2002 Tax Facts

Individual Income Tax Returns Filed (projected):
(Calendar Year (CY) 2002)

 132 million
Filers using 1040EZ 9.8 million (7%)
Filers using 1040A 13.9 million (11%)
Filers using 1040 57.9 million (44%)
Electronic Filings 50.1 million (38%)
Filers using 1040PC Returns Discontinued after 2000 tax year

 

Filers Using Professional Preparers:

 69.2 million
(53% of all returns)
(Tax Year (TY) 1999)  
  1040EZ 761 thousand
(3% of EZ filers)
  1040A 3.7 million
(13% of 1040A filers)
  1040 64.7 million
(91% of 1040 filers)

 

Estimated Preparation Time (TY 2001):
  Form 1040 13 hr., 27 minutes
  Schedule A (Itemized Deductions) 5 hr., 37 minutes
  Schedule B (Interest and Dividend Income) 1 hr., 26 minutes
  Schedule C (Profit or loss from a Business) 10 hr., 35 minutes
  Schedule D (Capital gains and losses) 7 hr., 36 minutes

 

Miscellaneous Statistics (TY 1999):
Filers who Itemize: 40.2 million (32%)
Filers with Charitable Deductions: 35.5 million (28%)
Filers with Interest Deduction: 33.7 million (27%)
Filers with Medical Deductions: 5.9 million (5%)
Filers with Capital Gains or Losses: 21.5 million (17%)
Filers with Dividend Income: 32.2 million (25%)
Filers with Taxable Interest Income: 67.2 million (53%)

 

Filing Status (TY 1999):
  Single Filers: 56.9 million (45%)
  Joint Filers: 49.9 million (39%)
  Married Filing Separately: 2.4 million (2%)
  Head of Household: 17.9 million (14%)

 

Number of Returns with Presidential Election
Campaign Fund Checkoff (TY 1999):		 14.2 million (11%)

 

Individual Tax Refunds Expected (FY 2001): 93 million
  Taxpayers with Direct Deposit of Refunds (CY 2001): 29.4 million

 

Federal Tax Revenues:
Total Taxes Paid (Fiscal Year 2001): $1.991 trillion
Individual Income Taxes: $994 billion (49.9%)
Social Insurance Taxes: $694 billion (34.8%)
Corporate Income Taxes: $151 billion (7.6%)
Other (excise, estate, and others): $152 billion (7.6%)
**misc. receipts not included  

Income Taxes Due:
(Taxable Income for tax year 2001, taxes payable by April 15th, 2002)

Taxable Income Income Taxes Due
Single Filer:		 Joint Filer:
$10,000 $1504 $1504
$20,000 $3004 $3004
$30,000 $4876 $4504
$40,000 $7626 $6004
$50,000 $10,376 $8107
$60,000 $13,126 $10,857
$70,000 $16,010 $13,607
$80,000 $19,060 $16,357
$90,000 $22,110 $19,107
$100,000 $25,157 $21,850

(* taxes may be reduced due to the earned income credit)

Tax Rates:
(Taxable Income for tax year 2002, taxes payable by April 2003)

Single Filer
Married Filing Jointly
Taxable Income
Tax Rate
Taxable Income
Tax Rate
$0 to $6,000 10% $0 to $12,000 10%
$6,001 to $27,950 15% $12,001 to $46,700 15%
$27,951 to $67,700 27% $46,701 to $112,850 27%
$67,701 to $141,250 30% $112,851 to $171,950 30%
$141,251 to $307,050 35% $171,951 to $307,050 35%
over $307,050 38.6% over $307,050 38.6%
Who Pays The Income Tax? (Calendar Year 2001):
Income Category
Share of Population
Share of Income Taxes
$200,000 and over 2.7% 49.7%
$100,000 to $200,000 9.0% 23.9%
$75,000 to $100,000 9.1% 11.6%
$50,000 to $75,000 15.4% 10.6%
$40,000 to $50,000 9.2% 3.5%
$30,000 to $40,000 11.1% 2.4%
$20,000 to $30,000 13.0% 0.4%
$10,000 to $20,000* 16.4% -1.3%
Less than $10,000* 14.0% -0.7%
(*due to cash payments to EIC recipients)    
Payroll Taxes:
Employee Tax Rate 7.65%
Employer Tax Rate 7.65%
Social Security, or Old Age and Survivor\’s Disability Insurance Portion 6.2%
Medicare, or Hospital Insurance Portion 1.45%
Self-Employed Tax Rate 15.3%
Maximum Taxable Earnings Base for 2002:
  Social Security $84,900
  Medicare Unlimited
Maximum Tax for 2002:
  Social Security $5,264 ($10,528 for both employer and employee share)
  Medicare Unlimited
Age Which Workers Must Reach to Fully Recover Their Social Security Taxes Plus Interest (Based on retirement at Age 65)
(Age When Workers Fully Recover payroll taxes plus interest)
Year of Retirement
Minimum Earner*
Average Earner*
Maximum Earner*
1940
65
65
65
1960
66
66
66
1980
67
68
68
2000
77
82
89
2010
78
85
96
2020
80
87
107
2030
78
89
113
(* minimum earner: $10,712; average earner: $33,897; maximum earner: $80,400 — in 2001 dollars)
The Earned Income Credit (TY 1999):
Number of Returns Claiming an EIC: 19.3 million (15%)
  Number of Returns with No Income Tax Liability: 16.1 million

 

Maximum Allowable Adjusted Gross Income Required to Qualify (TY 2001):
  Taxpayers with Two Children: $32,121
  Taxpayers with One Child: $28,281
  Taxpayers with No Children: $10,710

 

Maximum Annual Credit (TY 2001):
  Recipients with Two Children: $4,008
  Recipients with One Child: $2,428
  Recipients with No Children: $364

 

Percentage of Recipients (TY 1999):
  With Two or more Children: 43%
  With One Child: 40%
  With No Children: 17%

The Internal Revenue Code:
Number of Words: Over 2.8 million

War and Peace
Number of Words: 660,000

The Bible
Number of Words: 774,746
The Internal Revenue Service:
Annual Budget $9.4 billion (FY 2002)
Number of Employees: 99,887

 

The F.B.I. The Border Patrol
Annual Budget: $4.2 billion (FY 2002) Annual Budget: $1.5 billion (FY 2002)
Number of Special Agents: 12,582 Number of Agents: 10,551