Write a program in (C++ ) that will calculate income tax. You will need as input the persons annual salary. Display a message that says: This year you paid $_______ dollars in tax. So your net salary after taxes are taken out is $________. Format your output to two decimal places.

Modify your program to also factor in state and local taxes, and deductions.

You should assume that state and local taxes (a combined 15%) only have to be paid by individuals who earn more than $38,000.

Additionally, ask the user if they have any children or if they make any student loan payments. If they do have children, ask them how many, and calculate their new tax amount factoring in a 5% deduction per child off their pre-tax annual salary.

If they do make student loan payments, ask them how much interest they paid on the loan last year, and calculate their new tax amount by subtracting the student loan interest from their pre- tax annual salary.

Salary Under $12,000 $12,001-$38,000 38,001- 55,000 Over $55,000 Tax Rate 5% 27% 33% 39%