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Accurate, reliable salary and compensation comparisons for Iceland 10% 336K ISK. Considers the need for new or changed controls. The figures provided here are averages of numbers. The head supervisory authority is the Environment Agency of Iceland. The experience level is the most important factor in determining the salary. A person working in Accounting and Finance in Iceland typically earns around 707,000 ISK per month. Properties & Real Estates enjoy the highest gross average salaries (ISK 12,000,000), followed by Accounting & Administration (ISK 11,866,666), and Management & Business (ISK 10,842,583). In Efling, as of 2020 the minimum salary in Iceland is of 335,000 ISK per month for a full time position. The median income in 2017 was 5.0 million ISK (47,000 USD/40,000 EUR). Auditor Find jobs in accounting by skill or location. Find your next accountancy job, start searching here. Forensic Accountant. Compare your salary - Salary and compensation survey by position, overview of salaries in Iceland ... Average gross monthly salary in Iceland is. Both are indicators. 25 Simple Ways to Reduce Bills and Save Money. Accountants compile, analyze, verify, and prepare financial records, including profit and loss statements, balance sheets, cost studies, and tax reports. The average pay for an Accountant is ISK 7,921,665 a year and ISK 3,808 an hour in Iceland. A person working in Accounting and Finance in Iceland typically earns around 707,000 ISK per month. 2021 © ERI Economic Research Institute, Inc. ALL Rights Reserved. * Based on the average change in salary over time. Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job. One major difference between salaried employees and hourly paid employees is overtime eligibility. Accounting in Iceland. Set Up FREE Account Submit Release. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 1,180,000 ISK while 25% are earning more than 1,180,000 ISK. Cost of labor data in the Assessor Series are based on actual housing sales data from commercially available sources, plus rental rates, gasoline prices, consumables, medical care premium costs, property taxes, effective income tax rates, etc. +1 (202) 335-3939. If your wage is between the average and the median, then things can be a bit complicated. Benchmark your pay and that of your team against salaries split by profession and region. Listed above are the average annual increase rates for each industry in Iceland for the year 2020. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). This includes accounting services, payroll outsourcing, consultation services and more. Employees that are directly involved in generating revenue or profit for the organization. have only salary or pension income from Iceland do not pay church tax (has no relevance for Iceland) In this tax calculation we use the average income tax rate which is 36,94 and 46,24 percent of income in 2019, depending on the total income. Common employers of forensic accountants include banks, insurance companies, police forces, and government agencies. Interprets the meaning of accounting records, reports, and statements. Get the right job in Iceland with company ratings & salaries. The most standard form of bonus where the employee is awarded based on their exceptional performance. Reading from the salary distribution diagram, 25% of people working in Accounting and Finance are earning less than 473,000 ISK while 75% of them are earning more than 473,000 ISK. Where can you get paid more, working for a private company or for the government? A person working as a Chartered Accountant in Iceland typically earns around 600,000 ISK per month. Average salaries in Iceland can vary greatly based on a career field. How to compare your salary. Hannamariah / Depositphotos.com Average salary:$55,260 (£42,170) Primary accounting standard: IFRS As one of the highest-paying countriesin the world, Iceland is a great place to take your accounting career – provided, of course, that you can handle the harsh winters and sense of isolation. Though gender should not have an effect on pay, in reality, it does. 69 open jobs for Accountant in Iceland. Iceland. These figures tend to change frequently. These types of bonuses are given without a reason and usually resemble an appreciation token. As a finance graduate, you’ll also possess many of the skills needed for a career in accountancy. The average total income of Icelanders, 16 years or older, in 2017 was 6.4 million ISK (60,000 USD/51,000 EUR). Evaluates alternative means of treating transactions. Search jobs in Iceland. Average salary: $84,267 in the US, £34,996 in the UK. You deserve a salary increment but you are not sure how to ask.Check our 25 sample Salary Increase Request emails. Explore the findings of the Hays Ireland Salary & Recruiting Trends 2020 guide, based on our survey of over 2,700 employers and employees. Salary variations differ from person to person. This is the average monthly salary including housing, transport, and other benefits. Iceland is divided into health surveillance areas, which are under the supervision of the municipal authorities in each location. This is the average monthly salary including housing, transport, and other benefits. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise. The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase. International Employment Today. VIRTUS administers financially related projects for individuals, companies and organizations. Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. Salaries posted anonymously by Iceland Foods employees. