Write a program that can be used to calculate the federal tax. The tax is calculated as follows: For single people, the standard exemption is $4,000; for married people, the standard exemption is $7,000. A person can also put up to 6% of his or her gross income in a pension plan. The tax rates are as follows: If the taxable income is:Between $0 and $15,000, the tax rate is 15%.Between $15,001 and $40,000, the tax is $2,250 plus 25% of the taxable income over $15,000.Over $40,000, the tax is $8,460 plus 35% of the taxable income over $40,000. Prompt the user to enter the following information: Marital statusIf the marital status is “married,” ask for the number of children under the age of 14Gross salary (If the marital status is “married” and both spouses have income, enter the combined salary.)Percentage of gross income contributed to a pension fund

Python Code Standard_Exemption = 4000; Tax_Salary = 0.0 tax = 0.0 child = 0 Marital_Status =…

Answered: Write a program that can be used to…

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

Write a program that can be used to calculate the federal tax. The tax is calculated as follows: For single people, the standard exemption is $4,000; for married people, the standard exemption is $7,000. A person can also put up to 6% of his or her gross income in a pension plan. The tax rates are as follows: If the taxable income is:

Between $0 and $15,000, the tax rate is 15%.
Between $15,001 and $40,000, the tax is $2,250 plus 25% of the taxable income over $15,000.
Over $40,000, the tax is $8,460 plus 35% of the taxable income over $40,000.

Prompt the user to enter the following information:

Marital status
If the marital status is “married,” ask for the number of children under the age of 14
Gross salary (If the marital status is “married” and both spouses have income, enter the combined salary.)
Percentage of gross income contributed to a pension fund

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 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