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The goal of this project is to compare the new federal income tax based on the new tax bill passed by the congress in December
The goal of this project is to compare the new federal income tax based on the new tax bill passed by the congress in December 2017 with the old federal income tax. You will ask the user to input their names and the taxable income, Use the income brackets given below to calculate the new and old income tax. For the sake of simplicity of the project we will only consider individuals and not married users. We will also ignore any tax deductions while calculating income tax-they can significantly alter the tax, but add too much complexity for our second programming project Rate 10% 12% 22% 2400 32% 35% 37% Income range Up to $9,525 $9,526 to $38,700 38,701 to $82,500 $82,501 to $157,500 $157,501 to $200,000 $200,001 to $500,000 over $500,000 New income tax brackets (2018 and newer) Rate 10% I 5% 25% 28% 33% 35% 39.6% Income range Up to $9,325 $9,326 to $37,950 $37,951 to $91,900 $9190 l to $ 1 9 1 ,650 $191,651 to $416,700 $416,701 to $418,400 over $418,401 Old income tax brackets (2017 and older)
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