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c++ income tax homework
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 & $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
The user should enter:
- Marital Status
- If the martial 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.
The program must consist of at least the following functions:
a. function getData: this function asks the user to enter the relevant data
b. function taxAmount: this function computes and returns the tax owed
To calculate the taxable income, subtract the sum of the standard exemption, the amount contributed to a pension plan, and the person exemption, which is $1,500 per person.
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 & $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
The user should enter:
- Marital Status
- If the martial 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.
The program must consist of at least the following functions:
a. function getData: this function asks the user to enter the relevant data
b. function taxAmount: this function computes and returns the tax owed
To calculate the taxable income, subtract the sum of the standard exemption, the amount contributed to a pension plan, and the person exemption, which is $1,500 per person.
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