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Homework answers / question archive / Problem Statement You are required to write a python code to calculate a person's tax based on their salary
Problem Statement You are required to write a python code to calculate a person's tax based on their salary. The salary should be entered from the console. Based on the salary entered the income tax, USC and PRSI should be calculated as follows: Income Tax: Up to (36,800 you are charged income tax of 20%. After that you are charged income tax of 40% . However if you are single then you get C1700 tax free and if you are married you get C2400 tax free. So this can be deducted before any tax amounts are paid. USC: Up to (12,000 USC is calculated as 0.5% Between 12000 and 21000 USC is calculated at 2% After that it is calculated at 4% PRSI: If you are a self employed worker you pay 6500 PRSI per year Otherwise you pay 6352 per year You are required to calculate each of the individual taxes (i.e. income tax, USC and PRSI). I Then calculate the total tax = income tax#USC+PRSI Display a summary in the console of the original salary per annum, the individual taxes paid and the overall tax paid. Also display the take home pay after all tax has been deducted (including any tax free allowances). All text should be presented in a suitably formatted manner.
