Project: Income Tax (Revisited)
US Income Tax is calculated based on brackets. Write a program that uses the tables below to calculate the 2020 income tax. The program should accept two command line arguments. The first is the taxable income amount. The second is the tax table to use either S, M or H for single, married or head-of-household respectively. Make the program easy to update by storing the bracket information in arrays at the beginning of the program.
Rate | Taxable Income Bracket | Tax Owed |
---|---|---|
10% |
$0 to $9,875 | 10% of Taxable Income |
12% |
$9,876 to $40,125 | Maximum tax from previous bracket plus 12% of the excess over $9,875 |
22% |
$40,126 to $85,525 | Maximum tax from previous bracket plus 22% of the excess over $40,125 |
24% |
$85,526 to $163,300 | Maximum tax from previous bracket plus 24% of the excess over $85,525 |
32% |
$163,301 to $207,350 | Maximum tax from previous bracket plus 32% of the excess over $163,300 |
35% |
$207,351 to $518,400 | Maximum tax from previous bracket plus 35% of the excess over $207,350 |
37% |
$518,401+ | Maximum tax from previous bracket plus 37% of the excess over $518,400 |
Rate | Taxable Income Bracket | Tax Owed |
---|---|---|
10% |
$0 to $19,750 | 10% of Taxable Income |
12% |
$19,751 to $80,250 | Maximum tax from previous bracket plus 12% of the excess over $19,750 |
22% |
$80,251 to $171,050 | Maximum tax from previous bracket plus 22% of the excess over $80,250 |
24% |
$171,051 to $326,600 | Maximum tax from previous bracket plus 24% of the excess over $171,050 |
32% |
$326,601 to $414,700 | Maximum tax from previous bracket plus 32% of the excess over $326,600 |
35% |
$414,701 to $622,050 | Maximum tax from previous bracket plus 35% of the excess over $414,700 |
37% |
$622,051+ | Maximum tax from previous bracket plus 37% of the excess over $622,050 |
Rate | Taxable Income Bracket | Tax Owed |
---|---|---|
10% |
$0 to $14,100 | 10% of Taxable Income |
12% |
$14,101 to $53,700 | Maximum tax from previous bracket plus 12% of the excess over $14,100 |
22% |
$53,701 to $85,500 | Maximum tax from previous bracket plus 22% of the excess over $53,700 |
24% |
$85,501 to $163,300 | Maximum tax from previous bracket plus 24% of the excess over $85,500 |
32% |
$163,301 to $207,350 | Maximum tax from previous bracket plus 32% of the excess over $163,300 |
35% |
$207,351 to $518,400 | Maximum tax from previous bracket plus 35% of the excess over $207,350 |
37% |
$518,401+ | Maximum tax from previous bracket plus 37% of the excess over $518,400 |
Source: [[Federal Income Tax Brackets]]
Output
$ g++ -std=c++17 IncomeTax3.cpp -o IncomeTax3 -lfmt
$ ./IncomeTax3 50000 S
Federal Income Tax: $6790.00
$ g++ -std=c++17 IncomeTax3.cpp -o IncomeTax3 -lfmt
$ ./IncomeTax3 100000 M
Federal Income Tax: $13580.00
$ g++ -std=c++17 IncomeTax3.cpp -o IncomeTax3 -lfmt
$ ./IncomeTax3 200000 H
Federal Income Tax: $43574.00
$ g++ -std=c++17 IncomeTax3.cpp -o IncomeTax3 -lfmt
$ ./IncomeTax3 1000000 S
Federal Income Tax: $334427.00