benefits $1,975,799
Self-employment retirement plans $382,829
Total itemized deductions [4] $6,975,600
State and local income taxes $3,047,447
State and local general sales tax $0
Real estate taxes $512,009
Taxes paid $3,338,309
Mortgage interest paid $1,390,247
Contributions $1,143,406
Taxable income $40,841,378
Total tax credits [5] $268,206
Residential energy tax credit $0
Child tax credit $80,950
Child and dependent care credit $4,991
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $0
Income tax [8] $6,652,442
Total tax liability [9] $7,979,149
Tax due at time of filing [10] $3,751,177
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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