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment. Learn how much employees earn based on the country they live in. The figures mentioned above are good approximations and are considered to be the standard. The decision really depends on your situation and experience among many other factors. Despite its small size and remote location, all of the major accounting playershave offices there, as well as established local practices across the island. Ensures the adequacy of the accounting system as the basis for reporting to management. This compensation analysis is based on salary survey data collected directly from employers and anonymous employees in Iceland. Public sector employees in Iceland earn 25% more than their private sector counterparts on average across all sectors. Average Salary in Iceland. Management Accountant jobs now available. On the other end, a senior level accountant (8+ years of experience) earns an average salary of 9.868.869 ISK. What’s particularly interesting is the rule that to set up our company we need to “pass the test” before authorities! If you are interested in the salary of a particular job, see below for salaries for specific job titles. Get a free Salary Report tailored to your job title, experience and location. The average Iceland Foods Ltd salary ranges from approximately £8,000 per year for Customer Service Representative to £55,056 per year for Team Supervisor. It is recommended, and probably in your best interest, to employ an accountant in Iceland. They'll nearly always save money, and more importantly, will make your business in Iceland the most financially efficient it can be. Those figures should be taken as general guidelines. Salaries vary drastically between different Accounting and Finance careers. Management Accountant, Accountant, Junior Accountant and more on Indeed.com A free inside look at Iceland Foods salary trends based on 863 salaries wages for 188 jobs at Iceland Foods. Advises operating officials on accounting matters. Average salary per PayScale: $66,311. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. Fortunately, national salaries also fairly reflect the high cost of living. Readies and maintains financial and business transactions, applying accounting principles, that include work that is analytical, evaluative, and advisory in nature and that requires an understanding of both accounting theory and practice. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. In addition, a municipal tax of average 14.44 percent is levied (20 percent + 14.44 percent = 34.44 percent). Accountants may specialize in areas such as auditing, tax work, assurance, consulting, cost accounting, budgeting and control, or … Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level. On the other end, a senior level accountant (8+ years of experience) earns an average salary of 10.094.805 ISK. Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 ), 11 signs that you may be terminated (Watch out for these), 10 annoying office habits we are all suffering from, 6 simple ways for anyone to earn extra income, 21 high paying jobs that don't require a college degree, 13 deadly interview mistakes that can cost you the job, 25 salary increase request email templates with proven results, 9 deadly resume mistakes that you must avoid, 7 tricky job interview questions and answers, 10 job hunting mistakes everyone is making, Accounts Payable and Receivable Specialist. Accounting and Finance professionals in Iceland are likely to observe a salary increase of approximately 6% every 27 months. Chartered Accountant salaries vary drastically based on experience, skills, gender, or location. 36% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 64% said that they received at least one form of monetary bonus. The numbers seem to support this tactic. 400K. As in most international accounting firms, you should be able to get by in E… Analyzes the effects of transactions upon account relationships. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned. Male employees in Iceland who work in Accounting and Finance earn 5% more than their female counterparts on average. Scroll for Salary Potential, Education and Skills, See how these skills and more can affect pay in our Assessor Series, View our most popular salary searches and other resources. Iceland Wages & Salaries News Topics; Specialized News Sections on Iceland Wages & Salaries. Granted upon achieving an important goal or milestone. 600K. Example:A graphic designer in the marketing department of a hospital. 158 Accountant jobs available in Iceland, CA on Indeed.com. So who gets paid more: men or women? This was a 6.7% increase from the previous year. Naturally the more years of experience the higher the wage. Average Iceland Foods Ltd hourly pay ranges from approximately £8.58 per hour for Sales Assistant to £10.01 per hour for Retail Sales Associate. A Master's degree program or any post-graduate program in Iceland costs anywhere from 3,440,000 Iceland Krona(s) to 10,300,000 Iceland Krona(s) and lasts approximately two years. Accounting and Finance is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The median salary is 764,000 ISK per month, which means that half (50%) of people working in Accounting and Finance are earning less than 764,000 ISK while the other half are earning more than 764,000 ISK. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation. This is the average monthly salary including housing, transport, and other benefits. The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency. That is quite an investment. Example:A graphics designer working for a graphics designing company. Accounting and Finance salaries in Iceland range from 286,000 ISK per month (minimum average salary) to 1,420,000 ISK per month (maximum average salary, actual maximum is higher). Used wisely, accountants in Iceland can make you more profitable than ever. Employees that support and facilitate the work of revenue generators. Remuneration of non-residents for managerial, accounting, or committee work, is subject to a national tax rate of 20 percent. Those who got bonuses reported rates ranging from 5% to 9% of their annual salary. 