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ZIP Code Database - Facts & Stats

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WATAUGA, NC IRS Tax Stats



WATAUGA, NC Income Tax Overview

2010 Population for WATAUGA, NC 0
Total Number of Tax Returns for WATAUGA, NC [1] 16,129
Total Number of Joint Tax Returns for WATAUGA, NC 6,616
Total Number of Dependents for WATAUGA, NC 4,259
Total Adjusted Gross Income for WATAUGA, NC $636,847,742

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] 3,820
Number of joint returns 400
Number of returns with paid preparer's signature 1,793
Number of exemptions 3,521
Number of dependents 413
Adjust gross income (AGI) [2] $12,266,879
Salaries and wages $17,314,174
Taxable interest $1,631,861
Ordinary dividends $1,102,110
Business or professional net income (less loss) $906,115
Net capital gain (less loss) $344,630
Taxable individual retirement arrangements distributions $620,043
Taxable pensions and annuities $1,392,991
Unemployment compensation [3] $81,066
Taxable Social Security benefits $0
Self-employment retirement plans $0
Total itemized deductions [4] $7,064,246
State and local income taxes $594,185
State and local general sales tax $42,495
Real estate taxes $502,160
Taxes paid $1,243,109
Mortgage interest paid $3,065,778
Contributions $129,977
Taxable income $1,116,528
Total tax credits [5] $3,874
Residential energy tax credit $0
Child tax credit $0
Child and dependent care credit $0
Earned income credit [6] $824,861
Excess earned income credit (refundable) [7] $666,754
Alternative minimum tax $0
Income tax [8] $105,572
Total tax liability [9] $593,891
Tax due at time of filing [10] $202,861
Overpayments refunded [11]

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

Number of tax returns [1] 3,859
Number of joint returns 812
Number of returns with paid preparer's signature 1,956
Number of exemptions 6,246
Number of dependents 930
Adjust gross income (AGI) [2] $66,076,795
Salaries and wages $50,261,697
Taxable interest $2,644,360
Ordinary dividends $1,206,065
Business or professional net income (less loss) $5,282,670
Net capital gain (less loss) $145,624
Taxable individual retirement arrangements distributions $1,621,011
Taxable pensions and annuities $5,480,009
Unemployment compensation [3] $1,002,539
Taxable Social Security benefits $288,985
Self-employment retirement plans $0
Total itemized deductions [4] $7,754,226
State and local income taxes $470,425
State and local general sales tax $90,925
Real estate taxes $517,942
Taxes paid $1,094,818
Mortgage interest paid $2,697,061
Contributions $729,987
Taxable income $19,969,311
Total tax credits [5] $244,222
Residential energy tax credit $0
Child tax credit $60,916
Child and dependent care credit $9,955
Earned income credit [6] $2,104,291
Excess earned income credit (refundable) [7] $1,731,793
Alternative minimum tax $0
Income tax [8] $1,902,746
Total tax liability [9] $2,787,916
Tax due at time of filing [10] $395,738
Overpayments refunded [11]

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

Number of tax returns [1] 3,618
Number of joint returns 1,558
Number of returns with paid preparer's signature 1,961
Number of exemptions 6,899
Number of dependents 1,006
Adjust gross income (AGI) [2] $130,590,199
Salaries and wages $99,261,526
Taxable interest $3,433,719
Ordinary dividends $2,399,042
Business or professional net income (less loss) $6,970,565
Net capital gain (less loss) $1,207,696
Taxable individual retirement arrangements distributions $2,845,874
Taxable pensions and annuities $11,680,974
Unemployment compensation [3] $790,570
Taxable Social Security benefits $4,003,827
Self-employment retirement plans $0
Total itemized deductions [4] $18,053,181
State and local income taxes $2,093,505
State and local general sales tax $168,187
Real estate taxes $1,146,523
Taxes paid $3,509,128
Mortgage interest paid $7,095,600
Contributions $2,309,598
Taxable income $68,341,388
Total tax credits [5] $1,002,448
Residential energy tax credit $15,719
Child tax credit $640,964
Child and dependent care credit $58,043
Earned income credit [6] $568,053
Excess earned income credit (refundable) [7] $402,634
Alternative minimum tax $0
Income tax [8] $7,316,215
Total tax liability [9] $8,775,345
Tax due at time of filing [10] $973,733
Overpayments refunded [11]

