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Some say paying taxes makes Finns happy, so let's see if the secret of happiness lies in one of the taxes set out in Finnish tax code. According to the Finnish Tax Administration, a gift is a transfer of property to another person against no compensation or payment. If the total value of the gifts you receive from the same donor in the course of 3 years is €5,000 or more, you must pay gift tax. When the gift is received from a close relative or a family member, the amount of tax to be paid is determined by the following table, which is also available on this website:

Some say paying taxes makes Finns happy, so let's see if the secret of happiness lies in one of the taxes set out in Finnish tax code. According to the Finnish Tax Administration, a gift is a transfer of property to another person against no compensation or payment. If the total value of the gifts you receive from the same donor in the course of 3 years is €5,000 or more, you must pay gift tax. When the gift is received from a close relative or a family member, the amount of tax to be paid is determined by the following table, which is also available on this website:

Database System Concepts
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
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Can you use Python programming language to to this question?

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Some say paying taxes makes Finns happy, so let's see if the secret of happiness lies in one of the taxes set out in Finnish tax code. According to the Finnish Tax Administration, a gift is a transfer of property to another person against no compensation or payment. If the total value of the gifts you receive from the same donor in the course of 3 years is €5,000 or more, you must pay gift tax. When the gift is received from a close relative or a family member, the amount of tax to be paid is determined by the following table, which is also available on this website: Value of gift 5 000 25 000 25 000 - 55 000 55 000 200 000 200 000 1 000 000 1 000 000 - Tax at the lower limit Value of gift: 3500 No tax! Value of gift: 5000 Amount of tax: 100.0 euros 100 Value of gift: 27500 Amount of tax: 1950.0 euros 1 700 1 # Write your solution here 4 700 22 100 142 100 Tax rate for the exceeding part (%) 8 10 So, for a gift of 6 000 euros the recipient pays a tax of 180 euros (100 + (6 000 - 5 000) * 0.08). Similarly, for a gift of 75 000 euros the recipient pays a tax of 7 100 euros (4 700 + (75 000 - 55 000) * 0.12). 12 Please write a program which calculates the correct amount of tax for a gift from a close relative. Have a look at the examples below to see what is expected. Notice the lack of thousands separators in the input values - you may assume there will be no spaces or other thousands separators in the numbers in the input, as we haven't yet covered dealing with these. 15 17 Sample output Sample output Sample output
Transcribed Image Text:Some say paying taxes makes Finns happy, so let's see if the secret of happiness lies in one of the taxes set out in Finnish tax code. According to the Finnish Tax Administration, a gift is a transfer of property to another person against no compensation or payment. If the total value of the gifts you receive from the same donor in the course of 3 years is €5,000 or more, you must pay gift tax. When the gift is received from a close relative or a family member, the amount of tax to be paid is determined by the following table, which is also available on this website: Value of gift 5 000 25 000 25 000 - 55 000 55 000 200 000 200 000 1 000 000 1 000 000 - Tax at the lower limit Value of gift: 3500 No tax! Value of gift: 5000 Amount of tax: 100.0 euros 100 Value of gift: 27500 Amount of tax: 1950.0 euros 1 700 1 # Write your solution here 4 700 22 100 142 100 Tax rate for the exceeding part (%) 8 10 So, for a gift of 6 000 euros the recipient pays a tax of 180 euros (100 + (6 000 - 5 000) * 0.08). Similarly, for a gift of 75 000 euros the recipient pays a tax of 7 100 euros (4 700 + (75 000 - 55 000) * 0.12). 12 Please write a program which calculates the correct amount of tax for a gift from a close relative. Have a look at the examples below to see what is expected. Notice the lack of thousands separators in the input values - you may assume there will be no spaces or other thousands separators in the numbers in the input, as we haven't yet covered dealing with these. 15 17 Sample output Sample output Sample output
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