IRS Income Data for Somerset, KY 42501
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| Under $10K | $10K - $25K | $25K - $50K | $50K - $75K | $75K - $100K | $100K - $200K | $200K or more | |
|---|---|---|---|---|---|---|---|
| Percent of Returns | 23% | 32% | 25% | 11% | 4% | 4% | 1% |
| Number of returns | 1,512 | 2,070 | 1,633 | 734 | 285 | 237 | 66 |
| Number of joint returns | 268 | 599 | 823 | 574 | 256 | 209 | 57 |
| Number of returns from paid preparer | 1,011 | 1,515 | 1,218 | 532 | 215 | 182 | 61 |
| Total number of exemptions | 2,086 | 4,141 | 3,656 | 1,856 | 776 | 631 | 167 |
| Total number of dependents | 382 | 834 | 694 | 326 | 139 | 106 | 20 |
| Adjusted gross income | $3,987 | $17,076 | $35,337 | $60,946 | $84,814 | $127,974 | $371,149 |
| Salaries and wages | $4,181 | $13,237 | $27,693 | $46,509 | $61,310 | $81,576 | $117,834 |
| Taxable interest | $262 | $466 | $720 | $1,132 | $1,918 | $5,471 | $16,925 |
| Ordinary dividends | $73 | $83 | $199 | $453 | $921 | $1,394 | $15,360 |
| Business or professional net income | $328 | $916 | $820 | $1,027 | $2,577 | $4,886 | $33,423 |
| Net capital gain | $41 | $67 | $188 | $555 | $1,209 | $3,385 | $22,409 |
| Taxable individual retirement account distributions | $153 | $335 | $572 | $1,448 | $2,672 | $4,990 | $15,744 |
| Taxable pensions and annuities | $419 | $1,817 | $3,985 | $6,848 | $8,897 | $15,030 | $11,006 |
| Unemployment compensation | $96 | $354 | $397 | $342 | $410 | $0 | $0 |
| Taxable Social Security benefits | $0 | $73 | $924 | $2,740 | $3,542 | $3,224 | $7,213 |
| Self-employment retirement plans | $0 | $0 | $0 | $0 | $0 | $0 | $4,923 |
| Total itemized deductions | $401 | $900 | $3,025 | $6,879 | $12,684 | $20,857 | $58,422 |
| State and local income taxes | $29 | $45 | $387 | $1,312 | $2,761 | $5,571 | $20,129 |
| State and local general sales tax | $3 | $11 | $22 | $69 | $78 | $0 | $0 |
| Real estate taxes | $19 | $42 | $151 | $367 | $652 | $1,200 | $2,696 |
| Taxes paid | $56 | $114 | $600 | $1,844 | $3,682 | $7,119 | $23,348 |
| Mortgage interest paid | $126 | $235 | $930 | $2,215 | $4,143 | $5,611 | $8,186 |
| Contributions | $20 | $126 | $484 | $1,259 | $2,203 | $5,599 | $14,340 |
| Taxable income | $133 | $3,990 | $17,461 | $38,872 | $58,402 | $95,749 | $304,729 |
| Total tax credits | $0 | $63 | $368 | $667 | $864 | $393 | $135 |
| Residential energy tax credit | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Child tax credit | $0 | $30 | $278 | $528 | $624 | $289 | $0 |
| Child and dependent care credit | $0 | $4 | $16 | $33 | $46 | $68 | $0 |
| Earned income credit | $522 | $1,064 | $350 | $0 | $0 | $0 | $0 |
| Excess earned income credit | $463 | $950 | $294 | $0 | $0 | $0 | $0 |
| Alternative minimum tax | $0 | $0 | $0 | $0 | $0 | $0 | $3,285 |
| Income tax | $13 | $368 | $1,724 | $4,586 | $7,342 | $16,370 | $77,803 |
| Total tax liability | $114 | $529 | $1,898 | $4,859 | $7,854 | $17,627 | $82,562 |
| Tax due at time of filing | $26 | $58 | $137 | $415 | $621 | $1,908 | $14,986 |
| Overpayments refunded | $-864 | $-2,122 | $-2,226 | $-1,982 | $-2,284 | $-2,537 | $-2,243 |
| Total Tax Liability / AGI | 3% | 3% | 5% | 8% | 9% | 14% | 22% |
All numbers in the table are 2010 averages for that income class and zip code.
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