middle georgia income in 2008 types of income data available per capita personal income adjusted...
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Middle Georgia Income in 2008
Types of Income Data Available
• Per Capita Personal IncomePer Capita Personal Income• Adjusted Gross Income (AGI)Adjusted Gross Income (AGI)• Median Household IncomeMedian Household Income
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Personal Income
• Personal income is a measure of the income of all persons from all sources & includes– Net earnings– Dividends, interest income & rental income – Transfer receipts including private pensions, social
security benefits, unemployment insurance & other social insurance benefits
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Net earnings
• The sum of wage and salary disbursements, supplements to wages and salaries, and proprietors’ income before the deduction of income & other taxes
• Less contributions for government social insurance,
• Plus an adjustment to convert earnings by place of work to a place-of-residence basis.
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Transfer Receipts Share of Personal Income: 2008
Transfer receiptsTransfer receipts RegionRegion GaGa U.S.U.S. Share of personal income 20.1% 14.6% 15.3%
- Income maintenance 2.5% 1.8% 1.5%
- Unemployment insurance 0.5% 0.4% 0.4%
- Retirement 17.1% 12.5% 13.4%
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Dividends, Interest & Rent
• Dividends - Stocks are a primary source• Interest - Savings accounts are one source• Rent - Income from a rental property &
royalties from patents are examples.• Age & Wealth affect this income source• The recession & interest rates also impact its
growth
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Per capita personal income in 2008 Dollars
AreaName 2000 20082000-2008 Change
Amount %
Twiggs $ 21,825 $ 25,827 $ 4,002 18.3%
Monroe $ 30,545 $ 35,501 $ 4,956 16.2%
Putnam $ 29,619 $ 34,248 $ 4,629 15.6%
Crawford $ 25,516 $ 28,810 $ 3,294 12.9%
Jones $ 29,727 $ 31,876 $ 2,149 7.2%
United StatesUnited States $ 37,907 $ 37,907 $ 40,166 $ 40,166 $ 2,259 $ 2,259 6.0%6.0%
Mid Ga RegionMid Ga Region $ 30,970 $ 30,970 $ 32,449 $ 32,449 $ 1,479 $ 1,479 4.8%4.8%
Houston $ 31,151 $ 32,577 $ 1,426 4.6%
Georgia NonmetroGeorgia Nonmetro $ 26,051 $ 26,051 $ 26,993 $ 26,993 $ 942 $ 942 3.6%3.6%
Peach $ 27,373 $ 28,262 $ 889 3.2%
Bibb $ 34,466 $ 35,312 $ 846 2.5%
Pulaski $ 29,542 $ 29,939 $ 397 1.3%
Wilkinson $ 24,897 $ 25,157 $ 260 1.0%
Baldwin $ 27,223 $ 27,445 $ 222 0.8%
GeorgiaGeorgia $ 35,673 $ 35,673 $ 34,849 $ 34,849 $ (824)$ (824) -2.3%-2.3%
Georgia MetroGeorgia Metro $ 38,109 $ 38,109 $ 36,642 $ 36,642 $ (1,467)$ (1,467) -3.9%-3.9%
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2009 Prospects2009 Prospects
• 2009 State personal income declined an average 1.7% the largest decline in 60 years.
• 2009 National Per capita personal income fell 2.6% after rising 2.0 percent in 2008.
• 2009 National Net earnings declined 3.7 percent
• 2009 Inflation, as measured by the national price index for personal consumption expenditures, fell to 0.2% from 3.3% in 2008.
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Adjusted Gross Income (AGI):Adjusted Gross Income (AGI):2007-20082007-2008
• AGI is that little line on your federal income tax return.
• It is taxable income prior to exemptions and the standard or itemized deductions.
• Data are available from the IRS for counties • It can show movement of people & income
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AGI versus Personal IncomeAGI versus Personal Income
• AGI includes, but personal income excludes, – personal contributions for social insurance, – gains and losses on the sale of assets, – taxable distributions from government employee retirement
plans and from private pensions and annuities, and– the taxable portion of social security benefit payments.
• AGI excludes, but personal income includes, – the income of the recipients of taxable incomes who, legally or
illegally, did not file an individual income tax return. – the income of those with low incomes who are exempt from
filing tax returns. – incomes that are not taxed—such as tax-exempt interest and
nontaxable transfer payments, including Medicare, Medicaid, and welfare benefit payments.
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Non-Migrants
Migrant Out-Flow
MigrantIn-flow
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No, in most cases, but
note 2 exceptions
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Median Household Income
•County estimates are made every year.
•Based on a model that uses data from administrative records, intercensal population estimates, the decennial census & the American Community Survey.
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What is Median Income?
• Median Income – The median divides households into two equal parts: ⅟₂ of the cases with incomes below the median income and ⅟₂ above the median.
• Includes all households and families including those with no income.
• A household includes all current residents.
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Current Residents Current Residents
• Includes everyone in the housing unit on the day of interview who was living there for more than two months, or who does not have a usual residence elsewhere.
• Group quarters were not included until 2006.• Includes residents 15 years and older
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IncomeIncomeIncludes income during the last 12 months
The income types included are as follows: 1. Wages, salary, commissions, bonuses, or tips from all jobs;2. Self-employment income3. Interest, dividends, net rental income, royalties, or income
from estates and trusts;4. Social Security or Railroad Retirement;5. Supplemental Security income (SSI);6. Public assistance or welfare payments;7. Retirement, survivor, or disability pensions; and8. Other sources such as Veterans’ payments, unemployment
compensation, child support or alimony.
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Gini Index
• The Gini index measures income inequality on a scale from 0 to 1.
• 0 represents perfect equality with everyone having the exact same income and
• 1 represents perfect inequality with one person having all income
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