Homework 5

WARNING: DIFFICULTY SPIKE. DO NOT PROCRASTINATE.

We won't be doing basic exercises forever. Believe it or not, you guys have now learned enough to create real applications at this point. We'll start with one of the most important aspects of being an adult: taxes. To keep things simple, we're only talking about US federal taxes off of a total annual income - no state taxes, no local taxes, and no special deductions.

In case you didn't know, your taxes are NOT just a flat percentage of your annual income. There's a formula that goes into it. To learn how it works, check out this video (if you haven't already) from Vox. Please keep in mind that this video uses numbers from 2019, so you'll want to replace those with numbers from the actual assignment pdf. Yes, these numbers are updated every year!

Your goal for this assignment is to create a working (albeit basic) tax calculator for the federal taxes you'll owe in April 2025 (calendar year 2024). Your tax calculator will have two variants: one for single filers and one for married joint filers, and you'll select the option at the start of the program. To help double check your math, here's an online tax calculator Links to an external site. for you to compare your numbers against. Make sure you select the correct year before punching in your inputs! Your outputs should match the three numbers in the lower red box. Don't forget about your Additional Requirements when reporting your outputs though.

1. Make sure you selected the right year! Select Tax Year 2024, as that's what's due on Apr. 15th, 2025.
   
2. Select the appropriate filing status you want to test. Remember that you need to complete for both Single filing and Married Joint filing.
3. Enter the salary you want to test for then click Calculate.
4. Your own calculator should match the results shown in the bottom red box, but you'll also need report for cents as well. (In real life, cents are never part of tax calculation process, but that doesn't mean they get to be ignored.)

Your own calculator is allowed to be up to 50 cents off from what the online calculator reports. All the numbers you need for this assignment will be detailed in the pdf. Make sure you follow all of the additional requirements as always!

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