Write a simple income tax calculator in Python

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Reference no: EM133059351

Learning Activity: Programming exercise

In this learning activity, you are asked to write a simple income tax calculator in Python. Australia adopts a progressive income tax regime; the individual 2020 - 21 financial year tax rates are shown in the table below:

Taxable income

Tax on this income

0 - $18,200

Nil

$18,201 - $45,000

19 cents for each $1 over $18,200

$45,001 - $120,000

$5,092 plus 32.5 cents for each $1 over $45,000

$120,001 - $180,000

$29,467 plus 37 cents for each $1 over $120,000

$180,001 and over

$51,667 plus 45 cents for each $1 over $180,000

For example, for someone whose taxable income is $100,000, they are liable to pay:
5092+32.5×(100000-45000)=22,967

Now write a Python program that asks user to input their taxable income and then output the tax payable.
Sample input/output:
>>> Enter your taxable income:
>>> 100000
>>> Tax payable on this income is: 22967

Attachment:- Income tax calculator.rar

Reference no: EM133059351

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