Question

Tax Calculator: Write a program that calculates Federal and CA State tax based on gross income that was input from user. The program should print the gross income, federal tax mount, state tax amount and net income (earnings after tax deduction) using python program

Answer 1

def main():
    salary = float(input('Enter salary: '))
    federal_tax = 0.1 * salary
    if salary > 100000:
        federal_tax = 0.15 * salary
    state_tax = 0.05 * salary
    net_salary = salary - (federal_tax + state_tax)
    print("Gross income: ${:.2f}".format(salary))
    print('Federal Tax is ${:,.2f}'.format(federal_tax))
    print('State Tax is ${:,.2f}'.format(state_tax))
    print('Net salary is ${:,.2f}'.format(net_salary))


main()