LAB EXERCISE

taxes

Background:

There are many absolutes in life, one of which is taxes.  In this lesson we study the tax deductions required to print a payroll check.  The first tier of the federal income tax rate is 15% (as of 1996) and FICA is an abbreviation for Social Security Tax.  The latest calculations show that the average American worker toils for the government for about 5 out of the 12 months of the year.  On that cheery note ...

Assignment:

1.   Write a program which does the following:

      a.   Prompts the user for the following information.

            Hours worked

            Hourly rate

b.   Calculates, stores, and prints the following amounts, formatted to 2 decimal places.  You are not required to line up the decimal points in your output.

Hours worked                     30

Hourly rate                     12.37

Gross pay                     371.10

Federal tax (15%)          55.67

FICA (8%)                     29.69

State tax (3.2%)             11.88

Net pay                         273.86

c.   Your program will probably give a different net pay answer (273.87) due to rounding off issues.  Do not worry about this difference.

2.   Use const values to store the tax rates in your program.

Instructions:

1.   Print your source code first, then the run output below it.  Use these values:

      25 hours

      4.25/hour