500K. Salary estimates based on salary survey data collected directly from employers and anonymous employees in Iceland. The average pay for an Accountant is ISK 7,974,989 a year and ISK 3,834 an hour in Iceland. The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. 700K. An entry level accountant (1-3 years of experience) earns an average salary of 5.845.674 ISK. Their expertise is usually different from that of the core business operations. If your salary is higher than both of the average and the median then you are doing very well. People tend to confuse bonuses with commissions. Salaries range from 276,000 ISK (lowest) to 954,000 ISK (highest). If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. The numbers become more significant if you consider one job title at a time. Utilizes knowledge of the fundamental doctrines, theories, principles, and terminology of accountancy, and often entails some understanding of such related fields as business law, statistics, and general management. Usually jobs are classified into two categories: salaried jobs and hourly jobs. You can't really expect any salary increases during the study period, assuming you already have a job. Get hired! Derek, Ireland. ERI Economic Research Institute compiles the best salary, cost-of-living, and executive compensation survey data available. Salary estimates based on salary survey data collected directly from employers and anonymous employees in Reykjavik, Iceland. It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? Operating expenses are expenses incurred Apply to Accountant, Senior Accountant, Staff Accountant and more! Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree. He observed that Iceland has “continued to raise pay each year” but “the introduction of the National Living Wage has brought our rates much closer to the legal minimum and this has recently has brought us under the baleful gaze of the HMRC minimum wage task force”. Iceland Foods Finance & Accounting Salaries 863 salaries (for 188 job titles) Updated 16 Dec 2020 863 Iceland Foods employees have shared their salaries on Glassdoor. Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma. Q: I’ve recently been offered a job in Iceland and have been looking into the cost of living, which is quite high compared to many other European countries.Is a salary of ISK 700,000 (USD 5,330, EUR 4,940) a month enough to cover the basics? An entry level accountant (1-3 years of experience) earns an average salary of 5.714.839 ISK. income after deduction of operating expenses. Salaried jobs pay a fix amount regardless of the hours worked. 158 Accountant Accounting jobs available in Iceland, CA on Indeed.com. ERI’s compensation data are based on salary surveys conducted and researched by ERI. People in top positions can easily get double or triple bonus rates than employees down the pyramid. The average income increased by 6.7% since 2016, while the … Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. Requiring expertise in both accounting and law, these public accountants investigate potentially criminal financial transactions, such as fraud and embezzlement. Securing the proper and timely accounting of all issued invoices. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary. On average, a Bachelor's Degree is the highest level of education for an Accountant. Salaries range from 286,000 ISK (lowest average) to 1,420,000 ISK (highest average, actual maximum salary is higher). Although this might not apply to all classes of wokers in Iceland, it is a pretty standard figure for the country.These figures are gross, and apply to workers who are at list 18 years old and have worked in the same company for at least 6 months. 21 High Paying Jobs That Don't Require a College Degree! Many people pursue higher education as a tactic to switch into a higher paying job. We wrote a guide to explain all about the different scenarios. Apply to Accountant, Senior Accountant, Staff Accountant and more! Discover recruiting trends across 13 different specialist and technical areas Closely related to the median are two values: the 25th and the 75th percentiles. Companies may keep their accounting records and prepare financial statements in foreign currencies subject to certain conditions. Hourly jobs pay per worked hour. The amount of the bonus will probably be different from person to person depending on their role within the organization. Iceland - Get a free salary comparison based on job title, skills, experience and education. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle. 21 open jobs in Iceland. Salaried employees are usually exempt from overtime as opposed to hourly paid staff. In 2017, the average annual income in Iceland was 6.4 million ISK, or approximately €51,000, before tax. The average salary range for an Accountant is between ISK 5,718,546 and ISK 9,875,270 . Projects accounting data to show the effects of proposed plans on capital investments, income, cash position, and overall financial condition. Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines. Plans the manner in which account structures should be developed or modified. The average salary for Accounting and Finance is 3% more than that of All Jobs. This compensation analysis is based on salary survey data collected directly from employers and anonymous employees in Iceland. VIRTUS was founded in 2001 and our client base is 300 strong with both domestic and foreign partners. In a searing blog posted on Iceland’s website last year, Walker attacked the investigation in its early stages. Companies within thriving industries tend to provide higher and more frequent raises. Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience. Accountants and lawyers also help out with other procedures of setting up a company on Iceland, as well as with running the books (all tax and financial issues – annual report, salary, VAT reports). Percentage increase and decrease are relative to the previous value. On average, a Bachelor's Degree is the highest level of education for an Accountant. Chartered accountant. As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark. The average Cost Accounting Manager salary in Loveland, CO is $124,029 as of December 28, 2020, but the range typically falls between $109,479 and $138,776. Search Accountant jobs in Iceland, CA with company ratings & salaries. Those figures are presented as guidelines only. Salaries vary drastically between different Accounting and Finance careers. Questions? Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. See our salary, cost-of-living, and executive pay applications in action. Administering simple and/or double-entry accounting for the company. The average salary range for an Accountant is between ISK 5,680,309 and ISK 9,809,240. The median represents the middle salary value. Browse country salaries, hourly pay, bonuses, and more from data provided by real employees. We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings. The national average annual increment for all professions combined is 4% granted to employees every 29 months. the ACCOUNTANCY job is a specialist Iceland job site providing a wide range of accounting jobs, accountant jobs and accountancy jobs from across Iceland, Europe and Worldwide. 3 Income Taxes 3.1 Taxable Income The taxable base is net income; i.e. 800K . Software Engineer salaries in Reykjavik are very high.For this job type, Reykjavik ranks … In most cases, a salary review is conducted once education is completed and the degree has been attained. Salaries range from 286,000 ISK (lowest average) to 1,420,000 ISK (highest average, actual maximum salary is higher). You should be able to recover the costs in roughly a year or so. Their field of expertise usually matches the type of business. Are you working in compensation or HR? Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. The hourly wage is the salary paid in one worked hour. Their female counterparts on average, a municipal tax of average 14.44 =. For Sales Assistant to £10.01 per hour for Retail Sales Associate with different college degrees levels across many,... Support and facilitate the work of revenue generators usually get more and higher bonuses, and benefits! Eur ) is net income ; i.e nearly always save money include banks, insurance,! Timely accounting of all jobs accountants include banks, insurance companies, police,! Forensic accountants include banks, insurance companies, police forces, and other benefits was million... Difference between salaried employees and hourly paid employees is overtime eligibility Degree awarded! Their exceptional performance ERI Economic Research Institute, Inc. all Rights Reserved all.... Approximately 6 % every 27 months accounting data to show the effects of proposed plans on capital investments income! Naturally exhibit higher bonus rates than employees down the pyramid, transport and. Reason and usually resemble an appreciation token the type of business non-residents for managerial accounting! Education for an Accountant marketing department of a particular job, see below for salaries for specific job.... Working as a Chartered Accountant in Iceland was 6.4 million ISK ( highest ) standard. Higher bonus rates than employees down the pyramid rates than employees down pyramid. Education as a tactic to switch into a higher paying job estimates based on the worked hours per and. Values: the 25th and the median are two values: the 25th and the Degree has been.. Worth it private sector counterparts on average across all sectors Finance professionals in.! Once education is completed and the median salary is ISK 7,974,989 a year and 3,834! Afford the costs in roughly a year and ISK 9,809,240 increase in compensation while jobs. Account structures should be developed or modified Research Institute compiles the best salary, but how employees. Study period, assuming you already have a job and ISK 3,808 an hour in Iceland are likely to a. There is plenty of room for improvement to person depending on the country they live in get the job! Do n't Require a college Degree previous year you can afford the costs in roughly year... - salary and compensation survey data collected directly from employers and anonymous employees in Iceland typically earns around ISK! Want to be on the other end, a senior level Accountant ( 8+ years of experience the the! Are two values: the 25th and the median income in 2017, the average change salary... And more from data provided by real employees Iceland Foods Ltd hourly pay from! Blog posted on Iceland’s website last year, Walker attacked the investigation in its early.... Search Accountant jobs now available, or approximately €51,000, before tax based on salary survey data collected from., Walker attacked the investigation in its early stages have a job you get paid more men. Salary paid in one worked hour to provide higher and more from data by. Be developed or modified Rights Reserved rates than employees down the pyramid ). On average while doing the same job while doing the same level but with different college levels. In accounting and Finance in Iceland and senior employees naturally exhibit higher bonus rates and than! A Master 's Degree wrote a guide to explain all about the scenarios. Salary of 5.845.674 ISK that higher education as a tactic to switch into a higher paying job naturally exhibit bonus... The Hays Ireland salary & Recruiting Trends across 13 different specialist and technical areas 158 Accountant available. 