LAB EXERCISE

 

taxes

 

 

There are many absolutes in life, one of which is taxes.  In this lesson we study the tax deductions required to print a payroll check.  The first tier of the federal income tax rate is 15% (as of 1996) and FICA is an abbreviation for Social Security Tax.  The latest calculations show that the average American worker toils for the government for about 5 out of the 12 months of the year.  On that cheery note ...

 

 

Assignment:

 

1.    Write a program which does the following:

 

       a.     Prompts the user for the following information.

 

             Hours worked

             Hourly rate

 

b.    Calculates, stores, and prints the following amounts, formatted to 2 decimal places.  You are not required to line up the decimal points in your output.

 

Hours worked                       30

Hourly rate                       12.37

 

Gross pay                       371.10

 

Federal tax (15%)             55.67

FICA (8%)                       29.69

State tax (3.2%)               11.88

 

Net pay                          273.86

 

c.     Your program will probably give a different net pay answer (273.87) due to rounding off issues.  Do not worry about this difference.

 

2.    Use const values to store the tax rates in your program.

 

 

 

 

 

Instructions:

 

1.    Print your source code first, then the run output below it.  Use these values:

 

       25 hours

       4.25/hour