// This is a Java programming assignment

Objective

The purpose of this assignment is to test your familiarity with Java I/O statements and if-else statements. This assignment also tests your understanding of the basics of Java programming and execution, like top-down control flows, translating the logical solution to a problem into code, and integrating the new concepts you just learned with the older concepts, including data types and variables, declaration, initialization and assignments, arithmetic operators, etc. Please submit your source code (i.e. your java file) on Canvas under HW1. Problem Its the year 2030 and H&R Block is facing a software crisis! Tax season is coming up in a few months, and their current tax solution is not compatible with the new rules that the IRS has imposed. They have hired you as a software engineer to program their new system. Your task is to calculate the income tax a person owes to the IRS. To do so you can use the following table Tax Bracket Annual Income Tax Owed to the IRS 1 Under $10,000 $0 2 $10,000 - $24,999 15 % of the annual income 3 $25,000 - $74,999 $3,750 + 20% of the amount exceeding $25,000 4 $75,000 - $149,999 $15,000 + 25% of the amount exceeding $75,000 5 $150,000 - $299,999 $37,500 + 30% of the amount exceeding $150,000 6 Above $300,000 $45,000 + 35% of the amount exceeding $300,000 Your program should take as input, the annual income of a user and print the tax bracket and total tax owed to the IRS. You may round your answers to 2 decimal places. Sample Run 1 Please enter your annual income ($): $66700 ************************************* Your tax bracket is 3 Total taxes owed to the IRS: $12090.00 ************************************ Sample Run 2 Please enter your annual income ($): $16200 ************************************* Your tax bracket is 2 Total taxes owed to the IRS: $2430.00 ************************************ Extra Credit (10 points) Please note, if you are going to attempt this, make sure you submit a version of your original solution (without the extra credit part) as well. You should modify your code, to compute / take into account 2 things. 1. Each individual is allowed to claim a standard deduction of upto $12,000, on top of the annual income he/she earns. You can assume the user will always want to claim this tax break. 2. You should compute and output the tax refund the user will get in 2030. To do this you must also input the amount of taxes the user has already paid to the IRS along with his/her annual income. Then you may calculate the refund by subtracting the taxes owed to the IRS from the taxes paid to the IRS. If the taxes owed is greater than the taxes paid, then the program should inform the user that he/she owes money to the IRS. Sample Run 3 (this includes the standard deduction computation) Please enter your annual income ($): 216200 Please enter your taxes paid to the IRS: 82345 ************************************* Your tax bracket is 5 Total taxes owed to the IRS: $53760 Your tax refund is: $28585 ************************************ Sample Run 4 (this includes the standard deduction computation) Please enter your annual income ($): 216200 Please enter your taxes paid to the IRS: 22345 ************************************* Your tax bracket is 5 Total taxes owed to the IRS: $53760 You owe money to the IRS: $31415 ************************************