IRS

Background:

Federal income tax rates can be calculated using tax rate schedules. The following are tax rates for two out of the four categories used by the IRS in 2001:

Schedule X - Single

If your taxable income is:

Schedule Y-1 - Married filing jointly

If your taxable income is:

Assignment:

1. One of the biggest mistakes that beginning programmers tend to make is to attempt solving the problem within their code before they really understand how to work the problem. Use the following values and solve each of them before you begin to write your program out.
   
   

   a.	$50,000	Married	__________
   b.	$25,000	Single	__________
   c.	$300,000	Married	__________
   d.	$170,000	Single	__________
   e.	$30,000	Married	__________
   f.	$500,000	Single	__________
   g.	$170,000	Married	__________
   h.	$45,000	Single	__________
   i.	$130,000	Married	__________
   j.	$120,000	Single	__________

    

2. Write a class that:

   1. Prompts the user for the following information:

      Filing status: Single or Married (entered as 1 for Single and 2 for Married)
      Taxable income

   2. Calculates and prints:

      Filing status
      Taxable income
      Federal tax

3. Example run:

Enter marital status (1=single, 2=married): 1
Enter taxable income: $ 35125
Your Federal tax = $ 6,278.13

4. Use these values for your run output:

   Single, $15,500

   Single, $100,000

   Single, $ 480,000

   Married, $50,000

   Married, $125,000

   Married, $ 400,000