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Koch Shows Net Worth As $106,890 on Dec. 31
Mayor Koch paid $18,298 in total income taxes last year on income of $53,605, and his net worth on Dec. 31 was $106,890.38, according to financial documents released yesterday by the Mayor's office.
Following a practice he started while in Congress, Mr. Koch made public his income tax returns for last year and a statement of net worth prepared by his Washington accountants, Olshan & Olshan.
Mr. Koch's Federal return showed salaried income of $54,275. interest and dividends of $1,330 and a capital loss of $2,000, for total income of $53,605. 1‐le reduced that amount by $5,345 of employee business expenses, including $3,000 of living costs in Washington, where, he certified, he spent 59 days last year in performance of his official duties in Congress.
The Mayor's itemized deductions totaled $11,016, including $,123 in medical expenses, $6,804 in taxes, $1,236 in charitable contributions, $100 in political contributions and $2,753 in miscellaneous deductions, ranging from $7 for printing to $1,334 for business entertainment.
To calculate hi; Federal tax, the Mayor used income avveraging, with a resulting tax of $12,130. Because $14,741 had been withheld from his paychecks, Mr. Koch received a refund of $2,611.
Mr. Koch's state tax hill was $4,728, and his city income tax totaled $1,440. He was overwithheld on both, and received a refund of $935.
The statement of net worth, independent of the tax returns, showed total assets of $111,364.51.
The statement says that when Mr. Koch turns 62 years old, on Dec. 12, 1986, he will receive $1,175 a month from the Civil Service retirement fund, to which he contributes.
Offsetting Mr. Koch's total assets were total liabilities of $4,474.13, leaving a net worth of $106,890.38.
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