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Country A levies an individual income tax with the following rate structure: Bracket Percentage Rate 10% 15 25 30 Income from -0- to $20,000 Income
Country A levies an individual income tax with the following rate structure: Bracket Percentage Rate 10% 15 25 30 Income from -0- to $20,000 Income from $20,001 to $75,000 Income from $75,001 to $160,000 Income in excess of $160,000 Ms. SP's annual taxable income for years 1 through 5 is $96,400. Ms. OC's taxable income for years 1 through 4 is $10,500. In year 5, Ms. OC wins a lottery, and her taxable income for this one year jumps to $440,000. Assume the tax rate bracket has not changed a. How much total income does each individual earn over the 5-year period? . Compute each individual's average tax rate for the 5-year period Complete this question by entering your answers in the tabs below. Required A Required B Compute each individual's average tax rate for the 5-year period. (Round your answers t Average Tax Rate Ms. SP Ms. OC Required A Required B Required A Required B How much total income does each individual earn over the 5-year period? Total Income Ms. SP Ms. OC
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