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My Solutions > Tax Calculator (conditional flow control) The simplest income tax calculation for a single person filing federal income taxes in the United States involves applying a standard deduction, personal exemption and marginal tax rates to the annual income of the taxpayer. For tax year 2015, the standard deduction for an individual was $6300 and the personal exemption was $4000. The 2015 tax rates vary by income bracket and are given in the table below. Tax Rate Income Range 10% $0.01-$9,225.00 15% $9,225.01-$37,450.00 25% $37,450.01-$90,750.00 28% $90,750.01-$189,300.00 33% $189,300.01-$411,500.00 35% $411,500.01-$413,200.00 39.6% Over $413,200 To compute the tax liability on a given income, first the deduction and exemption amounts are subtracted, then each portion of the income is taxed at the marginal rate according to the table. For example, for an income of $51,939 (US median income in 2014) you first apply the standard $6,300 deduction and the $4,000 exemption to get a taxable income of $51,939 - $6,300 - $4000 = $41,639. Then to compute the tax liability you have: totalTax = 0.1 x 9225 +0.15 x (37540-9225) +0.25 x (41639-37540) = $6203.50. You can calculate an "effective tax rate" based on the original income as effective Tax Rate = 6203.50÷51939 = 0.119 or 11.9%. Code has already been provided to define a function called income Tax that accepts an input variable named income that is a number. Add code that implements the procedure described above to compute the total tax liability and assign the result to the output variable totalTax. Also compute the effective tax rate and assign this value (decimal value, not percent) to the effectiveTaxRate output variable. Note the value of the variable income is defined as an input to the function. Do not overwrite this value in your code. Be sure to assign a value to each of the output variables.

My Solutions > Tax Calculator (conditional flow control) The simplest income tax calculation for a single person filing federal income taxes in the United States involves applying a standard deduction, personal exemption and marginal tax rates to the annual income of the taxpayer. For tax year 2015, the standard deduction for an individual was $6300 and the personal exemption was $4000. The 2015 tax rates vary by income bracket and are given in the table below. Tax Rate Income Range 10% $0.01-$9,225.00 15% $9,225.01-$37,450.00 25% $37,450.01-$90,750.00 28% $90,750.01-$189,300.00 33% $189,300.01-$411,500.00 35% $411,500.01-$413,200.00 39.6% Over $413,200 To compute the tax liability on a given income, first the deduction and exemption amounts are subtracted, then each portion of the income is taxed at the marginal rate according to the table. For example, for an income of $51,939 (US median income in 2014) you first apply the standard $6,300 deduction and the $4,000 exemption to get a taxable income of $51,939 - $6,300 - $4000 = $41,639. Then to compute the tax liability you have: totalTax = 0.1 x 9225 +0.15 x (37540-9225) +0.25 x (41639-37540) = $6203.50. You can calculate an "effective tax rate" based on the original income as effective Tax Rate = 6203.50÷51939 = 0.119 or 11.9%. Code has already been provided to define a function called income Tax that accepts an input variable named income that is a number. Add code that implements the procedure described above to compute the total tax liability and assign the result to the output variable totalTax. Also compute the effective tax rate and assign this value (decimal value, not percent) to the effectiveTaxRate output variable. Note the value of the variable income is defined as an input to the function. Do not overwrite this value in your code. Be sure to assign a value to each of the output variables.

C++ for Engineers and Scientists
C++ for Engineers and Scientists
4th Edition
ISBN:9781133187844
Author:Bronson, Gary J.
Publisher:Bronson, Gary J.
Chapter5: Repetition Statements
Section5.3: Interactive While Loops
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Help me answer the given matlab question. Show me the exact code needed for the right answer. Continue the code written on the script.

