Calculate tax

IN Paragraph Styles Editing Void This Worksheet is provided as a courtesy to aid your work. Use it at your own discretion. Use the worksheets below to 1) calculate the tax that each person pays, and 2) the total tax revenue that will be collected. Use the following formula to calculate each person's tax liability: Person X -($Income in this braquet x 0.15) + ($Income in this braquet x 0.30) = Tax Paid by Person X Example 1; if person X earns $70,000/year, then - ($50,000 x 0.15) + ($20,000 x 0.30) = $7,500 + $6,000 = $13,500 Example 2; if person X earns $10,000/year, then - ($10,000 x 0.15) + ($0 x 0.30) = $1,500 + $0 = $1,500 Year 1 Tax Worksheet Person Year 1 Income Income taxed at 15% Income taxed at 30% Total Tax Paid Amy $20,000 Betty $40,000 Charlie $60,000 Dimitry $80,000 Evelyn $100,000 Year 1 Total Tax Revenue