12:44 Project 4 (2) 100+ Done Piecewise Function: Project We are going to look at one of the most important piecewise functions in the real-world: the US Tax Code. No one likes to talk about taxes, however, it is your civic duty to understand how your taxes are calculated. Who knows, maybe by the end of this, you will gain an understanding of the system and finally know what is meant by tax brackets, marginal tax rates, and other terms used by the IRS. The US Tax System The main form that everyone is required to fill out for taxes is called the 1040. Click on the link for instructions for the 1040 hpsow.itam pubin-pd104gipt. You will find the tax tables on Page 65. The reason they are on page 65 is because by the time you get to that page, you have figured up all your income postive flows of money for you salary, gains in investments, dc.) and deductions (negative few of money for you montpage interest, charity, etc) and it's time to calculate your tax owed on the balance. This pic shows how the table starts The Table is self-explanatory. You will see that when calculating your taxes you will use piecewise functions AND it is continuous (which is a very important facet of the system as well). Tax Brackets For Single Individuals The uses are becken up into what are called tax brackets. Essentially, the more money you make, the more you pay in tax. This intuitively makes sense? You will find out it's not quite so simple. Also, tax brackets change over time. And each tax bracket has an assigned percentage of tax due for income in that bracket Taxable income is Between Individual Taxpayers 58701-539.475 $39,476-584.200 584201-$160.725 $100.726-5204,100 $204,101-$510,300 $510301+ 10% of 8970+12% of the amount over 59,700 $4.543 22% of the amount over $30.475 $14.382.50 +24% of the amount over $84.200 532 748 50 32% of the amount over $100.725 $46.628.50 +25% of the amount over $204,100 $153,798.50 +27% of the amount over $510,300 The First Bracket Piecewise Function: Project a