Say that Australia has a working population of 11,565,470 people, and that the average salary is $26,450 annually. How much tax revenue would Australia generate each year by instituting a 31.4% income tax?

First multiply the working population by the average annual salary: 11,565,470 × $26,450 = $305,906,681,500 in total annual income. Then apply the 31.4% tax rate: $305,906,681,500 × 0.314 = $96,054,697,991, so the tax revenue is $96,054,697,991 (choice C).

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