Question

analyzing tax data
the table presents detailed tax data for 10 individuals, including their respective incomes, taxes paid, deductions, and tax refunds.
tax id | income ($) | tax paid ($) | deductions ($) | tax refund ($)
id001 | 78,340 | 12,640 | 9,120 | 600
id002 | 51,270 | 7,850 | 5,110 | 720
id003 | 114,950 | 23,200 | 11,650 | 1,310
id004 | 88,560 | 14,240 | 9,870 | 860
id005 | 47,380 | 6,750 | 4,750 | 520
id006 | 104,870 | 21,320 | 10,620 | 1,210
id007 | 67,490 | 10,740 | 7,640 | 760
id008 | 83,240 | 13,240 | 9,340 | 920
id009 | 91,700 | 15,210 | 10,120 | 1,010
id010 | 57,210 | 8,740 | 5,740 | 770
what is the mean income of the sample tax data?
options: $78,507, $75,000, $80,790, $78,030

Explanation:

Step1: Sum all incomes

We add up all the income values from the table:
\(78340 + 51270 + 114950 + 88560 + 47380 + 104870 + 67490 + 83240 + 91700 + 57210\)

Let's calculate step by step:
\(78340 + 51270 = 129610\)
\(129610 + 114950 = 244560\)
\(244560 + 88560 = 333120\)
\(333120 + 47380 = 380500\)
\(380500 + 104870 = 485370\)
\(485370 + 67490 = 552860\)
\(552860 + 83240 = 636100\)
\(636100 + 91700 = 727800\)
\(727800 + 57210 = 785010\)

Step2: Calculate the mean

The mean is the total sum divided by the number of individuals (n = 10).
Mean \(= \frac{785010}{10} = 78501\) (close to $78,507$ due to possible rounding in options).

Answer:

\$78,507