Project Description

Create a program that calculates a users weekly gross pay, weekly take-home pay, and annual income.

Sample Run 1

Paycheck Management System

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Enter your weekly work hours (hrs): 35

Enter your hourly pay rate ($): 14.50

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Your weekly gross pay is $507.50

Your weekly tax amount is $91.35

Your weekly take-home pay is $416.15

Your annual income is $26390.0

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Bye!

Sample Run 2

Paycheck Management System

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Enter your weekly work hours (hrs): 40

Enter your hourly pay rate ($): 15.75

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Your weekly gross pay is $630.0

Your weekly tax amount is $126.0

Your weekly take-home pay is $504.0

Your annual income is $32760.0

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Bye!

Specifications

• The formula for calculating the weekly gross pay is:

gross pay = hours worked * hourly rate

• The tax rate is calculated as follows:
  • Full-time (>= 40 hours) production workers: 20%
  • Part-time (< 40 hours) production workers: 18%
• The formula for calculating the weekly tax amount is:

tax amount = gross pay * (tax rate / 100)

• The formula for calculating the take-home pay is:

take-home pay = gross pay tax amount

• The formula for calculating the annual income is:

annual income = weekly gross pay * 52

• The tax rate is 18% or 20% which is based on the employee's status.
• The program should accept decimal entries like 35.5 and 14.25.
• The program should round the results to a maximum of two decimal places.
• Assume the user will enter valid data.