Python Computer Language 1040 Form ***There needs to be comments/commentary on the code-explaining the code*** Step 1. Calculate the standard deduction. For this problem we are going to assume only two marital status positions. If you are single you get a $12,200 standard deduction. If you filed married you get a $24,400 standard deduction.Step 2. Calculate the adjusted gross income. To calculate your taxes owed, you take the wages and subtract the standard deductions. This gives you your adjusted gross income (AGI). Step 3. Calculate the tax refund or taxes owed. You then use the tables below with the AGI to calculate the taxes. If the taxes are greater then what was paid, you owe taxes. If the taxes were less, you get a refund. Single filersTax rateTaxable incomeTax owedbracket10%$0 to $9,87510% of taxable income$987.50 plus 12% of the amount over12%$9,876 to $40,125$9,875$40,126 to$4,617.50 plus 22% of the amount22%$85,525over $40,125$85,526 to$14,605.50 plus 24% of the amount24%$163,300over $85,525$163,301 to$33,271.50 plus 32% of the amount32%$207,350over $163,300$207,351 to$47,367.50 plus 35% of the amount35%$518,400over $207,350$156,235 plus 37% of the amount over37%$518,401 or more$518,400 Married, filing jointlyTax rateTaxable incomeTax owedbracket10%$0 to $19,75010% of taxable income$19,751 to$1,975 plus 12% of the amount over12%$80,250$19,750$80,251 to$9,235 plus 22% of the amount over22%$171,050$80,250$171,051 to$29,211 plus 24% of the amount over24%$326,600$171,050$326,601 to$66,543 plus 32% of the amount over32%$414,700$326,600$414,701 to$94,735 plus 35% of the amount over35%$622,050$414,700$167,307.50 plus 37% of the amount37%$622,051 or moreover $622,05o

Answered: Python Computer Language 1040 Form…

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

See similar textbooks

Related questions

Concept explainers

Question

Python Computer Language

1040 Form

***There needs to be comments/commentary on the code-explaining the code***

Step 1. Calculate the standard deduction. For this problem we are going to assume only two marital status positions. If you are single you get a $12,200 standard deduction. If you filed married you get a $24,400 standard deduction.

Step 2. Calculate the adjusted gross income. To calculate your taxes owed, you take the wages and subtract the standard deductions. This gives you your adjusted gross income (AGI).

Step 3. Calculate the tax refund or taxes owed. You then use the tables below with the AGI to calculate the taxes. If the taxes are greater then what was paid, you owe taxes. If the taxes were less, you get a refund.

Single filers
Tax rate
Taxable income
Tax owed
bracket
10%
$0 to $9,875
10% of taxable income
$987.50 plus 12% of the amount over
12%
$9,876 to $40,125
$9,875
$40,126 to
$4,617.50 plus 22% of the amount
22%
$85,525
over $40,125
$85,526 to
$14,605.50 plus 24% of the amount
24%
$163,300
over $85,525
$163,301 to
$33,271.50 plus 32% of the amount
32%
$207,350
over $163,300
$207,351 to
$47,367.50 plus 35% of the amount
35%
$518,400
over $207,350
$156,235 plus 37% of the amount over
37%
$518,401 or more
$518,400

Married, filing jointly
Tax rate
Taxable income
Tax owed
bracket
10%
$0 to $19,750
10% of taxable income
$19,751 to
$1,975 plus 12% of the amount over
12%
$80,250
$19,750
$80,251 to
$9,235 plus 22% of the amount over
22%
$171,050
$80,250
$171,051 to
$29,211 plus 24% of the amount over
24%
$326,600
$171,050
$326,601 to
$66,543 plus 32% of the amount over
32%
$414,700
$326,600
$414,701 to
$94,735 plus 35% of the amount over
35%
$622,050
$414,700
$167,307.50 plus 37% of the amount
37%
$622,051 or more
over $622,05o

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, computer-science and related others by exploring similar questions and additional content below.

Similar questions