Tax rates, Taxation

Assignment Help:

Taxable income

Tax on this income

$0 - $37,000

29c for each $1

$37,001 - $80,000

$10,730 plus 30c for each $1 over $37,000

$80,001 - $180,000

$23,630 plus 37c for each $1 over $80,000

Over $180,001

$60,630 plus 45c for each $1 over $180,000

 Residents are also required to pay 1.5% of Medicare levy if your taxable income is greater than $20,000, which is calculated at 1.5% of your taxable income. Non-residents are not required to pay the Medicare levy.

The first task of the program is to calculate the appropriate income tax for an individual based on a set of inputs by the user and the information provided in the Tax tables above. The user should provide the program with

  • Name (the name needs to have at least two names - first name and last name; if not, the program will show an error message and ask the user the name again),
  • Annual income/Salary (income) for an entire year (the salary needs to be a positive number and different from zero; if not, the program will show an error message and ask the salary again)
  • Residence - if the user is a resident or not.

The program is then expected to display:

the net salary of this particular individual per year and per week, rounded to two decimal places (where appropriate).

The correct amount of tax the individual should pay per year and per week (as defined by the Tax rates above), rounded to two decimal places (where appropriate).

If the individual pays the Medicare Levy and if so, how much per year rounded to two decimal places (where appropriate).


Related Discussions:- Tax rates

Gregory R. and Lulu B. Clifden tax return, Gregory R. and Lulu B. Clifden l...

Gregory R. and Lulu B. Clifden live with their family at the Rock Glen House Bed &Breakfast, which Gregory operates. The Bed & Breakfast (B&B) is located at 33333 Fume Blanc Way, T

Tax liability calculation, The XYZ Corporation has total earnings of $20 mi...

The XYZ Corporation has total earnings of $20 million and decides to pay its stockholders a dividend of $8 million. If the corporate tax rate is 30% and the personal tax rate on in

Discussion Post, Background: Thomas and his wife Diana have operated their ...

Background: Thomas and his wife Diana have operated their own children''s daycare for the last three years. They also own the daycare facility, a building and the adjacent land lo

Accounting for pension, Cecil C. Seymour is a 646-year-old widower. He had ...

Cecil C. Seymour is a 646-year-old widower. He had income for 2013 as follows: Pension from former employer $39,850, Interest income from Alto Nationl Bank 5,500, Interest inco

Tax law, Chris married Gina on February 1, 2012, and they became the proud ...

Chris married Gina on February 1, 2012, and they became the proud parents of twins just in time for Christmas. Their Adjusted Gross Income (AGI) for 2012 was $75,000, and their ite

Computation, "Alfred E. Old and Beulah A. Crane, each age 42, married on Se...

"Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2010. Alfred and Beulah will file a joint return for 2011. Alfred''''s Social Security number is 111-11-111

Advanced Tax, The Madison Restaurant was formed a S corporation at the end ...

The Madison Restaurant was formed a S corporation at the end of last year. Bob Buron, owns 60% of the stock, manages the restaurant. Ray Huges owns the remaining 40% of the stock

Calculate the market price, In an effort to reduce alcohol consumption, the...

In an effort to reduce alcohol consumption, the government is considering a $1 tax on each gallon of liquor sold (the tax is levied on producers). Suppose that the supply curve for

Tax Assignment , I have an assignment for tax subject I need it done by 04/...

I have an assignment for tax subject I need it done by 04/24/2013 midnight here''s the case: Sarah is an economist for Smith LLC. In January 2009, she inherited three parcels of

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd