you have to create a tax calculator. . You have been given a file called people.txt with income info for 10 people, you will choose 5, each will have unique values and properties to test for. You are to build your program, input the info for each person to generate a personal tax report for them. You will hand in your code, your interface, and a screenshot demonstration of EACH of the users tax reports.
You will be given the following items for each person: gross income, amount they contribute to a 401K,if they are a city resident or not. Based on this info you are to extrapolate all other data by applying rules.
Federal rate depends on AGI(Adjusted Gross Income)
AGI = Gross pay 401K contributions.
Tax rate = 0% if AGI <= 8500
10% if AGI is between 8501 and 29,000
15% if AGI is between 29001 and 75000
18% if AGI is between 75001 and 125000
25% if AGI is more than or equal to 125,001
State Tax is always 3.07% of AGI
Local Tax is dependent of the residency of the person.
City Resident = 2% of AGI
Non city = 1% of AGI
FICA = 6.2% of AGI on the first 75000. Example if the AGI was 78,000, the FICA would be calculated ONLY on the first 75,000 of that. FICA = 75000 *.062