The United States federal personal income tax is calculated based on filing status and taxable income. There are four filing statuses (in this program we’ll use only three): single filers, married filing jointly, and head of household. The tax rates vary every year. Table 1 shows the rates for 2016. If you are, say, single with a taxable income of $10,000, the first $9,075 is taxed at 10% and the other $925 is taxed at 15%. So, your tax is $1,046.25.
Table 1. 2014 Taxable Income Brackets and Rates
Rate
Single Filers
Married Joint Filers
Head of Household Filers
10%
$0 to $9,075
$0 to $18,150
$0 to $12,950
15%
$9,076 to $36,900
$18,151 to$73,800
$12,951 to $49,400
25%
$36,901 to $89,350
$73,801 to $148,850
$49,401 to $127,550
28%
$89,351 to $186,350
$148,851 to $226,850
$127,551 to $206,600
33%
$186,351 to $405,100
$226,851 to $405,100
$206,601 to $405,100
35%
$405,101 to 406,750
$405,101 to 457,600
$405,101 to $432,200
39.6%
$406,751+
$457,601+
$432,201+
Source: Internal Revenue Service
Part I:
You are to re-write programming assignment 1 to compute personal income tax. Your program should prompt the user to enter the filing status and taxable income and compute the tax. Enter 0 for single filers, 1 for married filing jointly, and 2 for head of household.
Part II:
In this part of the assignment, you will reorganize your code using Methods. Your program must have at least four (4) methods i.e the main method, and the other three (3) for tax brackets that return the tax amount owed. You will organize the income ranges as an Array in each method and select an Array Record to compute specific tax in a tax bracket.
Part III
i) You are required to follow the Software Development Process (Ref: Chapter 2.16).
ii) Must include a Design Diagram [Ref: Fig. 6.11]
iii) Use UML [Ref: Fig 9.4] create class diagrams for your program
NOTE
There will be NO POINTS earned even if your code is working if you
1. don’t use methods
2. don’t use arrays
Hence you will get a 0/50.
Deliverables:
Note:
· Project name: ProgrammingAssignment_2
· Class name: ProgrammingAssignment_2
In: Computer Science
all persons mentioned below are New Zealand tax residents unless otherwise stated. All taxpayers have a 31 March balance date.
QUESTION 1. Tobby has been buying and selling residential houses since 2010 and is regarded as a land dealer for tax purposes. Tobby also owns 20% and his daughter (who is 22 years old) owns 5% of Tobby Rentals Ltd (the balance of 75% is owned by his close friend Fred), a company that invests in residential rental investment properties. In January 2012, the company bought a rental property. In December 2016, the company decided to sell the rental property for a very good price. You are required to explain whether the income from the sale of the property by Tobby Rentals Ltd is taxable income under sections CB 6, CB 9 and CB 6A.
QUESTION 2. Kim is married to Bruce, a property developer. Kim is settlor and trustee of a trust, which owns all the shares in Kim's family company, Guts Ltd. Guts Ltd recently sold a rental property which was bought nine years ago. Is the income derived by Guts Ltd assessable income under section CB 10?
QUESTION 3. Maryanne entered into a sale and purchase agreement on 15 October 2015 to buy a property in Auckland with the intention of providing a home for herself and her children. When she eventually sells it, she hopes to make a gain and leave her children a legacy. The title of the property was registered in her name on 15 December 2015. However, in April 2017, she got a new job in Wellington and entered into an agreement to sell the property on 1 May 2017 to move closer to her new job. Property prices have risen, so Maryanne is able to sell the house for much more than she paid for it. The title was registered in the buyer’s name on 1 July 2017. You are required to explain whether the income from the sale of the property by Maryanne is assessable income under sections CB 6 and CB 6A (show also which dates are relevant in arriving at your decisions). She is not associated with a land developer/divider or dealer or builder.
In: Accounting
|
In January of 2016, the average price of an asset was $28,558. 7 years earlier, the average price was $20,808. What was the annual increase in the selling price? |
Multiple Choice
-4.42%
4.63%
4.16%
5.55%
5.09%
In: Finance
In: Accounting
On January 1, 2016, Jason Company Issued $5 million of 10-year bonds at a 10% coupon Interest rate to be paid annually. The following present value factors have been provided:

In: Accounting
1. Prepare a trend analysis from the following sales, assuming a base year of 2015. Round to the nearest whole percent.
2018 2017 2016 2015
Sales $25,000 $60,000 $50,000 $70,000
In: Finance
Subject : Critical Thinking
Need a Summary in 200-300 words.
Consciousness Isn’t a Mystery. It’s Matter.
https://www.nytimes.com/2016/05/16/opinion/consciousness-isnt-a-mystery-its-matter.html
In: Psychology
What strategic issues confront LVMH in 2016? What market or internal circumstances should most concern CEO Bernard Arnault and his company’s senior leadership team?
Cite your sources.
In: Operations Management
In: Operations Management
in Java
Write a function that inputs a 4 digit year and outputs the
ROMAN numeral year
M is 1,000
C is 100
L is 50
X is 10
I is 1
Test with 2016 and 1989
In: Computer Science