Question
Every year around April 15th people are expected to have their taxes filed. Some are early and some are late. There tax tables that are
Every year around April 15th people are expected to have their taxes filed. Some are early and some are late. There tax tables that are used to determine your tax bracket and how much you owe. Software is used to compute the taxes on each paycheck and by the IRS to verify that your filing is accurate. This program will calculate U.S. income tax owed given wages, taxable interest, unemployment compensation, status (single or married) and taxes withheld. Taxpayers are only allowed to use this short form if adjusted gross income (AGI) is less than $120000. Dollar amounts are displayed as integers with no comma separators.
Calculate tax amount based on exemption and taxable income (see tables below). Tax amount should be stored as a double and rounded to the nearest whole number using round(). Submit for grading to confirm eight tests pass. Ex: If the input is:
20000 23 500 1 400
Ex: The additional output is:
AGI: $20523 Deduction: $12000 Taxable income: $8523 Federal Tax: $852
Income | Tax for Single Filers |
---|---|
$0 - $10000 | 10% of the income |
$10001 - $40000 | $1000 + 12% of the amount over $10000 |
$40001 - $85000 | $4600 + 22% of the amount over $40000 |
over $85000 | $14500 + 24% of the amount over $85000 |
Income | Tax for Married Filers |
---|---|
$0 - $20000 | 10% of the income |
$20001 - $80000 | $2000 + 12% of the amount over $20000 |
over $80000 | $9200 + 22% of the amount over $80000 |
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