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The net chargeable income is salaries minus allowances and deductions. For simplicity, assume the only deductible is the mandatory contribution to MPF, and the only
The net chargeable income is salaries minus allowances and deductions. For simplicity, assume the only deductible is the mandatory contribution to MPF, and the only allowance is the single/married person allowance. 1A single person will receive an allowance of HKD 132,000 , and a married person will receive HKD264,000. Write a Python program to calculate the income tax. 1) Ask the user to enter the salary, marriage status, and mandatory contributions to MPF. 2) Display the tax due. Round it to the nearest dollar amount. If the net chargeable income is negative, display o for the tax due. The program should be capable of the following. Each screenshot corresponds to running the program once. Follow the same submission requirement (.py file and screenshot) as before. Enter your salary: 150000 Enter your marriage status (1 for single, 2 for married) : 2 Enter your mandatory contribution to MPF: 7500 Your salary tax due for the year is 0. Enter your salary: 320000 Enter your marriage status (1 for single, 2 for married): 1 Enter your mandatory contribution to MPF: 18000 Your salary tax due for the year is 11800. Enter your salary: 1200000 Enter your marriage status (1 for single, 2 for married): 2 Enter your mandatory contribution to MPF: 18000 Your salary tax due for the year is 138060 . Example: Suppose a single person has an annual salary of 320,000 . She is eligible for the single-person allowance of 132,000. Assume that she contributed 18,000 to the mandatory provident fund that fiscal year. Her net chargeable income is 320,000132,00018,000=170,000. Since the taxable amount falls between 150,000 and 200,000 , her tax due 2 is (0.02+0.06+0.1)50,000+0.14(170,000150,000)=11,800. Note that the first 50k is taxed at 2%, the next 50ok, i.e., 100,00050,000, is taxed at 6%, etc. Disclaimer: This exercise does not serve as tax advice
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