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Project: Income Tax (Single Taxpayer)

US Income Tax is calculated based on brackets. Write a program that uses the tables below to calculate the 2020 income tax for single taxpayers. The program should accept one command line argument, the taxable income amount. Use IF/ELSE statements to do the tax computation.

Table 1. Single Taxable Income Tax Brackets and Rates, 2020
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

Source: [[Federal Income Tax Brackets]]

Output
$ javac -Xlint IncomeTax1.java $ java -ea IncomeTax1 50000 Federal Income Tax: $6790.00 $ javac -Xlint IncomeTax1.java $ java -ea IncomeTax1 100000 Federal Income Tax: $18079.50 $ javac -Xlint IncomeTax1.java $ java -ea IncomeTax1 200000 Federal Income Tax: $45015.50 $ javac -Xlint IncomeTax1.java $ java -ea IncomeTax1 1000000 Federal Income Tax: $334427.00

Solution