In the U$.$S$.,$ all earned income is subject to federal income tax. The tax system is divided into

brackets so that higher earners pay a higher percentage of their income in tax. For the $2023$

tax year $($which is what you$$re filing taxes for in Spring $2024),$ the brackets are set up like this

for a single filer:

Income Tax Rate

Up to $$11,00010\%$

Over $$11,000,$ up to $$44,72512\%$

Over $$44,725,$ up to $$95,37522\%$

Over $$95,375,$ up to $$182,10024\%$

Over $$182,100,$ up to $$231,25032\%$

Over $$231,250,$ up to $$578,12535\%$

Over $$578,12537\%$

A common misconception is that if you$$re near the border between two brackets, it$$s advan$-$

tageous to refuse a small raise because you would end up with less after$-$tax pay if you get

bumped into the next higher bracket. This is totally false. The tax rates in the table above are

marginal, which means they apply only to the portions of income in each range, rather than

all of the income.

Thus, earning more income will generally result in more after$-$tax pay. There are some excep$-$

tions, such as an income increase disqualifying a taxpayer for the Earned Income Tax Credit$1,$

but we won$$t consider those special cases here.

$1$If you$$re interested in U$.$S$.$ tax laws, see https:$//$www$.$irs.gov$/$credits$-$deductions$/$individuals$/$

earned$-$income$-$tax$-$credit for more info about the EITC. It$$s good bedtime reading.

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Note that federal tax is not the only thing withheld from your paycheck. There are also deduc$-$

tions for Social Security and Medicare $($known as FICA taxes$),$ state income tax $($thankfully

zero if you live in Tennessee$),$ retirement contributions, insurance premiums, and so on$.$ But

for this problem, we$$ll focus on just the federal tax.

Here are two examples of how the federal tax is computed.

$$ Alice earns $$100,000$ as a software engineer. Her income can be broken down into four

parts:

$$ The first $$11,000$ incurs $10\%$ of tax: $$11,000\backslash$times $0\mathrm{.}1=$ $$1,100$

$$ The part between $$11,000$ and $$44,725$ incurs $12\%$ of tax: $($$$44,725-$ $$11,000)\backslash$times $0\mathrm{.}12$

$=$ $$4,047$

$$ The part between $$44,725$ and $$95,375$ incurs $22\%$ of tax: $($$$95,375-$ $$44,725)\backslash$times $0\mathrm{.}22$

$=$ $$11,143$

$$ Finally, the part over $$95,375$ incurs $24\%$ of tax: $($$$100,000-$ $$95,375)\backslash$times $0\mathrm{.}24=$ $$1,110$

Alice$$s total tax owed is thus $$1,100+$ $$4,047+$ $$11,143+$ $$1,110=$ $$17,400.$ Her effective

tax rate is $$17,400/$$$100,000$ or $17\mathrm{.}4\%.$

$$ Bob earns $$44,725$ as a sloth trainer. His income can be broken down into two parts:

$$ The first $$11,000$ incurs $10\%$ of tax: $$11,000\backslash$times $0\mathrm{.}1=$ $$1,100$

$$ The part between $$11,000$ and $$44,725$ incurs $12\%$ of tax: $($$$44,725-$ $$11,000)\backslash$times $0\mathrm{.}12$

$=$ $$4,047$

Bob$$s total tax owed is thus $$1,100+$ $$4,047=$ $$5,147.$ His effective tax rate is $$5,147/$$$44,725$

or about $11\mathrm{.}5\%.$

Your task in this problem is to write a program that computes the federal tax owed for any

salary. After you$$re done, maybe you can start your own company to compete with H&R Block!

$($b$)(12$ points$)$ Write a program named tax calculator.py that reads user input for $2023$

income earned and computes the tax owed and effective tax rate. Assume the user enters

a valid income. The program also provides a bracket$-$by$-$bracket breakdown of how the tax

owed was computed. Round off all monetary amounts to two decimal places, and round

off the effective tax rate to one decimal place. Verify that your program works correctly

using the earlier examples, as well as your own test cases.

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Example program run $($underlined parts indicate what the user enters$)$

What was your $2023$ income? $100000$

First $ $11000$: $ $1100\mathrm{.}00$

$ $11000-$ $ $44725$: $ $4047\mathrm{.}00$

$ $44725-$ $ $95375$: $ $11143\mathrm{.}00$

$ $95375-$ $$182100$: $ $1110\mathrm{.}00$

Total tax owed: $ $17400\mathrm{.}00$

Effective tax rate: $17\mathrm{.}4\%$

Make sure code is run in python and do not use the break command and please use conditionals!!