Second fifth Richest fifth of population Third fifth Fourth Poorest fifth Income Quintile Highest fifth Second fifth Third fifth Fourth fifth Lowest fifth The U.S. Distribution of Income 2015 Income Average Income Above $117.000 $202,000 $72,000-$117.000 $92,000 $44,000-$72,000 $57.000 $23,000-$44.000 $33,000 $0-$23,000 $12.500 Share of Total income 52% 23% 14% 8% 3% Instructions: In parts a and b, enter your responses rounded to the nearest dollar. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. In part c, enter your response rounded to one decimal place. a. Compute the average income of U.S. households. $ b. If all incomes were equalized by government taxes and transfer payments, how much would the average household in each income quintile gain (via transfers) or lose (via taxes)? 1. Highest fifth: $ ii. Second fifth: $ lil. Third fifth: $ iv. Fourth fifth V. Lowest fifth: $ c. What is the implied tax (.e., tax + average income) on the highest quintile? 1%