In the over 60,000 section. It\'s $15,580 plus 47cents for each $1 over 60,000,

Question

In the over 60,000 section. It's $15,580 plus 47cents for each $1 over 60,000,

Exercise 3: Calculate income taxes in Australia. Write a program to calculate how much income tax a person will owe based on the table below. In addition to the income taxes, there is also a flat 1.5% Medicare levy charged on all income. The program should ask the user to enter a total income figure. Round the figure up to the nearest dollar, then calculate the corresponding income tax, Medicare levy and total tax payable by the individual. Display all 3 answers neatly using the F print f command. Show the outputs obtained for $55,002.60.

Explanation / Answer

TaxableIncome=input('Please provide taxable income in Australian Dollars:');
IncomeTax=0;
MedicareLevy=(TaxableIncome*0.015);
TotalTax=IncomeTax + MedicareLevy;
if IncomeTax>0 && MedicareLevy>0
end
if TaxableIncome>=0
end
if TaxableIncome>=0 && TaxableIncome<=6000
elseif TaxableIncome>6000&& TaxableIncome<=20000
    IncomeTax=0.17*(TaxableIncome-6000);
elseif TaxableIncome>20000 && TaxableIncome<=50000
    IncomeTax=2380+0.30*(TaxableIncome-20000);
elseif TaxableIncome>50000 && TaxableIncome<=60000
    IncomeTax=11380+0.42*(TaxableIncome-50000);
elseif TaxableIncome>60000
    IncomeTax=15580+0.47*(TaxableIncome-60000);
end
fprintf('Income Tax is %f. ', IncomeTax);
fprintf('Medicare Levy is %f. ', MedicareLevy);
fprintf('Total Tax is %f. ', TotalTax);

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