Final answer:
The student's question pertains to writing a program to calculate various payroll elements, including Gross Pay, Federal Tax, State Tax, and Net Pay, given the Federal and State Tax rates. A sample Python program is provided, demonstrating the calculation and output based on user input.
Step-by-step explanation:
Payroll Calculation Program
Here is a Python program that will calculate an employee's payroll details based on user input. It will ask for the Employee Name, Hours Worked, and Hourly Rate. Then, it will compute Gross Pay, Federal Tax, State Tax, Total Tax, and Net Pay. The Federal Tax is set at 22% and State Tax at 4%.
Program Code:
employee_name = input('Enter the Employee Name: ')
hours_worked = float(input('Enter the Hours Worked: '))
hourly_rate = float(input('Enter the Hourly Rate: '))
gross_pay = hours_worked * hourly_rate
federal_tax = gross_pay * 0.22
state_tax = gross_pay * 0.04
total_tax = federal_tax + state_tax
net_pay = gross_pay - total_tax
print(f'Employee Name: {employee_name}')
print(f'Gross Pay: ${gross_pay:.2f}')
print(f'Total Tax: ${total_tax:.2f}')
print(f'Net Pay: ${net_pay:.2f}')
This program will provide a breakdown of the payroll taxes and net income, which is crucial for understanding paycheck deductions and tax liabilities. Moreover, it reflects the importance of accurate payroll processing, as incorrect tax payment can result in penalties.