Middle Georgia Income in 2008 Types of Income Data Available Per Capita Personal Income Adjusted...

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

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

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.

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%

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

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%

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.

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

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.

Non-Migrants

Migrant Out-Flow

MigrantIn-flow

No, in most cases, but

note 2 exceptions

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.

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.

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

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.

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