(Answered) Question - country a levies an individual income tax with

Accounting

Question - Country A levies an individual income tax with the following rate structure:

Percentage RateBracket 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

Ms. SP's annual taxable income for years 1 through 5 is $123,600. Ms. OC's taxable income for years 1 through 4 is $14,500. In year 5, Ms. OC wins a lottery, and her taxable income for this one year jumps to $560,000. Assume the tax rate bracket has not changed.

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.

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