NEED ANSWERED IN PYTHON SOURCE CODE Design (pseudocode) and implement (source co
ID: 3752375 • Letter: N
Question
NEED ANSWERED IN PYTHON SOURCE CODE
Design (pseudocode) and implement (source code) a program (name it IncomeTax) that reads from the user annual income, as integer value, and calculates the income tax based on the tax table below.
Income
Tax bracket
Annual income <= $50,000
5%
$50,000 < Annual income <= $200,000
10%
$200,000 < Annual income <= $400,000
15%
$400,000 < Annual income <= $900,000
25%
$900,000 < Annual income
35%
The program output should include the entered annual income followed by the applied tax bracket and the tax amount. Document your code and properly label the input prompts and the outputs as shown below.
Note: Taxes are computed based on brackets. For example, if one’s income falls in the 15% bracket, the first $50,000 is taxed at 5% rate, the next $100,000 is taxed at the 10% rate, and the remaining income is taxed at the 15% rate.
Sample run 1:
Annual Income: $25,000
Tax Bracket: 5%
Tax due amount: $1250
Sample run 2:
Annual Income: $350,000
Tax Bracket: 15%
Tax due amount: $37500
Sample run 3:
Annual Income: $800,000
Tax Bracket: 25%
Tax due amount: $120000
Income
Tax bracket
Annual income <= $50,000
5%
$50,000 < Annual income <= $200,000
10%
$200,000 < Annual income <= $400,000
15%
$400,000 < Annual income <= $900,000
25%
$900,000 < Annual income
35%
Explanation / Answer
annual_income=int(input("Enter Annual income:")) tax_amt=0 tax_bracket=0 income=annual_income if annual_incomeRelated Questions
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