Lab 3
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## Overview For this assignment, each student will write a program to estimate federal tax obligations and effective tax rate. ## Details The United States Internal Revenue Service collects taxes from those who earn income in the United States. Ignoring all tax deductions and loopholes, those who earn more are require to contribute a higher percentage of their income. The following table shows the tax brackets for 2018. <table class="striped2"> <tr><td>Rate</td> <td>Single Filers</td> <td>Married Joint Filers</td></tr> <tr><td>10%</td> <td>$ \$0$ to $ \$9,525$</td> <td>$ \$0$ to $ \$19,050$</td> <tr><td>12%</td> <td>$ \$9,526$ to $ \$38,700$</td> <td>$ \$19,051$ to $ \$77,400$</td> <tr><td>22%</td> <td>$ \$38,701$ to $ \$82,500$</td> <td>$ \$77,401$ to $ \$165,000$</td> <tr><td>24%</td> <td>$ \$82,501$ to $ \$157,500$</td> <td>$ \$165,001$ to $ \$315,000$</td> <tr><td>32%</td> <td>$ \$157,501$ to $ \$200,000$</td> <td>$ \$315,001$ to $ \$400,000$</td> <tr><td>35%</td> <td>$ \$200,001$ to $ \$500,000$</td> <td>$ \$400,001$ to $ \$600,000$</td> <tr><td>37%</td> <td>$ \$500,001+$</td> <td>$ \$600,001+$</td> </table> Note that the first $ \$9,525$ of all single filers income is taxed at the 10% rate, the next $ \$29,175 (= 38,700 - 9,525)$ is taxed at 12%, etc... For example, taxes due for a single filer with $ \$66,480$ in income would be $ \$10,565$, which is calculated as follows: $ 0.10 \times 9525 + 0.12 \times 29175 + 0.22 \times 27780$. Note: tax obligations are rounded to the nearest whole dollar. The effective tax rate is calculated as the amount of taxes due divided by the total income. In our specific example this would be $15.89\% = 100\% \times \frac{\$10565}{\$66480}$. Write a program that asks the user if they are a single filer or married joint filer. It should then ask for their expected earned income for 2018 and display the estimated taxes they will be required to pay by April 15, 2019 as well as their effective tax rate. You may develop your own technique for determining if the user is a single or married joint filer, but it must be obvious to the user when the program is run (provide clear instructions). Your program must be in a class called `Lab3` in a package that matches your MSOE username (email address without the @msoe.edu). A sample program interaction for the program is shown below: <pre> Are you a single filer or a married joint filer (enter 's' or 'j'): s Enter an estimate of your earned income for 2018: 66480.00 Your estimated taxes for 2018 are: $10565 This results in an 15.89% effective tax rate. </pre> ## Acknowledgement This laboratory assignment was developed by [Dr. Chris Taylor](/taylor/). <div class="notetip"> See your professor's instructions for details on submission guidelines and due dates. </div>

Monday, 17-Sep-2018 07:32:48 EDT