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Government G levies an income tax with the following rate structure: Percentage Rate Bracket 62 Income from -0- to $30,000 10 Income from $30, 001
Government G levies an income tax with the following rate structure: Percentage Rate Bracket 62 Income from -0- to $30,000 10 Income from $30, 001 to $70,000 20 Income from $70, 001 to $200,000 28 Income in excess of $200,000 Taxpayer O earns $45,500 annually during years 1 through 10. Taxpayer P earns $15,000 annually during years 1 through 5 and $76,000 annually during years 6 through 10. Assume the tax rate bracket has not changed. Required: a. How much total income does each taxpayer earn over the 10-year period? b. Compute each taxpayer's average tax rate for the 10-year period. Complete this question by entering your answers in the tabs below. Required A Required B How much total income does each taxpayer earn over the 10-year period? Total Income Taxpayer O Taxpayer P
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