The original U.S. income tax of 1913 was quite simple. The tax was: 1 percent on
ID: 3926903 • Letter: T
Question
The original U.S. income tax of 1913 was quite simple. The tax was: 1 percent on the first $50,000 2 percent on the amount over $50,000 up to $75,000 3 percent on the amount over $75,000 up to $100,000 4 percent on the amount over $100,000 up to $250,000 5 percent on the amount over $250,000 up to $500,000 6 percent on the amount over $500,000 Write a program that will accept income amounts, one at a time, and compute the 1913 income tax according to this schedule using a multi-way if..else. When the user enters 0.0, it means that there are no more amounts to process. Important note: For example, if someone receives $60,000, the tax will be 1% of $50,000 plus 2% of $10,000, which means $700. Name the program file tax.cpp Sample output: Enter yearly income amount (0.0 to quit): $ 45000.00 The U.S. 1913 income tax = $450.00 Enter yearly income amount (0.0 to quit): $ 53275.98 The U.S. 1913 income tax = $565.52 Enter yearly income amount (0.0 to quit): $ 132500.00 The U.S. 1913 income tax = $3050.00 Enter yearly income amount (0.0 to quit): $ 382000.00 The U.S. 1913 income tax = $14350.00 Enter yearly income amount (0.0 to quit): $ 1000000.00 The U.S. 1913 income tax = $50250.00 Enter yearly income amount (0.0 to quit): $ 0.00 Processing completed...Explanation / Answer
#include <iostream>
using namespace std;
int main()
{
double ans=0;
double amt;
while(true)
{
ans=0;
cout<<"Enter early income amount(0.0 to quit): $";
cin>>amt;
if(amt==0)
{
break;
}
if(amt>50000)
{
ans += 50000*0.01;
if(amt>75000)
{
ans += 25000*0.02;
if(amt>100000)
{
ans += 25000*0.03;
if(amt>250000)
{
ans += 150000*0.04;
if(amt>500000)
{
ans += 250000*0.05;
ans += (amt-500000)*0.06;
}
else
{
ans += (amt-250000)*0.05;
}
}
else
{
ans += (amt-100000)*0.04;
}
}
else
{
ans += (amt-75000)*0.03;
}
}
else
{
ans += (amt-50000)*0.02;
}
}
else
{
ans += amt*0.01;
}
//ans = ans*1000;
cout<<"The U.S. 1913 income tax = $"<<ans<<endl;
}
cout<<"Processing completed..."<<endl;
return 0;
}