
Concept explainers
Python Computer Language
1040 Form
***There needs to be comments/commentary on the code-explaining the code***
Step 1. Calculate the standard deduction. For this problem we are going to assume only two marital status positions. If you are single you get a $12,200 standard deduction. If you filed married you get a $24,400 standard deduction.
Step 2. Calculate the adjusted gross income. To calculate your taxes owed, you take the wages and subtract the standard deductions. This gives you your adjusted gross income (AGI).
Step 3. Calculate the tax refund or taxes owed. You then use the tables below with the AGI to calculate the taxes. If the taxes are greater then what was paid, you owe taxes. If the taxes were less, you get a refund.



Trending nowThis is a popular solution!
Step by stepSolved in 4 steps with 3 images

- PYTHON!!! The credit plan at TidBit Computer Store specifies a 10% down payment and an annual interest rate of 12%. Monthly payments are 5% of the listed purchase price, minus the down payment. Write a program that takes the purchase price as input. The program should display a table, with appropriate headers, of a payment schedule for the lifetime of the loan. Each row of the table should contain the following items: The month number (beginning with 1) The current total balance owed The interest owed for that month The amount of principal owed for that month The payment for that month The balance remaining after payment The amount of interest for a month is equal to balance × rate / 12. The amount of principal for a month is equal to the monthly payment minus the interest owed. An example of the program input and output is shown below: Enter the puchase price: 200 (SEE IMAGE FOR PURCHASE PRICE CHART) Results you should get: Input: 200 Output: Purchase price: 200…arrow_forwardThe code is not printing the correct result. Please explain to me step by step.arrow_forwardPython programming Problem 2. Your friend owns a restuarant. He wants to calculate the tip (15%) and tax (7%) on a meal. He wants you to output the subtotal, tip, tax, and total (on separate lines). Ask the user how much the meal costsarrow_forward
- Database System ConceptsComputer ScienceISBN:9780078022159Author:Abraham Silberschatz Professor, Henry F. Korth, S. SudarshanPublisher:McGraw-Hill EducationStarting Out with Python (4th Edition)Computer ScienceISBN:9780134444321Author:Tony GaddisPublisher:PEARSONDigital Fundamentals (11th Edition)Computer ScienceISBN:9780132737968Author:Thomas L. FloydPublisher:PEARSON
- C How to Program (8th Edition)Computer ScienceISBN:9780133976892Author:Paul J. Deitel, Harvey DeitelPublisher:PEARSONDatabase Systems: Design, Implementation, & Manag...Computer ScienceISBN:9781337627900Author:Carlos Coronel, Steven MorrisPublisher:Cengage LearningProgrammable Logic ControllersComputer ScienceISBN:9780073373843Author:Frank D. PetruzellaPublisher:McGraw-Hill Education





