In Python Only!!!

In 1913 the 16th Amendment to the Constitution was passed. It gives Congress the right to impose a Federal Income Tax. Prior to 1913 the Supreme Court had ruled Federal Income taxes unconstitutional. The initial (1913) tax rates were (the rates applied to all taxpayers, it didnt matter if you were single/married etc.): Rate Taxable Income Greater Than Taxable Income Less Than or Equal To 1% $0 $20,000 2% $20,000 $50,000 3% $50,000 $75,000 4% $75,000 $100,000 5% $100,000 $250,000 6% $250,000 $500,000 7% $500,000 Please note that the tax is progressive: you pay the rate specified on the amounts within each bracket. For example a person with taxable income of $90,000 will pay a tax of 20000 * .01 + 30000 * .02 + 25000 * .03 + (90000-75000) * .04. In this assignment you are to ask the user to enter their Taxable Income and output the amount of their tax.

The following are examples of input and output:

Enter your taxable income: 10000 Your tax is: 100.00

Enter your taxable income: 123456.75 Your tax is: 3722.84

Enter your taxable income: 20000 Your tax is: 200.00

Enter your taxable income: 90000 Your tax is: 2150.00

Enter your taxable income: 550000.55 Your tax is: 28550.04