 

Tax Calculator (conditional flow control) My Solutions > The simplest income tax calculation for a single person filing federal income taxes in the United States involves applying a standard deduction, personal exemption and marginal tax rates to the annual income of the taxpayer. For tax year 2015, the standard deduction for an individual was $6300 and the personal exemption was $4000. The 2015 tax rates vary by income bracket and are given in the table below. Tax Rate Income Range 10% $0.01-$9,225.00 15% $9,225.01-$37,450.00 25% $37,450.01-$90,750.00 28% $90,750.01-$189,300.00 33% $189,300.01-$411,500.00 35% $411,500.01-$413,200.00 39.6% Over $413,200 To compute the tax liability on a given income, first the deduction and exemption amounts are subtracted, then each portion of the income is taxed at the marginal rate according to the table. For example, for an income of $51,939 (US median income in 2014) you first apply the standard $6, 300 deduction and the $4, 000 exemption to get a taxable income of $51,939 $6,300 $4000 = $41,639. Then to compute the tax liability you have: totalTax = 0.1 x 9225 +0.15 × (37540-9225) +0.25 × (41639-37540) = $6203.50. You can calculate an "effective tax rate" based on the original income as effective Tax Rate = 6203.50÷51939 = 0.119 or 11.9%. Code has already been provided to define a function called income Tax that accepts an input variable named income that is a number. Add code that implements the procedure described above to compute the total tax liability and assign the result to the output variable totalTax. Also compute the effective tax rate and assign this value (decimal value, not percent) to the effectiveTaxRate output variable. Note the value of the variable income is defined as an input to the function. Do not overwrite this value in your code. Be sure to assign a value to each of the output variables.
Transcribed Image Text:Tax Calculator (conditional flow control) My Solutions > The simplest income tax calculation for a single person filing federal income taxes in the United States involves applying a standard deduction, personal exemption and marginal tax rates to the annual income of the taxpayer. For tax year 2015, the standard deduction for an individual was $6300 and the personal exemption was $4000. The 2015 tax rates vary by income bracket and are given in the table below. Tax Rate Income Range 10% $0.01-$9,225.00 15% $9,225.01-$37,450.00 25% $37,450.01-$90,750.00 28% $90,750.01-$189,300.00 33% $189,300.01-$411,500.00 35% $411,500.01-$413,200.00 39.6% Over $413,200 To compute the tax liability on a given income, first the deduction and exemption amounts are subtracted, then each portion of the income is taxed at the marginal rate according to the table. For example, for an income of $51,939 (US median income in 2014) you first apply the standard $6, 300 deduction and the $4, 000 exemption to get a taxable income of $51,939 $6,300 $4000 = $41,639. Then to compute the tax liability you have: totalTax = 0.1 x 9225 +0.15 × (37540-9225) +0.25 × (41639-37540) = $6203.50. You can calculate an "effective tax rate" based on the original income as effective Tax Rate = 6203.50÷51939 = 0.119 or 11.9%. Code has already been provided to define a function called income Tax that accepts an input variable named income that is a number. Add code that implements the procedure described above to compute the total tax liability and assign the result to the output variable totalTax. Also compute the effective tax rate and assign this value (decimal value, not percent) to the effectiveTaxRate output variable. Note the value of the variable income is defined as an input to the function. Do not overwrite this value in your code. Be sure to assign a value to each of the output variables.
Function > 1 function [totalTax, effectiveTaxRate] = income Tax (Income) 2 %Write the commands for your function here. Code to call your function > 1 [totalTax1, effectiveTaxRate1] = income Tax (15000) 2 [totalTax2, effectiveTaxRate2] = income Tax (44000) Save C Reset MATLAB Documentation C Reset Run Function ?
Transcribed Image Text:Function > 1 function [totalTax, effectiveTaxRate] = income Tax (Income) 2 %Write the commands for your function here. Code to call your function > 1 [totalTax1, effectiveTaxRate1] = income Tax (15000) 2 [totalTax2, effectiveTaxRate2] = income Tax (44000) Save C Reset MATLAB Documentation C Reset Run Function ?
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