Quote:
Originally Posted by jIM_Ohio
Avg income of all tax payers is just above 40k. Half above, half below. I think the median income is slightly higher.
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Not quite right, Jim. Median is the middle of the pack. Average is the total of all the entires divided by the number of entries.
Example:
5 people. 2 earn $10,000/year. 1 earns $15,000/year. 2 earn $100,000/year.
So you have 10, 10, 15, 100, 100.
Median is 15, as that is the number in the middle.
Average is 10+10+15+100+100/5, or 47.