Question

Write a Python program that computes the income tax for an individual. The program should ask the user to enter the total taxable income for the year. The program then uses the tax bracket (as shown below) to calculate the tax amount. This is based on a progressive income tax system which is how income tax is calculated in the U.S. As a result, this for example means that only income above $500,001 is taxed at 37%. Income of lower levels are taxed at their given marginal rate.

10% on taxable income from $0 to $9,525,

plus 12% on taxable income over $9,526 to $38,700,

plus 22% on taxable income over $38,701 to $82,500,

plus 24% on taxable income over $82,501 to $157,500,

plus 32% on taxable income over $157,501 to $200,000,

plus 35% on taxable income over $200,001 to $500,000,

plus 37% on taxable income over $500,001 or more

Answer 1

ANSWER:

ASSUMED TAXABLE INCOME ARE $ 5,50,000.00

TAXABLE AMOUNT	RATE	TAX AMOUNT
$ 9,525	10%	$ 952.50
$ 29,175	12%	$ 3,501.00
$ 43,800	22%	$ 9,636.00
$ 75,000	24%	$ 18,000.00
$ 42,500	32%	$ 13,600.00
$ 3,00,000	35%	$ 1,05,000.00
$ 50,000	37%	$ 18,500

TOTAL TAX AMOUNT :- $ 1,69,189.50