Compute tax based on the original U.S. income tax of 1913. The tax was 1 percent

Question

Compute tax based on the original U.S. income tax of 1913. The tax was

1 percent on the first $50,000.

2 percent on the amount over $50,000 up to $75,000.

3 percent on the amount over $75,000 up to $100,000.

4 percent on the amount over $100,000 up to $250,000.

5 percent on the amount over $250,000 up to $500,000.

6 percent on the amount over $500,000.

There was no separate schedule for single or married taxpayers. Write a program TaxCalculator.py in python that asks the user for the income and computes the income tax according to this schedule.
Display the income and corresponding tax

Explanation / Answer

from bisect import bisect rates = [1, 2, 3, 4,5,6] brackets = [50000, # first 10,000 75000, # next 20,000 100000,250000,5000000] # next 40,000 base_tax = [1000, 5000, 7500,60000,12500,150000] def tax(income): i = bisect(brackets, income) if not i: return 0 rate = rates[i] bracket = brackets[i-1] income_in_bracket = income - bracket tax_in_bracket = income_in_bracket * rate / 100 total_tax = base_tax[i-1] + tax_in_bracket return total_tax print (total_tax)

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