hw_4_federal_tax

# hw_4_federal_tax - Social Security tax In 2008 this is 6.2...

This preview shows page 1. Sign up to view the full content.

19.1 Homework: Federal Taxes Follow same format of HW as you have been following for the HW assignments since 1st day of class. Florida citizens pay the federal income tax, the social security tax, and the Medicare tax. Federal Income Tax : According to the Internal Revenue Service, a single-status US citizen will pay 2008 federal income taxes according to the following chart*. 10% on income between \$0 and \$8,025 15% on the income between \$8,025 and \$32,550; plus \$802.50 25% on the income between \$32,550 and \$78,850; plus \$4,481.25 28% on the income between \$78,850 and \$164,550; plus \$16,056.25 33% on the income between \$164,550 and \$357,700; plus \$40,052.25 35% on the income over \$357,700; plus \$103,791.75 Example : If the income of a person is \$40,000, their federal tax would be calculated as = 25/100*(40,000-32,550)+4,481.25=\$6,343.75
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Social Security tax : In 2008, this is 6.2% on income up to \$97,500** Medicare tax : In 2008, this is 1.45% on all income.** Assume all income is taxable and write a program that inputs 1) the person’s income, income , and then outputs the owed 1) federal tax, fedtax , 2) social security tax, sstax , 3) medicare tax, meditax . 4) total taxes, totaltax . Display all of the inputs and outputs by using the fprintf command, complete with an explanation in a reasonable format. Run the program three separate times with incomes: \$32,000, \$85,000 and \$169,000. Submit hard copy of published format for the \$85,000 case only *Perez, William. “2008 Tax Rate Schedules” < http://taxes.about.com/od/2008taxes/qt/2008_tax_rates.htm > **US Government, “Social Security Online Electronic Fact Sheet” < http://www.ssa.gov/pubs/10003.html >...
View Full Document

## This note was uploaded on 02/18/2012 for the course EML 3035 taught by Professor Daly,j during the Spring '08 term at University of South Florida.

Ask a homework question - tutors are online