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Need python code for the functions. Sample output is also given for each function. filling status contains 3 values filing_status(integer) is the status of the
Need python code for the functions.
Sample output is also given for each function.
filling status contains 3 values
filing_status(integer) is the status of the filing person: 1=single, 2=married filing jointly, 3=married filing separately
bracket_income(income, filing status, bracket) Description: It returns the amount of the person's income that falls within a certain bracket based on the following table bracketIncome (single) $0 to $10,000 $10,000.01 to $40,000 $40,000.01 to $80,000 $80,000.01 to $160,000 $160,000.01 or more Married (jointly) $0 to $20,000 $20,000.01 to $70,000 $70,000.01 to $160,000 $160,000.01 to $310,000 $310,000.01 or more Married (separately) $0 to $12,000 $12,000.01 to $44,000 $44,000.01 to $88,000 $88,000.01 to $170,000 $170,000.01 or more 4 Parameters: income (float) and filing status (integer) are the same as above. bracket (integer) is a sequential number that corresponds to a certain tax bracket. Return value: The amount (float) of income bracket income(67234, 1,1) bracket income(5700.45, 3, 1) 10000.00 5700.45 credit(income, filing status, family_members, tax) Description: It returns the amount of tax credit that a person is eligible to receive. Parameters: income (float), filing_status (integer) and family_members (integer) are the same as above. tax (float) is the amount of income tax that this person is supposed to pay before any credit is applied Return value: The amount (float) of credit Logic: A person is eligible for a tax credit if their initial income is in the low 50% of the median income per capita (MIC). The most recent United States MIC was $31,786. Maximum credit per tax return is $1,000 or the amount of pre-credit tax, whichever is lower. The credit is $30 per each whole thousand dollars of income. If the couple is filing jointly, both spouses are eligible to receive the credit. Each child is eligible for an additional $20, or half of it if parents are filing separately. Examples credit(545.15, 1, 2, 100) credit 10999.99, 3, 10, 2100) 20.00 380.00 bracket tax_rate(filing status, bracket) Description: It returns the federal income tax rate that corresponds to a certain tax bracket and filing status based on the following table bracket Tax rate (single) Tax rate (jointly) Tax rate (separately) 10% 12% 22% 24% 32% 10% 12% 23% 25% 33% 10% 12% 24% 26% 35% 4 Parameters: filing status (integer) and bracket (integer) are the same as above Return value: The tax rate (float) bracket tax_rate(1, 3) bracket tax_rate(2, 5) 0.22 -0.33Step by Step Solution
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