Tax Brackets

January 26, 2021

My W-2 form came in the mail a few days ago, so a task about taxes is appropriate. Given the following tax brackets:

income cap    tax rate
  $ 10,000        0%
  $ 30,000       10%
  $100,000       25%
    more         40%

Calculate the amount of tax given an amount of income. The tax brackets work like this: If your income is less than $10,000, your tax is $0. If your income is between $10,000 and $30,000, your tax is 10% of your income in excess of $10,000. If your income is between $30,000 and $100,000, your tax is 10% of the $20,000 of income between $10,000 and $30,000 (or $2,000) plus 25% of your income over $30,000. If your income is over $100,000, your tax is 10% of the $20,000 of income between $10,000 and $30,000 (or $2,000), plus 25% of your income between $30,000 and $100,000 (or $17,500), plus 40% of your income over $100,000 (ouch!).

For example, if your income is $123,456, your tax is $2,000 plus $17,500 plus 40% of $23,456 (or $9,382.40), a total tax of $28,882.40, or 23.4% of your income.

Your task is to write a program that calculates the amount of tax due for a given amount of income. When you are finished, you are welcome to read or run a suggested solution, or to post your own solution or discuss the exercise in the comments below.

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