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

Number of tax returns [1] 2,196
Number of joint returns 1,582
Number of returns with paid preparer's signature 1,352
Number of exemptions 5,135
Number of dependents 798
Adjust gross income (AGI) [2] $134,647,252
Salaries and wages $99,016,492
Taxable interest $3,370,901
Ordinary dividends $2,465,127
Business or professional net income (less loss) $4,966,151
Net capital gain (less loss) $2,003,756
Taxable individual retirement arrangements distributions $3,261,558
Taxable pensions and annuities $12,226,142
Unemployment compensation [3] $461,389
Taxable Social Security benefits $6,488,688
Self-employment retirement plans $105,424
Total itemized deductions [4] $24,276,633
State and local income taxes $4,286,546
State and local general sales tax $117,896
Real estate taxes $1,535,230
Taxes paid $6,137,255
Mortgage interest paid $9,953,686
Contributions $3,525,547
Taxable income $83,045,030
Total tax credits [5] $1,213,189
Residential energy tax credit $0
Child tax credit $933,624
Child and dependent care credit $75,557
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $0
Income tax [8] $9,988,511
Total tax liability [9] $11,053,212
Tax due at time of filing [10] $1,136,365
Overpayments refunded [11]

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

Number of tax returns [1] 1,245
Number of joint returns 1,040
Number of returns with paid preparer's signature 822
Number of exemptions 3,118
Number of dependents 486
Adjust gross income (AGI) [2] $107,622,991
Salaries and wages $72,398,716
Taxable interest $3,094,841
Ordinary dividends $2,378,757
Business or professional net income (less loss) $3,174,558
Net capital gain (less loss) $2,464,158
Taxable individual retirement arrangements distributions $3,186,501
Taxable pensions and annuities $12,963,893
Unemployment compensation [3] $211,747
Taxable Social Security benefits $6,004,097
Self-employment retirement plans $39,472
Total itemized deductions [4] $20,678,572
State and local income taxes $4,684,370
State and local general sales tax $78,920
Real estate taxes $1,328,549
Taxes paid $6,257,038
Mortgage interest paid $7,752,953
Contributions $3,295,494
Taxable income $72,652,359
Total tax credits [5] $838,923
Residential energy tax credit $0
Child tax credit $587,613
Child and dependent care credit $42,493
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $0
Income tax [8] $9,446,940
Total tax liability [9] $10,121,233
Tax due at time of filing [10] $839,137
Overpayments refunded [11]

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

Number of tax returns [1] 1,391
Number of joint returns 1,224
Number of returns with paid preparer's signature 940
Number of exemptions 3,764
Number of dependents 626
Adjust gross income (AGI) [2] $185,643,626
Salaries and wages $115,432,100
Taxable interest $6,103,816
Ordinary dividends $6,006,239
Business or professional net income (less loss) $8,309,161
Net capital gain (less loss) $8,027,047
Taxable individual retirement arrangements distributions $6,598,623
Taxable pensions and annuities $16,841,369
Unemployment compensation [3] $84,724
Taxable Social Security benefits $6,890,935
Self-employment retirement plans $556,787
Total itemized deductions [4] $39,369,590
State and local income taxes $10,476,845
State and local general sales tax $72,450
Real estate taxes $2,715,557
Taxes paid $13,671,029
Mortgage interest paid $13,339,926
Contributions $8,042,893
Taxable income $132,327,104
Total tax credits [5] $692,699
Residential energy tax credit $0
Child tax credit $346,950
Child and dependent care credit $44,652
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $116,796
Income tax [8] $22,217,085
Total tax liability [9] $23,674,992
Tax due at time of filing [10] $3,157,867
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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