Python question please include all steps and screenshot of code. Also please provide a docstring, and comments through the code, and test the given examples below. Thanks. Here are (slightly fictional) tax brackets (Use The Attached Image): For example, suppose you make $90,000; then you fall into the 4th tax bracket which means you owe $17550 + $.37 * (90000-80000) = $21250.00 in taxes. Write function tax() that as an input takes your (taxable) income and then calculates and returns how much tax you owe. >>> tax(5500) 0 >>> tax(7000) 150 >>> tax(38000) 4950 >>> tax(81000) 17920

Database System Concepts
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ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
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Python question please include all steps and screenshot of code. Also please provide a docstring, and comments through the code, and test the given examples below. Thanks.

Here are (slightly fictional) tax brackets (Use The Attached Image):

For example, suppose you make $90,000; then you fall into the 4th tax bracket which
means you owe $17550 + $.37 * (90000-80000) = $21250.00 in taxes. Write function
tax() that as an input takes your (taxable) income and then calculates and returns how
much tax you owe.
>>> tax(5500)
0
>>> tax(7000)
150
>>> tax(38000)
4950
>>> tax(81000)
17920

 

### Taxable Income and Corresponding Tax Rates

This table provides a breakdown of tax rates based on different ranges of taxable income:

| **Taxable Income** | **Tax on this Income** |
|--------------------|------------------------|
| $0 – $6,000        | Nil                    |
| $6,001 – $37,000   | 15 cents for each $1 over $6,000 |
| $37,001 – $80,000  | $4,650 plus 30 cents for each $1 over $37,000 |
| Over $80,001       | $17,550 plus 37 cents for each $1 over $80,000 |

#### Analysis of Tax Calculation:

1. **For income from $0 to $6,000**: No tax is applied.
2. **For income from $6,001 to $37,000**: The tax is calculated as 15 cents for every dollar exceeding $6,000.
3. **For income from $37,001 to $80,000**: A base tax of $4,650 is applied, with an additional 30 cents for every dollar over $37,000.
4. **For income over $80,001**: A base tax of $17,550 is charged, plus an additional 37 cents for every dollar exceeding $80,000. 

This structured approach helps in understanding how different income levels are taxed progressively.
Transcribed Image Text:### Taxable Income and Corresponding Tax Rates This table provides a breakdown of tax rates based on different ranges of taxable income: | **Taxable Income** | **Tax on this Income** | |--------------------|------------------------| | $0 – $6,000 | Nil | | $6,001 – $37,000 | 15 cents for each $1 over $6,000 | | $37,001 – $80,000 | $4,650 plus 30 cents for each $1 over $37,000 | | Over $80,001 | $17,550 plus 37 cents for each $1 over $80,000 | #### Analysis of Tax Calculation: 1. **For income from $0 to $6,000**: No tax is applied. 2. **For income from $6,001 to $37,000**: The tax is calculated as 15 cents for every dollar exceeding $6,000. 3. **For income from $37,001 to $80,000**: A base tax of $4,650 is applied, with an additional 30 cents for every dollar over $37,000. 4. **For income over $80,001**: A base tax of $17,550 is charged, plus an additional 37 cents for every dollar exceeding $80,000. This structured approach helps in understanding how different income levels are taxed progressively.
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