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ZIP Code 02725 Income and Tax Statistics
Somerset, MA. Individual income tax returns for tax year 2022, from IRS Statistics of Income
- Tax returns
- 1,360
- 2,300 people on returns
- Average adjusted gross income
- $77,802
- Massachusetts $119,653
- Average salaries and wages
- $68,198
- Returns with wages
- Average income tax
- $10,740
- Massachusetts $24,841
Returns by adjusted gross income
Returns with negative income are not included
- $1 to $24,99931022.8%
- $25,000 to $49,99929021.3%
- $50,000 to $74,99923016.9%
- $75,000 to $99,99917012.5%
- $100,000 to $199,99929021.3%
- $200,000 or more705.1%
Income, credits and taxes in 02725
Returns that reported each item, the total amount and the average for those returns
Swipe the table sideways to see more columns.
| Item | Returns | Share of returns | Total | Average |
|---|---|---|---|---|
| Salaries and wages | 1,110 | 81.6% | $75.7M | $68,198 |
| Business or professional income | 170 | 12.5% | $2.35M | $13,835 |
| Net capital gains | 200 | 14.7% | $2.2M | $11,005 |
| Taxable pensions and annuities | 340 | 25.0% | $10.3M | $30,285 |
| Taxable Social Security benefits | 280 | 20.6% | $4.05M | $14,464 |
| Itemized deductions | 130 | 9.6% | $3.57M | $27,485 |
| Earned income tax credit | 100 | 7.4% | $184K | $1,840 |
| Refundable child tax credit | 60 | 4.4% | $104K | $1,733 |
| Income tax after credits | 1,080 | 79.4% | $11.6M | $10,740 |
| Refunds | 940 | 69.1% | $2.36M | $2,514 |
Frequently asked questions
- What is the average income in ZIP code 02725?
- For tax year 2022, the average adjusted gross income on the 1,360 individual tax returns filed in 02725 was $77,802, compared with $119,653 for Massachusetts.
- How many people in 02725 get the earned income tax credit?
- 100 returns in 02725 (7.4%) claimed the earned income tax credit for tax year 2022.
- Why might these numbers differ from Census income figures?
- IRS figures count tax returns, not households, and use adjusted gross income from the return. People who do not file a return are not included.
Source: Internal Revenue Service, Statistics of Income · Tax year 2022