This seems should be a common question, but I couldn't find the answer after search around.
Let's say we want to calculate student adjusted math test score after controlling on family income. And based on the regression model and the data we have:
Math test score = Intercept + a * family income
Let's assume:
Math test score = 50 + 1 * family income (in 10 thousands)
As an example, we have a student whose test score is 60 and family income is 50 thousands. So his predicted score should be 55 and his residual is 5. This means he is doing 5 points better than the peers with same family income.
What should be his adjusted test score after controlling on family income? I guess it should not be his predicted score. I am thinking the adjusted score should be the average predicted score + the residual. Am I right?
I intend to use the adjusted score within the dataset, so that I can compare and visualize test scores of different groups of students based on the adjusted score.