Question
in c++ language Write a program that takes as input your gross salary and your total saving and uses another function named taxCalculator() to calculate
Write a program that takes as input your gross salary and your total saving and uses another function named taxCalculator() to calculate your tax. The taxCalculator() function takes as parameters the gross salary as well as the total savings amount. The tax is calculated as follows:
(a) The savings is deducted from the gross income to calculate the taxable income. Maximum deduction of savings can be $20,000, even though the amount can be more than this.
(b) For up to $50,000 as taxable income the tax is 0 (Slab 0); beyond $50,000 to 80,000 tax is 3% of the difference above $50,000 (Slab 1); beyond $80,000 up to 100,000 (Slab2)the net tax is the tax calculated from Slab 0 and Slab 1 and then 5% of (Slab 2); if its more than $100,000, then the tax is tax from Slab 0, Slab 1, Slab 2 and 10% of the amount exceeding $100,000.
Test your program and display your calculated using all the possible scenarios.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started