Answered Essay: Income tax is calculated based on annual income. The tax rate is determined with a tiered approach: Income above a particular tier level is taxed at

Income tax is calculated based on annual income. The tax rate is determined with a tiered approach: Income above a particular tier level is taxed at that level’s rate.

Run the program with an annual income of 120000. Note the tax rate and tax to pay.

Modify the program to add a new tier: Annual income above 50000 but less than or equal to 100000 is taxed at the rate of 30%, and annual income above 100000 is taxed at 40%.

Run the program again with an annual income of 120000. What is the tax rate and tax to pay now?

Run the program again with an annual income of 60000. (Change the input area below the program.)

Challenge: What happens if a negative annual salary is entered? Modify the program to print an error message in that case.

import java.util.Scanner;

public class IncomeTax {
public static void main(String [] args) {
Scanner scnr = new Scanner(System.in);
int annualSalary = 0;
double taxRate = 0.0;
int taxToPay = 0;

System.out.println(“Enter annual salary: “);
annualSalary = scnr.nextInt();

// Determine the tax rate from the annual salary
// FIXME: Write code to address the challenge question above

if (annualSalary <= 20000) {
taxRate = 0.10;
}
else if (annualSalary <= 50000) {
taxRate = 0.20;
}
// FIXME: Add tier
else {
taxRate = 0.30;
}

taxToPay = (int)(annualSalary * taxRate); // Truncate tax to an integer amount
System.out.println(“Annual Salary: ” + annualSalary);
System.out.println(“Tax rate: ” + taxRate);
System.out.println(“Tax to pay: ” + taxToPay);

return;
}
}

Expert Answer

 

import java.util.Scanner;
public class IncomeTax{
public static void main(String [] args) {

Scanner scnr = new Scanner(System.in);
int annualSalary = 0;
double taxRate = 0.0;
int taxToPay = 0;

System.out.println(“Enter annual salary: “);
annualSalary = scnr.nextInt();
// Determine the tax rate from the annual salary
// FIXME: Write code to address the challenge question above

if(annualSalary < 0){
System.out.println(“Annual Salary cannot be Negative”);
System.exit(0);
}
else if (annualSalary <= 20000) {
taxRate = 0.10;
}
else if (annualSalary <= 50000) {
taxRate = 0.20;
}
else if (annualSalary <= 100000 ) {
taxRate = 0.30;
}
else {
taxRate = 0.40;
}

taxToPay = (int)(annualSalary * taxRate); // Truncate tax to an integer amount
System.out.println(“Annual Salary: ” + annualSalary);
System.out.println(“Tax rate: ” + taxRate);
System.out.println(“Tax to pay: ” + taxToPay);
return;
}
}

/*

Output :-

Enter annual salary: 120000

Annual Salary: 120000

Tax rate: 0.4

Tax to pay: 48000

Enter annual salary: 60000

Annual Salary: 60000

Tax rate: 0.3

Tax to pay: 18000

Enter annual salary: -120000

Annual Salary cannot be Negative

*/

/*

Snap Shot

*/

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