Programming Assignment

The United States income tax is calculated using a progressive system. This means that at certain levels of income, the rate at which income is taxed is increased. A table can be found at this Wikipedia page here (https://en.wikipedia.org/wiki/Rate_schedule_%28federal_income_tax%29#Format:Link) that shows what income brackets are taxed at what rate. For the purposes of this assignment, an example tax schedule is provided at the bottom of this page.

As an example, assume that Jill is single and makes $35,000 annually before all taxes. Her income would fall in the second bracket, between $9,075 and $36,900. That means Jill would be taxed $907.50 plus 15% of the amount over $9,075. So $25,925 would be taxed at 15%, which equals $3,888.75. Therefore, Jill's total income tax would equal $4,796.25 .

For this assignment, create a program that will take the user's gross income and calculate their total income tax. Begin by listing the tax schedules and asking which schedule the user files under. Then ask for the users gross income. Calculate and print to the screen which tax bracket they fall under and their total income tax.

Solution Requirements

The output should be formatted so that the tax rate always shows two decimal places. If the user fails to enter correct input, the program should inform the user and close.

The program should be named income_tax.cpp.

Tax Rate Schedule for This Assignment

The following are the IRS rate schedules for 2014: [1]https://taxfoundation.org/2014-tax-brackets [2]http://www.scopulus.co.uk/taxsheets/usa_taxrates_2014.htm

Schedule X Single

If taxable income is over--	But not over--	The tax is:	of the amount over--
$0	$9,075	10%	$0
$9,075	$36,900	$907.50 + 15%	$9,075
$36,900	$89,350	$5,081.25 + 25%	$36,900
$89,350	$186,350	$18,193.75 + 28%	$89,350
$186,350	$405,100	$45,353.75 + 33%	$186,350
$405,100	$406,750	$117,541.25 + 35%	$405,100
$406,750	no limit	$118,118.75 + 39.6%	$406,750

Schedule Y-1 Married filing Jointly or Qualifying Widow(er)

If taxable income is over--	But not over--	The tax is:	of the amount over--
$0	$18,150	10%	$0
$18,150	$73,800	$1,815.00 + 15%	$18,150
$73,800	$148,850	$10,162.50 + 25%	$73,800
$148,850	$226,850	$28,925.00 + 28%	$148,850
$226,850	$405,100	$50,765.00 + 33%	$226,850
$405,100	$457,600	$109,587.50 + 35%	$405,100
$457,600	no limit	$127,962.50 + 39.6%	$457,600

Schedule Y-2 Married Filing Separately

If taxable income is over--	But not over--	The tax is:	of the amount over--
$0	$9,075	10%	$0
$9,075	$36,900	$907.50 + 15%	$9,075
$36,900	$74,425	$5,081.25 + 25%	$36,900
$74,425	$113,425	$14,462.50 + 28%	$74,425
$113,425	$202,550	$25,382.50 + 33%	$113,425
$202,550	$228,800	$54,793.75 + 35%	$202,550
$228,800	no limit	$63,981.25 + 39.6%	$228,800

Schedule Z Head of Household

If taxable income is over--	But not over--	The tax is:	of the amount over--
$0	$12,950	10%	$0
$12,950	$49,400	$1,295.00 + 15%	$12,950
$49,400	$127,550	$6,762.50 + 25%	$49,400
$127,550	$206,600	$26,300.00 + 28%	$127,550
$206,600	$405,100	$48,434.00 + 33%	$206,600
$405,100	$432,200	$113,939.00 + 35%	$405,100
$432,200	no limit	$123,424 .00 + 39.6%	$432,200

Caution: These tables shown above are accurate for 2014 only and do not apply for any other year.

Use of rate schedules

To use a rate schedule, a taxpayer must know their filing status and amount of taxable income. Once a taxpayer has made these determinations, she (1) references the pertinent rate schedule, (2) finds the appropriate bracket (based on her taxable income), and (3) uses the formula described in the third column to determine her federal income tax.

Assume, for example, that Taxpayer A is single and has a taxable income of $175,000 in 2014. The following steps apply the procedure outlined above:

(1) Because she is single, the pertinent rate table is Schedule X. (2) Given that her income falls between $89,350 and $186,350, she uses the fourth bracket in Schedule X. (3) Her federal income tax will be $18,193.75 plus 28% of the amount over $89,350. Applying this formula to Taxpayer A, one arrives at the following result: $18,193.75 + (0.28 * ($175,000 - $89,350)) = $18,193.75 + (0.28 * $85,650) = $18,193.75 + $23,982 = $42,175.75.

Accordingly, Taxpayer A must pay $42,175.75 in federal income taxes for 2014. Since her income is in the fourth bracket, her marginal tax rate for each additional dollar she earns is 28%, but her effective tax rate is 24% ($42,175.75/$175,000 is .241).

This program must be used as C++. Not highly techniques for doing this program. Thanks for helping me a lot and have a nice day :)