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Well, wage is how much one earns. Annual wage means earnings in one year.

Saying MEDIAN annual wage would mean you are asking about a group of individuals. A median is defined as a number at the center position of a set of numbers. In other words, whatever that MEDIAN annual wage is, 50% of people would earn more than that number in a year, 50% would earn less.

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Q: What does annual median wage mean?
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A man's annual wage today exceeds the annual wage of his father.