Question

Write a program that can be used to calculate the federal tax. The tax is calculated as follows: For single people, the standard exemption is $4,000; for married people, the standard exemption is $7,000. A person can also put up to 6% of his or her gross income in a pension plan. The tax rates are as follows: If the taxable income is:

• Between $0 and $15,000, the tax rate is 15%.
• Between $15,001 and $40,000, the tax is $2,250 plus 25% of the taxable income over $15,000.
• Over $40,000, the tax is $8,460 plus 35% of the taxable income over $40,000. Prompt the user to enter the following information:
• Marital status
• If the marital status is “married,” ask for the number of children under the age of 14
• Gross salary (If the marital status is “married” and both spouses have income, enter the combined salary.)
• Percentage of gross income contributed to a pension fund Your program must consist of at least the following functions:
  • Function getData: This function asks the user to enter the relevant data.
  • Function taxAmount: This function computes and returns the tax owed.

To calculate the taxable income, subtract the sum of the standard exemption, the amount contributed to a pension plan, and the personal exemption, which is $1,500 per person. (Note that if a married couple has two children under the age of 14, then the personal exemption is $1,500 ∗ 4 = $6,000.)

Since your program handles currency, make sure to use a data type that can store decimals with a decimal precision of 2.

Answer 1

Program:

#include <iostream>

using namespace std;

void getData(char *m,int *s, float *g, float *p, int *c, float *t)
{
cout<<"Are you married?(Y/N): ";
cin>>*m;
if(*m=='Y')
{
*s=7000;
cout<<"Enter number of children you have below 14 years of age: ";
cin>>*c;
cout<<"Enter combined salary of both the spouses, if both have income. Else enter only your income: ";
cin>>*g;
cout<<"Enter percentage(must be less than 6%) of gross income contributed to a pension fund: ";
cin>>*p;
if((*p)<0||(*p)>6)
{
while((*p)>=0&&(*p)<=6)
{
cout<<"Percentage must be between 0 and 6, both inclusive.: ";
cin>>*p;
}
}
*t=*g-(*s+((*p)*(*g))/100+(2+(*c))*1500);
}
else
{
*s=4000;
cout<<"Enter gross salary: ";
cin>>*g;
cout<<"Enter percentage(must be less than 6%) of gross income contributed to a pension fund: ";
cin>>*p;
if((*p)<0||(*p)>6)
{
while((*p)>=0&&(*p)<=6)
{
cout<<"Percentage must be between 0 and 6, both inclusive.: ";
cin>>*p;
}
}
*t=*g-(*s+(((*p)*(*g))/100)+1500);
}
}

float taxAmount(float t)
{
if(t<=15000)
return (0.15*t);
else if(t>15000&&t<=40000)
return (2250+(0.25*(t-15000)));
else
return (8460+(0.35*(t-40000)));
}

int main()
{
char maritalStatus;
float grossSalary,pensionPlanContribution,taxableIncome,tax;
int childrens=0,standardExemption;;
getData(&maritalStatus,&standardExemption,&grossSalary,&pensionPlanContribution,&childrens,&taxableIncome);
tax=taxAmount(taxableIncome);
cout<<"\nTax owed = "<<tax;
return 0;
}

Screenshot of the Code:

Output 1:

Output 2: