Calculating Percentage Python

Question

Im building a basic income tax calculator but can't figure out how to do all the necessary calculations

if income in range(120001, 180000):
    tax = income + 29467
    tax = income / 0.37

The given income if in this range needs to be $29,467 plus 37c for each $1 over $120,000 but i have no clue how to apply both calculations correctly

converting your sentence as it is written into math: `tax = 29467 + 0.37 * (income - 120000)` — Nick, May 30 '22 at 05:15
What does this have to do with with percentage calculations? — DarkKnight, May 30 '22 at 05:28

score 0 · Answer 1 · answered May 30 '22 at 05:26

0

why did you stated "tax" twice? then the first "tax" state will be wasted which means I shades with the latter "tax".

answered May 30 '22 at 05:26

Sprout

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Your answer could be improved with additional supporting information. Please [edit] to add further details, such as citations or documentation, so that others can confirm that your answer is correct. You can find more information on how to write good answers [in the help center](/help/how-to-answer). – Community May 30 '22 at 05:29

score 0 · Answer 2 · answered May 30 '22 at 05:41

My translation of the question is this:

If income is in the range 120,000 to 180,000 then add a constant amount of 29,467 then an additional 0.37 for every unit over 120,000.

If that is the case then:

def calculate_tax(income):
    return 29_467 + 0.37 * (income - 120_000) if 120_000 < income < 180_000 else 0

print(f'{calculate_tax(150_000):,.2f}')

Output:

40,567.00

score 0 · Answer 3 · answered May 30 '22 at 05:45

0

You have income tax brackets.

0-120000. The rate is 29.467% 120001-180000 the rate is 37%. Based on your data

So for an income of 150000. The income tax is 120000*0.29467 + (150000-120000)*0.37

answered May 30 '22 at 05:45

WombatPM

2,561
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Of course you are not accounting for deductions, different rates for married vs single, different types of income – WombatPM May 30 '22 at 05:47

score 0 · Accepted Answer · edited May 30 '22 at 06:21

0

If I understood correctly, then try this option.

income = int(input('You income: '))
if income >= 120001 and income <= 180000:
    tax = (29467 + (income - 120001) * 0.37)
    print(f'income = {income} , tax = {tax} dollars')

Solution:

You income: 123500
income = 123500 , tax = 30761.63 dollars

edited May 30 '22 at 06:21

RiveN

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answered May 30 '22 at 05:54

Regina Kunafina

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Calculating Percentage Python

4 Answers4