Question
Project Description Create a program that calculates a users weekly gross pay, weekly take-home pay, and annual income. Sample Run 1 Paycheck Management System ---------------------------------------------------
Project Description
Create a program that calculates a users weekly gross pay, weekly take-home pay, and annual income.
Sample Run 1
Paycheck Management System
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Enter your weekly work hours (hrs): 35
Enter your hourly pay rate ($): 14.50
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Your weekly gross pay is $507.50
Your weekly tax amount is $91.35
Your weekly take-home pay is $416.15
Your annual income is $26390.0
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Bye!
Sample Run 2
Paycheck Management System
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Enter your weekly work hours (hrs): 40
Enter your hourly pay rate ($): 15.75
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Your weekly gross pay is $630.0
Your weekly tax amount is $126.0
Your weekly take-home pay is $504.0
Your annual income is $32760.0
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Bye!
Specifications
- The formula for calculating the weekly gross pay is:
gross pay = hours worked * hourly rate
- The tax rate is calculated as follows:
- Full-time (>= 40 hours) production workers: 20%
- Part-time (< 40 hours) production workers: 18%
- The formula for calculating the weekly tax amount is:
tax amount = gross pay * (tax rate / 100)
- The formula for calculating the take-home pay is:
take-home pay = gross pay tax amount
- The formula for calculating the annual income is:
annual income = weekly gross pay * 52
- The tax rate is 18% or 20% which is based on the employee's status.
- The program should accept decimal entries like 35.5 and 14.25.
- The program should round the results to a maximum of two decimal places.
- Assume the user will enter valid data.
Step by Step Solution
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