Answer: Income Tax Algorithm Design

Question

Design an algorithm to accept income from the user; compute the income tax to be paid and display on the screen. Income tax is based on the usual from IRAS Resident Individuals.

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Design of Algorithm
INCOME_TAX_ALGORITHM
1 SET TAX=0
2 READ INCOME
3 IF INCOME <=20,000 THEN TAX=0
ELSE IF INCOME <=30,000 THEN TAX=(INCOME-20,000)*0.02
               ELSE IF INCOME <=40,000 THEN TAX=200+(INCOME-30,000)*0.035
                        ELSE IF INCOME <=80,000 THEN TAX=550+(INCOME-40,000)*0.07
                                 ELSE IF INCOME <=120,000 THEN TAX=3,350+(INCOME-80,000)*0.115...

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