Question: Need python code for the functions. Sample output is also given for each function. filling status contains 3 values filing_status(integer) is the status of the

Need python code for the functions.

Sample output is also given for each function.

Need python code for the functions. Sample output is also given for

each function. filling status contains 3 values filing_status(integer) is the status of

the filing person: 1=single, 2=married filing jointly, 3=married filing separately bracket_income(income, filing

filling status contains 3 values

filing_status(integer) is the status of the filing person: 1=single, 2=married filing jointly, 3=married filing separately

bracket_income(income, filing status, bracket) Description: It returns the amount of the person's income that falls within a certain bracket based on the following table bracketIncome (single) $0 to $10,000 $10,000.01 to $40,000 $40,000.01 to $80,000 $80,000.01 to $160,000 $160,000.01 or more Married (jointly) $0 to $20,000 $20,000.01 to $70,000 $70,000.01 to $160,000 $160,000.01 to $310,000 $310,000.01 or more Married (separately) $0 to $12,000 $12,000.01 to $44,000 $44,000.01 to $88,000 $88,000.01 to $170,000 $170,000.01 or more 4 Parameters: income (float) and filing status (integer) are the same as above. bracket (integer) is a sequential number that corresponds to a certain tax bracket. Return value: The amount (float) of income bracket income(67234, 1,1) bracket income(5700.45, 3, 1) 10000.00 5700.45 credit(income, filing status, family_members, tax) Description: It returns the amount of tax credit that a person is eligible to receive. Parameters: income (float), filing_status (integer) and family_members (integer) are the same as above. tax (float) is the amount of income tax that this person is supposed to pay before any credit is applied Return value: The amount (float) of credit Logic: A person is eligible for a tax credit if their initial income is in the low 50% of the median income per capita (MIC). The most recent United States MIC was $31,786. Maximum credit per tax return is $1,000 or the amount of pre-credit tax, whichever is lower. The credit is $30 per each whole thousand dollars of income. If the couple is filing jointly, both spouses are eligible to receive the credit. Each child is eligible for an additional $20, or half of it if parents are filing separately. Examples credit(545.15, 1, 2, 100) credit 10999.99, 3, 10, 2100) 20.00 380.00 bracket tax_rate(filing status, bracket) Description: It returns the federal income tax rate that corresponds to a certain tax bracket and filing status based on the following table bracket Tax rate (single) Tax rate (jointly) Tax rate (separately) 10% 12% 22% 24% 32% 10% 12% 23% 25% 33% 10% 12% 24% 26% 35% 4 Parameters: filing status (integer) and bracket (integer) are the same as above Return value: The tax rate (float) bracket tax_rate(1, 3) bracket tax_rate(2, 5) 0.22 -0.33

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Databases Questions!