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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.

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

Table 2. Married Filing Joint Taxable Income Tax Brackets and Rates, 2020
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

Table 3. Head of Household Taxable Income Tax Brackets and Rates, 2020
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
$ python3 IncomeTax3.py 50000 S Federal Income Tax: $6790.00 $ python3 IncomeTax3.py 100000 M Federal Income Tax: $13580.00 $ python3 IncomeTax3.py 200000 H Federal Income Tax: $43574.00 $ python3 IncomeTax3.py 1000000 S Federal Income Tax: $334427.00

Solution