CSE 110 Lab # 4-Order of Operations & Functions Modify Lab 3 to calculate a pre-tax (before withholding tax) IRA (Individual Retirement Account) deduction from gross pay using a function that returns the IRA deduction. The function must return the IRA deduction amount in dollars. No global variables are allowed If gross pay is greater than $400 and less than $500, deduct 5% If gross pay is $500 or more, deduct 10% IRA contributions build a retirement account and lower gross pay for income tax purposes. This is why the reduction is made from gross pay prior to the tax withholding amount calculation. An example of the benefit is shown at the end of this document Modify the output to show the amount deducted for the IRA, and the modified gross pay as shown below MPLE OUT Total Hours Worked- Hourly pay rate $ Base pay $ Overtime hours at time and a half Overtime pay at time and a half $ Overtime hours at double time - Overtime pay at double time$ Gross pay- $ IRA Deduction- Modified Gross Pay $ Taxes withheld -$ Net pay$ Example: Saving in an IRA reduces gross pay for tax purposes. In this example $55.00 is saved but the cost (change in take home pay) is only $39.60 since taxes are lowered by $15.40 Hours of OT at Time and a half 10 OT Pay at Time and a half $150.00 Hours of OT at Double Time 0 OT Pay Hourly Pay Hours at Double Gross IRA Modified Taxes Rate Worked Withheld Base Pay $400.00 Time Deposit Gross Pa Net Pa $10.00 50 0 0.00$550.00 0.00 $550.00 $154.00 $396.00 $138.60 $15.40 10.00 50 0 400.00 10 150.00 0 0.00 550.00 55.00 495.00 356.40 $55.00 39.60 Test data on next page