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C++ format . 5. (25 marks) In tax-year 2020, Canada's income tax brackets are given as below: 15% on the first $48,535 of taxable income,
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. 5. (25 marks) In tax-year 2020, Canada's income tax brackets are given as below: 15% on the first $48,535 of taxable income, plus 20.5% on the next $48,534 of taxable income (on the portion of taxable income over $48,535 up to $97,069), plus 26% on the next $53,404 of taxable income (on the portion of taxable income over $97,069 up to $150,473), plus 29% on the next $63,895 of taxable income (on the portion of taxable income over $150,473 up to $214,368), plus 33% of taxable income over $214,368 Write a program that takes an income value from the user and calculates the income tax and net income (income tax) according to the above brackets. Test your program with two values of 255000 $ and 132000$ incomes Step by Step Solution
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