Taxing For Dollars

News and Numbers
Site Staff,

Taxing For Dollars

It’s the most un-wonderful time of the year for most Americans. Tax time. Sweating to get those federal income tax forms to the Internal Revenue Service before the feared deadline.

But while you’ve been staring at your own tax numbers, ever wondered exactly how much money is raised through our federal income tax from individuals and corporations?

Here’s a look at the tally for the 2015 tax year (forms filed in April 2016), which is the most recent information available from the IRS.

Summary of Collections Before Refunds by Type of Return, FY 2015 1

Individual income tax

148,840,642

1,759,740

Corporation income tax

2,216,263 2

389,889

Employment taxes

30,195,881

1,022,359

Excise taxes

1,025,498

77,202

Gift tax

237,706

2,089

Estate tax

36,343

17,953

 

 

Selected Information from Returns Filed

Corporation Returns (TY 2013)3

Number filed with assets of $250 million or more    16,158

Percent of total corporation net income for firms with assets of $250M or more    3.4%

Percent of total income tax after credits for firms with assets of $250M or more    86.3%

 

S Corporation Returns (TY 2013)3

Number of returns    4,257,909

 

Partnership Returns (TY 2014)3

Number of returns    3,611,255

 

Individual Returns

Top 1-percent adjusted gross income

(AGI) break (TY 2014)3    $465,626

Top 10-percent AGI break (TY 2014)3    $133,445

Median AGI (TY 2014)3    $38,171

 

Percent that claim standard deductions (TY 2014)3    69.0%

Percent that claim itemized deductions (TY 2014)3    29.6%

Percent e-filed (TY 2015) through 4/28/2016 4    93.6%

Percent using paid preparers (TY 2014)3    55.0%

 

Number of returns with AGI of $1M or more (TY 2014)4    410,106

   State with the highest number—California (TY 2014)    65,845

   State with the lowest number—Vermont (TY 2014)    530

 

Number of individual refunds (TY 2014) (millions)3    112.0

Individual refund amount (TY 2014) (billions of $)3    $319.6

Average individual refund amount (TY 2014)    $2,854

 

Earned income tax credit (TY 2014)3

   Number of returns with credit (millions)    28.5

   Amount claimed (billions of $)    $68.3

 

Nonprofit Organizations (TY 2012) 3, 5

Number of returns (Forms 990 and 990-PF filers)    372,947

Assets controlled by nonprofits (trillions of $)    $3.9

 

Taxpayer Assistance (FY 2015)1

Number of call and walk-in contacts    61,340,034

 

Notes:

FY—Fiscal Year, TY—Tax Year

1. Source—2015 IRS Data Book

2. Excludes S corporations

3. Source—SOI data

4. Source—IRS Master File System

5. Organizations tax exempt under Internal Revenue Code section 501(c) (3)

Categories: Operations

Related Posts