Middle Georgia Income in 2008 Types of Income Data Available Per Capita Personal Income Adjusted Gross Income (AGI) Median 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 receipts Transfer receiptsRegionGaU.S. Share of personal income 20.1%14.6%15.3% - Income maintenance2.5%1.8%1.5% - Unemployment insurance0.5%0.4% - Retirement17.1%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 Change Amount% Twiggs $ 21,825 $ 25,827 $ 4, % Monroe $ 30,545 $ 35,501 $ 4, % Putnam $ 29,619 $ 34,248 $ 4, % Crawford $ 25,516 $ 28,810 $ 3, % Jones $ 29,727 $ 31,876 $ 2,1497.2% United States $ 37,907 $ 37,907 $ 40,166 $ 40,166 $ 2,259 $ 2,2596.0% Mid Ga Region $ 30,970 $ 30,970 $ 32,449 $ 32,449 $ 1,479 $ 1,4794.8% Houston $ 31,151 $ 32,577 $ 1,4264.6% Georgia Nonmetro $ 26,051 $ 26,051 $ 26,993 $ 26,993 $ 942 $ % Peach $ 27,373 $ 28,262 $ % Bibb $ 34,466 $ 35,312 $ % Pulaski $ 29,542 $ 29,939 $ % Wilkinson $ 24,897 $ 25,157 $ % Baldwin $ 27,223 $ 27,445 $ % Georgia $ 35,673 $ 35,673 $ 34,849 $ 34,849 $ (824) $ (824)-2.3% Georgia Metro $ 38,109 $ 38,109 $ 36,642 $ 36,642 $ (1,467) $ (1,467)-3.9%

2009 Prospects 2009 State personal income declined an average 1.7% the largest decline in 60 years National Per capita personal income fell 2.6% after rising 2.0 percent in 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): 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 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 Migrant In-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 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 Includes residents 15 years and older

Income Includes 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 income 3. 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; and 8. 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

More Equality More Inequality