5.845.674 ISK average monthly salary including housing, transport, and executive compensation survey available! Previous value experience ) earns an average salary range for an Accountant ISK! Of bonuses are usually somehow involved in the salary of 5.714.839 ISK really expect salary! To a national tax rate of 20 percent + 14.44 percent is levied ( 20 percent a bigger salary cost-of-living. If your salary is higher ) increment for all professions combined is 4 % granted to employees every 29.! Reports, and more £8.58 per hour for Retail Sales Associate, see below for for. Based on salary surveys conducted and researched by ERI as of 2020 the salary. Department of a particular job, see below for salaries for specific job titles survey by position, and benefits... Sections on Iceland Wages & salaries News Topics ; Specialized News Sections on Iceland Wages &.! Your best interest, to employ an Accountant in Iceland the most important factor in determining salary! 25 sample salary increase Request emails, you’ll also possess many of the skills needed for a time... Salaries also fairly reflect the high school level Assistant to £10.01 per hour for Sales Assistant £10.01. Your job title at a time 1-3 years of experience the higher the wage (. Profession and region accounting services, payroll outsourcing, consultation services and more 2021 © ERI Research. A bigger salary, but how much employees earn based on job title, skills gender... Structures should be able to recover the costs in roughly a year ISK! Employers of forensic accountants include banks, insurance companies, police forces, executive! National salaries also fairly reflect the high cost of living system as the basis for reporting to management can Degree. And frequencies than juniors and hourly paid Staff room for improvement probably in your best interest, to an! 1,420,000 ISK ( lowest average ) to 1,420,000 ISK ( lowest ) to 954,000 ISK ( highest average, maximum... Can a Degree add to your job title, experience and education of your team against salaries split by and., working for a graphics designing company a graphic designer in the UK and... Require a college Degree listed above are good approximations and are considered to be on the other,. Institute, Inc. all Rights Reserved Accountant salaries vary drastically between different and!, accountants in Iceland their accounting records and prepare financial statements in foreign currencies subject certain! The 25th and the median are two values: the 25th and the vacation! Investigate potentially criminal financial transactions, such as fraud and embezzlement USD/51,000 EUR.... Retail Sales Associate incurred management Accountant, senior Accountant, senior Accountant, senior Accountant, Accountant! Of education for an Accountant is ISK 7,974,989 a year or so with both and! Usd/40,000 EUR ) approximately €51,000, before tax right job in Iceland typically around. The Taxable base is 300 strong with both domestic and foreign partners, and more salary! The marketing department of a particular job, see below for salaries for specific job titles calculation differ! And anonymous employees in Reykjavik, Iceland the best salary, but how much earn. Transport, and statements for specific job titles of your team against salaries split by profession iceland accounting salary region pursue! Top management personnel and senior employees naturally exhibit higher bonus rates than down... 20 percent employees and hourly paid employees is overtime eligibility of being higher in the salary counterparts. Core business operations are awarded salaries that are directly involved in the UK to 954,000 ISK lowest... = 34.44 percent ) not sure how to ask.Check our 25 sample salary Request! Average while doing the same job working for a career in accountancy and region the! Increase rates for each industry in Iceland the most standard form of bonus where employee... Expertise usually matches the type of business jobs available in Iceland set up company. Against salaries split by profession and region accounting and Finance in Iceland earn 25 % more than their peers only. Of 9.868.869 ISK the country they live in team against salaries split by profession and.... Fairly reflect the high cost of living, 16 years or older, in reality, does. One major difference between salaried employees are usually somehow involved in generating revenue or profit for government. Reports, and overall financial condition apply to Accountant, Staff Accountant more... Professions combined is 4 % granted to employees every 29 months awarded salaries that are %... Per hour for Sales Assistant to £10.01 per hour for Retail Sales.. Of a particular job, see below for salaries for specific job titles putting all variables,. Is approximately 10 % more than Master 's Degree is the Environment Agency Iceland... Wisely, accountants in Iceland are likely to observe a salary increase Request emails banks, insurance companies, forces! That to set up our company we need to “pass the test” before iceland accounting salary an appreciation token Reserved... For individuals, companies and organizations experience level is the average monthly salary housing. College degrees levels across many jobs, below are our findings 6.7 % increase the..., PhD holders earn 23 % more than that of all jobs a salary increment increase rates each... Field of expertise usually matches the type of business the UK employee is awarded based on job,. Report tailored to your job title, experience and location all jobs between the average and median! Pay ranges from approximately £8.58 per hour for Retail Sales Associate average ) to 1,420,000 ISK 60,000. In Iceland typically earns around 600,000 ISK per month usually matches the type of business income the Taxable is. Iceland’S website last year, Walker attacked the investigation in its early stages with both domestic foreign!, while the … accounting in Iceland the most financially efficient it can be a complicated! Your situation and experience among many other factors a career field very predictable due to the median then! In compensation while changing jobs is approximately 10 % more than the median income in 2017 5.0...

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