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8. (30 points) Look up the basic 2019 federal income tax rates for single filers by going to this site at nerdwallet.com and expanding the
8. (30 points) Look up the basic 2019 federal income tax rates for single filers by going to this site at nerdwallet.com and expanding the section for Single Filers. Write pseudocode for computing an individuals basic tax rate using the rightmost two columns of that table. Test your algorithm using these two values:
1) declare rates for single filers
2) input
- $10,000 per year should result in $1006 taxes owed. [Mathematically, the formula is $970+($10,000-$9700)*0.12]
- $100,000 per year should result in $18,174.50 taxes owed. [Mathematically, the formula is $14382.50+($100,000-$84,200)*0.24]
(Note: taxes are much more complicated than this; numerous credits and deductions typically apply. This question is just an exercise in writing pseudocode.)
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