Question

overview of taxpayer data
the table shows the breakdown of income, taxes paid, deductions, and tax refunds for various taxpayers.

tax id	income ($)	tax paid ($)	deductions ($)	tax refund ($)
id002	50,000	7,500	5,000	700
id003	90,000	15,000	10,000	800
id004	120,000	24,000	12,000	1,200
id005	45,000	6,000	4,500	600
id006	110,000	22,000	11,000	1,100
id007	65,000	10,000	7,000	650
id008	80,000	13,000	9,000	750
id009	95,000	16,000	10,500	900
id010	55,000	8,000	5,500	700

what is the mean income of the sample tax data?
options:
$78,500
$75,000
$79,000
$77,500

Explanation:

Step1: Sum all incomes

We add up all the income values: \(75000 + 50000 + 90000 + 120000 + 45000 + 110000 + 65000 + 80000 + 95000 + 55000\)
Calculating step - by - step:
\(75000+50000 = 125000\)
\(125000+90000 = 215000\)
\(215000+120000 = 335000\)
\(335000+45000 = 380000\)
\(380000+110000 = 490000\)
\(490000+65000 = 555000\)
\(555000+80000 = 635000\)
\(635000+95000 = 730000\)
\(730000+55000 = 785000\)

Step2: Calculate the mean

The formula for the mean \(\bar{x}=\frac{\sum_{i = 1}^{n}x_{i}}{n}\), where \(n = 10\) (number of taxpayers) and \(\sum_{i=1}^{n}x_{i}=785000\)
So, \(\bar{x}=\frac{785000}{10}=78500\)

Answer:

\$78,500