This assignment will give you more experience on the use of:

1. integers (int)

2. floats (float)

3. conditionals(if statements)

4. iteration(loops)

Functions, lists, dictionary, classes CANNOT BE USED!!!

The goal of this project is to make a fictitious comparison ofthe federal income. You will ask the user to input their taxableincome. Use the income brackets given below to calculate the newand old income tax. For the sake of simplicity of the project wewill only consider individuals and not married users. We will alsoignore any tax deductions while calculating income tax—they cansignificantly alter the tax, but add too much complexity for ourprogramming project.

New income tax brackets (2018 and newer)

10% Up to $9,525

12% $9,526 to $38,700

22% $38,701 to $82,500

24% $82,501 to $157,500

32% $157,501 to $200,000

35% $200,001 to $500,000

37% over $500,000

Old income tax brackets (2017 and older)

10% Up to $9,325

15% $9,326 to $37,950

25% $37,951 to $91,900

28% $91,901 to $191,650

33% $191,651 to $416,700

35% $416,701 to $418,400

39.6% over $418,400

Assignment Background

Being in the 25% tax bracket doesn’t mean you pay 25% oneverything you make. The progressive taxsystem means that peoplewith higher taxable incomes are subject to higher tax rates, andpeople withlower taxable incomes are subject to lower taxrates.

For example, let’s say you’re a filer with $32,000 in taxableincome. That puts you in the 15% taxbracket in 2017. But do you pay15% on all $32,000? No. Actually, you pay only 10% on thefirst$9,325; you pay 15% on the rest. (Look at the tax bracketsabove to see the breakout.)

If you had $50,000 of taxable income, you’d pay 10% on thatfirst $9,325 and 15% on the chunk ofincome between $9,326 and$37,950. And then you’d pay 25% on the rest, because some ofyour$50,000 of taxable income falls into the 25% tax bracket. Thetotal bill would be $8,238.75 — about16% of your taxable income,even though you’re in the 25% bracket.

Project Description

Your program must meet the following specifications:

1. At program start, prompt the user for their income

2. Repeatedly prompt the user for new income until a negativeincome is entered.

3. Calculate the income tax using the 2017 and 2018 tax brackettables above.

4. For each income entered:

a. Calculate the 2017 income tax and store it in a variable.

b. Next calculate the 2018 income tax and store it in avariable

c. Print

i. The income

ii. The 2017 taxi

iii. The 2018 tax

iv. The difference between the 2018 and 2017 tax rounded tocents

v. The difference between the 2018 and 2017 tax as a percentageof the 2017 taxrounded to cents

Assignment Notes

1. To clarify the project specifications, sample output isappended to the end of this document.

2. Use a while loop with a Boolean that keeps looping as long asthe income is greater than or equal to zero.

3. Prompt for income before the loop and remember to convert theinput string to an int (so you are comparing an int in your Booleanexpression). Remember to prompt again at the end (aka “bottom”) ofthe loop.

4. There will be no error checking in this assignment. If afloat or a string is entered at the prompt, the program willcrash.

Example Outputs:

Enter income as an integer with no commas: 8000

Income: 8000

2017 tax: 800.00

2018 tax: 800.00

Difference: 0.00

Difference (percent): 0.00

Enter income as an integer with no commas: 15000

Income: 15000

2017 tax: 1783.75

2018 tax: 1609.50

Difference: -174.25

Difference (percent): 9.77

Enter income as an integer with no commas: 40000

Income: 40000

2017 tax: 5738.75

2018 tax: 4739.50

Difference: -999.25

Difference (percent): 17.41