Jurisdiction M Imposes an Individual Income Tax Based on the Following

Multiple Choice

Jurisdiction M imposes an individual income tax based on the following schedule. $$\begin{array} { | c | c | } \hline \text { Rate } & \text { Income bracket } \\\hline 5 \% & \$ - 0 - \text { to } \$ 50,000 \\\hline + 8 \% & \$ 50,001 \text { to } \$ 200,000 \\\hline + 12 \% & \$ 200,001 \text { ard above } \\\hline\end{array}$$ Mr. Coen has $78,000 taxable income. Compute the tax on this income.

A) $4,740
B) $6,240
C) $8,740
D) None of the above