Question

Please make a Console application that calculates take home pay based using a constant commission rate. Users are asked to input name and weekly sales. Federal taxes, social security taxes, retirement fund contributions are calculated. Take home pay subtracts out these deductions.

COMMISSION_RATE 7%

FEDERAL_TAX_RATE 10%

SOCIAL_SECURITY_RATE 15%

RETIREMENT_CONTRIBUTION 5%

Answer 1

In order to calculate the take home pay, we need to first calculate the deductions and taxes. The Social Security deduction is 6.2% of the gross annual income, Medicare is 1.45% of the gross annual income, and federal and state taxes account for 15% of the gross annual income. Once these deductions are calculated, they can be subtracted from the gross annual income to determine the net annual income. The net annual income can then be divided by 12 to calculate the monthly income. The best option for Peter would depend on his specific circumstances, such as other sources of income or expenses.

Step-by-step explanation:

In order to calculate the take home pay, we need to first calculate the deductions and taxes. The Social Security deduction is 6.2% of the gross annual income, Medicare is 1.45% of the gross annual income, and federal and state taxes account for 15% of the gross annual income.

Once these deductions are calculated, they can be subtracted from the gross annual income to determine the net annual income. The net annual income can then be divided by 12 to calculate the monthly income.

The best option for Peter would depend on his specific circumstances, such as other sources of income or expenses. However, based on the given information, it would be important for Peter to calculate his monthly expenses and compare them to his monthly income. If his monthly income is higher than his expenses, he should be able to afford to move out of his parent's house.