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by Python program Calculate the United States income tax owed for people filing for the tax year 2018. Assume that there are only individuals or
by Python program
Calculate the United States income tax owed for people filing for the tax year 2018. Assume that there are only individuals or couples without children or other dependents, and that all filers take the standard deduction. Each individual has a standard deduction of $12,000. Each couple has a standard deduction of $24,000 Married Filing Jointly Up to $19,050 Rate Individuals 10% | Up to $9,525 12% | $9,526 to $38,700 | $19,051 to $77,400 22% | 38,701 to $82,500 | $77,401 to $165,000 24% | $82,501 to $157,500 | $165,001 to $315,000 32% | $157,501 to $200,000 | $315,001 to $400,000 35% | $200,001 to $500,000 | $400,001 to $600,000 37% over $500,000 over $600,000 An example for an individual making $62,000 per year: $62,000 income less $12,000 standard deduction leaves $50,000 taxable income Dollars 1-9,525 are taxed at 10% = 9,552 10% Dollars 9,526-38,700 are taxed at 12% = 29,175*12% = 3,501.00 Dollars 38,701-50,000 are taxed at 22% = 11,300"22% = 2,486.00 -952.50Step by Step Solution
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