File:USMinimumIncomebyLevel.1979-2007.PNG
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DescriptionUSMinimumIncomebyLevel.1979-2007.PNG |
English: Minimum adjusted income for different income levels, 1979-2007.
Categories renamed to assist in interpretation: 99%-95% is top 5%, minus top 1%. 95%-90% is top 10%, minus top 5%. 90%-80% is top 20%, minus top 10%. 80%-60% is 4th quintile. 60%-40% is 3rd quintile. 40%-20% is 2nd quintile. Lowest 20% is lowest quintile. Comprehensive household income equals pretax cash income plus income from other sources. Pretax cash income is the sum of wages, salaries, self-employment income, rents, taxable and nontaxable interest, dividends, realized capital gains, cash transfer payments, and retirement benefits plus taxes paid by businesses (corporate income taxes and the employer's share of Social Security, Medicare, and federal unemployment insurance payroll taxes) and employees' contributions to 401(k) retirement plans. Other sources of income include all in-kind benefits (Medicare, Medicaid, employer-paid health insurance premiums, food stamps, school lunches and breakfasts, housing assistance, and energy assistance). Income categories are defined by ranking all people by their comprehensive household income adjusted for household size—that is, divided by the square root of the household’s size. (A household consists of the people who share a housing unit, regardless of their relationships.) Households with negative income (business or investment losses larger than other income) are excluded from the lowest income category but are included in totals. The minimum adjusted income is the lower income boundary for each category. Because incomes are adjusted by dividing income by the square root of household size, an adjusted income range implies different unadjusted income for different size households. To compute the unadjusted income range for a particular size household, the adjusted income must be multiplied by the square root of the household size: 1.414 for a two-person household, 1.732 for a three-person household; 2.0 for a four-person household, 2.236 for a five-person household. For example, in 2007, the top 20% had adjusted income above $74,700. A two-person household would need income above $105,600 to fall in the top 20%, while a four-person household would need income in excess of $149,400. |
Date | |
Source | Own work, derived from http://cbo.gov/publications/collections/tax/2010/all_tables.pdf |
Author | Bixexe, derived from data published by US Congressional Budget Office |
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current | 23:47, 22 March 2011 | 910 × 662 (32 KB) | Bixexe (talk | contribs) | {{Information |Description ={{en|1=Minimum adjusted income for different income levels, 1979-2007. Categories renamed to assist in interpretation: 99%-95% is top 5%, minus top 1%. 95%-90% is top 10%, minus top 5%. 90%-80% is top 20%, minus top 10%. |
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