The original income tax calculation was quite simple. The tax was as below:

1% on the first $50,000

2% on the amount over $50,000 up to $70,000

3% on the amount over $70,001 up to $100,000

4% on the amount over $100,001 up to $250,000

5% on the amount over $250,001 up to $500,000

6% on the amount over $500,001

Write an algorithm that computes the income tax according to the schedule above.

Then, implement the algorithm using C++.

The original income tax calculation was quite simple. The tax was as below: . 1% on the first $50,000 . 2% on the amount over $50,000 up to $70,000 . 3% on the amount over $70,001 up to $100,000 4% on the amount over $100,001 up to $250,000 5% on the amount over $250,001 up to $500,000 . 6% on the amount over $500,001 Write an algorithm that computes the income tax according to the schedule above. Then, implement the algorithm using C++