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Vermont 2008 IRS Tax Stats



Vermont Income Tax Overview

2010 Population for Vermont 625,741
Total Number of Tax Returns for Vermont [1] 299,547
Total Number of Joint Tax Returns for Vermont 114,457
Total Number of Dependents for Vermont 83,125
Total Adjusted Gross Income for Vermont $12,521,623,645

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] 63,355
Number of joint returns 6,466
Number of returns with paid preparer's signature 27,228
Number of exemptions 58,012
Number of dependents 6,215
Adjust gross income (AGI) [2] $216,500,891
Salaries and wages $240,380,501
Taxable interest $19,740,820
Ordinary dividends $16,136,883
Business or professional net income (less loss) $9,016,454
Net capital gain (less loss) ($1,627,781)
Taxable individual retirement arrangements distributions $8,423,699
Taxable pensions and annuities $24,901,567
Unemployment compensation [3] $4,193,466
Taxable Social Security benefits $0
Self-employment retirement plans $0
Total itemized deductions [4] $56,333,191
State and local income taxes $2,312,635
State and local general sales tax $209,329
Real estate taxes $9,490,737
Taxes paid $14,481,937
Mortgage interest paid $17,390,125
Contributions $572,891
Taxable income $16,325,125
Total tax credits [5] $19,444
Residential energy tax credit $0
Child tax credit $0
Child and dependent care credit $0
Earned income credit [6] $13,654,514
Excess earned income credit (refundable) [7] $11,455,568
Alternative minimum tax $0
Income tax [8] $1,536,572
Total tax liability [9] $7,660,262
Tax due at time of filing [10] $2,363,054
Overpayments refunded [11] ($35,161,913)

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

Number of tax returns [1] 64,424
Number of joint returns 11,702
Number of returns with paid preparer's signature 31,346
Number of exemptions 94,797
Number of dependents 14,225
Adjust gross income (AGI) [2] $1,115,638,077
Salaries and wages $818,024,769
Taxable interest $35,738,410
Ordinary dividends $26,032,083
Business or professional net income (less loss) $81,291,895
Net capital gain (less loss) $4,880,762
Taxable individual retirement arrangements distributions $31,018,740
Taxable pensions and annuities $101,746,565
Unemployment compensation [3] $31,600,094
Taxable Social Security benefits $4,416,284
Self-employment retirement plans $209,494
Total itemized deductions [4] $99,433,172
State and local income taxes $3,840,134
State and local general sales tax $673,931
Real estate taxes $17,419,579
Taxes paid $23,421,489
Mortgage interest paid $29,020,712
Contributions $4,454,359
Taxable income $368,895,731
Total tax credits [5] $4,430,190
Residential energy tax credit $0
Child tax credit $1,395,413
Child and dependent care credit $176,534
Earned income credit [6] $40,040,460
Excess earned income credit (refundable) [7] $34,405,514
Alternative minimum tax $0
Income tax [8] $35,449,939
Total tax liability [9] $50,768,351
Tax due at time of filing [10] $6,624,645
Overpayments refunded [11] ($101,096,441)

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

Number of tax returns [1] 75,870
Number of joint returns 23,153
Number of returns with paid preparer's signature 38,370
Number of exemptions 133,604
Number of dependents 20,741
Adjust gross income (AGI) [2] $2,737,278,151
Salaries and wages $2,205,979,138
Taxable interest $52,385,568
Ordinary dividends $46,904,824
Business or professional net income (less loss) $118,735,062
Net capital gain (less loss) $14,588,030
Taxable individual retirement arrangements distributions $50,443,093
Taxable pensions and annuities $172,367,296
Unemployment compensation [3] $37,446,959
Taxable Social Security benefits $66,982,756
Self-employment retirement plans $1,293,081
Total itemized deductions [4] $270,866,261
State and local income taxes $25,201,203
State and local general sales tax $892,004
Real estate taxes $52,253,911
Taxes paid $80,175,566
Mortgage interest paid $111,686,210
Contributions $15,457,811
Taxable income $1,566,183,144
Total tax credits [5] $22,911,482
Residential energy tax credit $14,672
Child tax credit $14,887,894
Child and dependent care credit $1,326,898
Earned income credit [6] $11,557,510
Excess earned income credit (refundable) [7] $8,368,948
Alternative minimum tax $0
Income tax [8] $173,254,928
Total tax liability [9] $197,022,198
Tax due at time of filing [10] $13,756,692
Overpayments refunded [11] ($134,423,511)

