1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
|
#include <iostream>
using namespace std;
#include <iomanip>
/* Incremental income per tax bracket(single/jointly)
$0 to $12,400.00(single) and $0 to $24,800.00(jointly) 0%
$12,400.01 to $22,275.00(single) and $24,800.01 to $44,550.00(jointly) 10% tax1/jtax1
$22,275.01 to $52,525.00(single) and $44,550.01 to $105,050.00(jointly) 12% tax2/jtax2
$52,525.01 to $97,925.00(single) and $105,050.01 to $195,850.00(jointly) 22% tax3/jtax3
$97,925.01 to $175,700.00(single) and $195,850.01 to $351,400.00(jointly) 24% tax4/jtax4
$175,700.01 to $219,750.00(single) and $351,400.01 to $439,500.00(jointly) 32% tax5/jtax5
$219,750.01 to $530,800.00(single) and $439,500.01 to $646,850.00(jointly) 35% tax6/jtax6
>$530,800.01(single) and >$646,850.01(jointly) 37% */
const double tax1 = 987.499; const double tax2 = 3629.9988; const double tax3 = 9987.9978; const double tax4 = 18665.9976; // Constant tax rates for single filing
const double tax5 = 14095.9968; const double tax6 = 108867.4965;
const double jtax1 = 1974.999; const double jtax2 = 7259.9988; const double jtax3 = 19975.9978; const double jtax4 = 37321.9976; // Constant tax rates for joint filing
const double jtax5 = 28191.9968; const double jtax6 = 72572.4965;
const double bracket1 = 12400.00; const double bracket2 = 12400.01; // Single bracket constants
const double bracket3 = 22275.00; const double bracket4 = 22275.01;
const double bracket5 = 52525.00; const double bracket6 = 52525.01;
const double bracket7 = 97925.00; const double bracket8 = 97925.01;
const double bracket9 = 175700.00; const double bracket10 = 175700.01;
const double bracket11 = 219750.00; const double bracket12 = 219750.01;
const double bracket13 = 530800.00; const double bracket14 = 530800.01;
const double bracket15 = 24800.00; const double bracket16 = 24800.01; // joint bracket constants
const double bracket17 = 44550.00; const double bracket18 = 44550.01;
const double bracket19 = 105050.00; const double bracket20 = 105050.01;
const double bracket21 = 195850.00; const double bracket22 = 195850.01;
const double bracket23 = 351400.00; const double bracket24 = 351400.01;
const double bracket25 = 439500.00; const double bracket26 = 439500.01;
const double bracket27 = 646850.00; const double bracket28 = 646850.01;
double x, x1, income, otherincome, taxed, efftax; // In between math work
int main()
{
cout << "Are you filing as a single or jointly?" << endl << "1. Single" << endl << "2. Joint" << endl << "Select option: "; cin >> x; // Asks under which filing, they are filing under.
x1 = x;
if (x1 <= 1) {
cout << "Enter income ($): "; cin >> income; // Asks the income then picks the category
if (income <= bracket1)
{
taxed = 0;
efftax = 0;
cout << "Marginal tax rate: 0.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%" << endl << endl;
}
else if (income >= bracket2 && income <= bracket3)
{
taxed = (income - bracket1) * .10;
efftax = (taxed / income) * 100;
cout << "Marginal tax rate: 10.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%" << endl << endl;
}
else if (income >= bracket4 && income <= bracket5)
{
taxed = (income - bracket3) * .12 + tax1;
efftax = (taxed / income) * 100;
cout << "Marginal tax rate: 12.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%" << endl << endl;
}
else if (income >= bracket6 && income <= bracket7)
{
taxed = (income - bracket5) * .22 + tax1 + tax2;
efftax = (taxed / income) * 100;
cout << "Marginal tax rate: 22.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%" << endl << endl;
}
else if (income >= bracket8 && income <= bracket9)
{
taxed = (income - bracket7) * .24 + tax1 + tax2 + tax3;
efftax = (taxed / income) * 100;
cout << "Marginal tax rate: 24.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%" << endl << endl;
}
else if (income >= bracket10 && income <= bracket11)
{
taxed = (income - bracket9) * .32 + tax1 + tax2 + tax3 + tax4;
efftax = (taxed / income) * 100;
cout << "Marginal tax rate: 32.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%" << endl << endl;
}
else if (income >= bracket12 && income <= bracket13)
{
taxed = (income - bracket11) * .35 + tax1 + tax2 + tax3 + tax4 + tax5;
efftax = (taxed / income) * 100;
cout << "Marginal tax rate: 35.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%" << endl << endl;
}
else if (income >= bracket14)
{
taxed = (income - bracket13) * .37 + tax1 + tax2 + tax3 + tax4 + tax5 + tax6;
efftax = (taxed / income) * 100;
cout << "Marginal tax rate: 35.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%" << endl << endl;
}
}
else if (x1 = 2) {
cout << "Enter income ($): "; cin >> otherincome;
}
if (otherincome <= bracket15)
{
taxed = 0;
efftax = 0;
cout << "Marginal tax rate: 0.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%";
}
else if (otherincome >= bracket16 && otherincome <= bracket17)
{
taxed = (otherincome - bracket15) * .10;
efftax = (taxed / otherincome) * 100;
cout << "Marginal tax rate: 10.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << endl << setprecision(3) << "Effective tax rate: " << efftax << "%";
}
else if (otherincome >= bracket18 && otherincome <= bracket19)
{
taxed = (otherincome - bracket17) * .12 + jtax1;
efftax = (taxed / otherincome) * 100;
cout << "Marginal tax rate: 12.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << endl << setprecision(3) << "Effective tax rate: " << efftax << "%";
}
else if (otherincome >= bracket20 && otherincome <= bracket21)
{
taxed = (otherincome - bracket19) * .22 + jtax1 + jtax2;
efftax = (taxed / otherincome) * 100;
cout << "Marginal tax rate: 22.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%";
}
else if (otherincome >= bracket22 && otherincome <= bracket23)
{
taxed = (otherincome - bracket21) * .24 + jtax1 + jtax2 + jtax3;
efftax = (taxed / otherincome) * 100;
cout << "Marginal tax rate: 24.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%";
}
else if (otherincome >= bracket24 && otherincome <= bracket25)
{
taxed = (otherincome - bracket23) * .32 + jtax1 + jtax2 + jtax3 + jtax4;
efftax = (taxed / otherincome) * 100;
cout << "Marginal tax rate: 32.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%";
}
else if (otherincome >= bracket26 && otherincome <= bracket27)
{
taxed = (otherincome - bracket25) * .35 + jtax1 + jtax2 + jtax3 + jtax4 + jtax5;
efftax = (taxed / otherincome) * 100;
cout << "Marginal tax rate: 35.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%";
}
else if (otherincome >= bracket28)
{
taxed = (otherincome - bracket27) * .37 + jtax1 + jtax2 + jtax3 + jtax4 + jtax5 + jtax6;
efftax = (taxed / otherincome) * 100;
cout << "Marginal tax rate: 35.00%"; cout << endl << "Federal taxes due: $" << taxed; cout << setprecision(3) << endl << "Effective tax rate: " << efftax << "%";
}
return 0;
}
| |
