Question

USE PYTHON CODE:

We are determining the income tax based the household income. Please see the following table for the rules.

15% on the first $40,000 of taxable income

22% on the next $40,000 of taxable income (on the portion of taxable income over $40,000 up to $80,000)

29% of taxable income over $80,000 (on the portion of taxable income over $80,000)

Given any income, please write a program to calculate the income tax and to print it out. Please read the bolded text and the text in the parentheses very carefully. Use 0.15, 0.22, and 0.29 instead of 15%, 22%, and 29% in the calculation. We will explain why in the future. Start your program with income definition:

income = xxx

Answer 1

income = float(input("Enter income: "))
tax = 0
if(income <= 40000):
    tax = income*0.15
elif(income <= 80000):
    tax = (40000 * 0.15) + (income-40000)*0.22
else:
    tax = (40000 * 0.15) + (40000 * 0.22) + ((income-80000)*0.29)
print("Tax =",tax)