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

Number of tax returns [1] 43,230
Number of joint returns 27,937
Number of returns with paid preparer's signature 24,399
Number of exemptions 100,114
Number of dependents 16,599
Adjust gross income (AGI) [2] $2,658,959,062
Salaries and wages $2,076,303,173
Taxable interest $49,797,868
Ordinary dividends $53,020,526
Business or professional net income (less loss) $102,522,691
Net capital gain (less loss) $21,063,001
Taxable individual retirement arrangements distributions $53,457,323
Taxable pensions and annuities $183,349,790
Unemployment compensation [3] $17,710,964
Taxable Social Security benefits $107,944,137
Self-employment retirement plans $2,341,833
Total itemized deductions [4] $341,515,205
State and local income taxes $47,672,796
State and local general sales tax $504,970
Real estate taxes $68,635,687
Taxes paid $118,761,339
Mortgage interest paid $142,584,827
Contributions $23,956,361
Taxable income $1,731,062,526
Total tax credits [5] $27,924,300
Residential energy tax credit $13,626
Child tax credit $20,257,380
Child and dependent care credit $1,770,469
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $0
Income tax [8] $212,299,018
Total tax liability [9] $232,975,634
Tax due at time of filing [10] $15,882,350
Overpayments refunded [11] ($93,209,789)

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

Number of tax returns [1] 26,709
Number of joint returns 22,338
Number of returns with paid preparer's signature 14,789
Number of exemptions 70,967
Number of dependents 12,380
Adjust gross income (AGI) [2] $2,304,678,159
Salaries and wages $1,803,838,974
Taxable interest $38,344,116
Ordinary dividends $47,324,007
Business or professional net income (less loss) $73,932,061
Net capital gain (less loss) $23,880,885
Taxable individual retirement arrangements distributions $45,745,967
Taxable pensions and annuities $143,970,944
Unemployment compensation [3] $6,270,276
Taxable Social Security benefits $76,342,240
Self-employment retirement plans $1,348,048
Total itemized deductions [4] $338,051,723
State and local income taxes $57,960,045
State and local general sales tax $191,444
Real estate taxes $70,474,078
Taxes paid $130,826,459
Mortgage interest paid $137,710,982
Contributions $25,524,412
Taxable income $1,611,421,491
Total tax credits [5] $23,626,527
Residential energy tax credit $0
Child tax credit $15,262,176
Child and dependent care credit $1,452,430
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $0
Income tax [8] $207,928,917
Total tax liability [9] $223,793,354
Tax due at time of filing [10] $12,459,934
Overpayments refunded [11] ($69,759,039)

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

Number of tax returns [1] 25,959
Number of joint returns 22,861
Number of returns with paid preparer's signature 15,010
Number of exemptions 72,536
Number of dependents 12,965
Adjust gross income (AGI) [2] $3,488,569,305
Salaries and wages $2,489,898,809
Taxable interest $69,450,764
Ordinary dividends $113,469,347
Business or professional net income (less loss) $134,120,396
Net capital gain (less loss) $94,710,234
Taxable individual retirement arrangements distributions $76,645,474
Taxable pensions and annuities $183,853,400
Unemployment compensation [3] $2,336,671
Taxable Social Security benefits $78,951,288
Self-employment retirement plans $11,900,017
Total itemized deductions [4] $603,498,178
State and local income taxes $154,543,654
State and local general sales tax $72,664
Real estate taxes $129,646,547
Taxes paid $287,864,790
Mortgage interest paid $194,846,160
Contributions $57,068,574
Taxable income $2,594,799,903
Total tax credits [5] $13,948,726
Residential energy tax credit $0
Child tax credit $7,611,438
Child and dependent care credit $1,266,514
Earned income credit [6] $0
Excess earned income credit (refundable) [7] $0
Alternative minimum tax $3,321,142
Income tax [8] $444,594,884
Total tax liability [9] $472,238,434
Tax due at time of filing [10] $38,095,217
Overpayments refunded [11] ($82,664,344)

[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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