Question

overview of taxpayer data
the table shows the breakdown of income, taxes paid, deductions, and tax refunds for various taxpayers.
what is the mean income of the sample tax data?
$75,000
$77,500
$78,500
$79,000

Explanation:

Step1: Sum up all incomes

$$75000 + 50000+90000 + 120000+45000+110000+75000+80000+95000+55000$$
$$=(75000 + 50000)+(90000 + 120000)+(45000+110000)+(75000+80000)+(95000+55000)$$
$$=125000+210000+155000+155000+150000$$
$$=(125000+210000)+(155000+155000)+150000$$
$$=335000+310000+150000$$
$$=645000+150000$$
$$=795000$$

Step2: Calculate the mean

The number of taxpayers \(n = 10\). The formula for the mean \(\bar{x}=\frac{\sum_{i = 1}^{n}x_{i}}{n}\). So \(\bar{x}=\frac{795000}{10}=79500\)

Answer:

\(79500\)