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; ifpetson X earns $70,000/year, then > ($50,000 X 0.15) + ($20,000 x 0.30) = $7,500 + $6,000 = $13,500 Example 2; ifpetson X earns $10,000/year, then > ($10,000 x 0.15) + ($0 x 0.30) = $1,500 + $0 = $1,500 Year 1 Tax Worksheet Income taxed at 15% Income taxed at 30% Total Tax Paid $20,000 $40,000 $80,000 $100,000 Year 1 Total Tax Revenue Year 2. Tax Worksheet Income taxed at 15% Income taxed at 30% Total Tax Paid Year 2. Total Tax Revenue