Refer to Government Gs rate structure described in the preceding problem. Taxpayer O earns $50,000 annually during

Question:

Refer to Government G’s rate structure described in the preceding problem. Taxpayer O earns $50,000 annually during years 1 through 10. Taxpayer P earns $20,000 annually during years 1 through 5 and $80,000 annually during years 6 through 10.
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.