Problem 02-12 (Algo) [LO 2-7] Country A levies an individual income tax with the following rate structure: Percentage Rate Bracket 10% Income from 0 to $20,000 15 Income from $20,001 to $75,000 25 Income from $75,001 to $160,000 30 Income in excess of $160,000 Required: Mr. Levis taxable income is $42,800. Compute Mr. Levis tax on this income as well as average and marginal tax rate. Ms. Jinns taxable income is $245,600. Compute Ms. Jinns tax on this income as well as average and marginal tax rate.