Finalized numbers show that collections for three major revenue sources—personal income, corporate income, and sales taxes—reached $10.4 billion for the month-to-date as of Monday, April 21. Personal income taxes (PIT) commanded the dominant share at $8.9 billion. Driven by growth of company payrolls and capital gains, PIT appears to be running about $1.2 billion ahead of estimates so far in April and is about $2.3 billion ahead of estimates for the entire fiscal year-to-date.
Each year, the single biggest source of taxable income can be attributed to wage income. While its share may vary over time, in the last four years, wages accounted for between 61.3 percent and 67.3 percent of taxable income. In 2011, for example, and after accounting for data anomalies, FTB reported that wages accounted for 63.5 percent of taxable income.