Need help with c++ assignment

   

Write a program to compute income tax as follows:

First, read the user’s income for the year. Then, display the following menu and ask the user to select his or her filing status:

1. Single

2. Married filing separately

3. Married filing jointly

4. Head of household

After the user makes the selection, determine the amount of the deduction. 

Deduction is the amount that gets deducted from the income to arrive at the taxable income. There are 4 different deductions that can be made: 1) a standard deduction, 2) deduction for dependents, 3) deduction for out of pocket medical expenses, 4) deduction for expenses due to attending college full time.

1) For Single status, the standard deduction is $2000, for Married filing separately it’s $1500, for Married filing jointly, $2500 and for Head of household, deduction is $3000. 

2) Then, ask for and read the number of dependents from the user. If filing as Single, add to the deduction, $150 for each dependent, up to a maximum of 4 dependents. In other words, if number of dependents is larger than 4, treat it as 4 dependents. If Married filing separately, add $125 for each dependent up to a maximum of 4 and if married filing jointly and head of household, add $175 to the deduction for each dependent, up to a maximum of 4.

3) Then, ask if the tax payer had any uncovered medical expenses. If so, add to the deduction 10% of any uncovered (out-of-pocket) medical expenses.

4) Then, ask if the tax payer was a full time student during the year. If so, read the amount of expenses relating to college and add 10% of those expenses to the deduction.

Then, compute the taxable income by subtracting the total deductions from his or her income. Finally, compute the tax. Anyone with a taxable income of less than $10,000 pays no taxes. For the rest, the first $20,000 of the income has a tax rate of 10%, the next $30,000 gets taxed at 15%, the next $50,000 at 20%, and anything above $100,000 at 30%. Remember there are 4 tax brackets and the percentage of taxes is different for each bracket. So, if the income spans over multiple brackets (anything over $20,000), each part of the income is taxed at a different percentage. 

For someone with income of $13,000, the tax is simply 10% of that or $1,300. But, for someone who made $30,000, it would be 10% of $20,000 or $2,000 plus 15% of the remaining $10,000 or $1,500, making it $3,500. For someone who had taxable income of $125,000, her first $20,000 gets taxed at 10% ($2,000), plus 15% of $30,000 ($4,500), plus 20% of $50,000 ($10,000), and the remaining $25,000 at 30% ($7,500) for a total tax amount of $24,000. For someone who made $7,999 it would be 0, but for someone who made $8,000, it’s $800, and so on.

Print the amount of taxes due in currency format (2 decimal places).

The following is a sample interaction between the user and the program:

Enter total income for the year (including wages, tips, bonuses, interest, winnings, etc.): $50000

What was your filing status during the year?

1. Single

2. Married filing separately

3. Married filing jointly

4. Head of household

Enter one of the above choices: 3

Enter number of dependents (excluding yourself): 3

Did you have any uncovered medical expenses? [y/n]: y

Enter amount of out-of-pocket medical expenses (copay, deductible, patient’s portion): $1000

Were you a full time student during the year? [y/n]: y

Enter amount of college expenses (excluding any financial aid received): $500

The amount of your income tax is $6023.75

Press any key to continue.

Another example:

Enter total income for the year (including wages, tips, bonuses, interest, winnings, etc.): $20000

What was your filing status during the year?

1. Single

2. Married filing separately

3. Married filing jointly

4. Head of household

Enter one of the above choices: 1

Enter number of dependents (excluding yourself): 0

Did you have any uncovered medical expenses? [y/n]: n

Were you a full time student during the year? [y/n]: n

The amount of your income tax is $1800.00

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more