Python help please
You will create a Payroll program for a company with the following:
Functionalities
1. Calculates the bi-weekly payments of the employee.
I. WAGES
a. Hours at the regular rate [max. 40 hours per week]
b. Overtime is 1.5 times [Any time over 40 hours a week]
II. DEDUCTIONS
a. Union fees: 1% of gross earnings.
b. Retirement fund: 4.5% of the annual base salary. Employee contribution.
c. State taxes = Let’s say 6% [It is more complicated than that]
d. Federal taxes according to the Taxes threshold. [It is more complicated than this table but let’s keep it ‘simple’] Tax Rate Taxable Income 12% $10,276 to $41,775 22% $41,776 to $89,075 24% $89,076 to $170,050 32% $170,051 to $215,950 None of the workers makes more than this money
e. U.S. Social Security taxes= 6.2% of wages up to $147,000. This means that any dollar over that amount will be taxable. So, the maximum amount that can be part of the calculation is $147,000.
f. Medicaid taxes= 1.45% of wages up to $147,000.
III. NET PAY - The net pay is the money that the employee will receive after taxes, benefits, and other deductions. So, wages minus deductions.
2. The program calculates the annual payment of the employee.
The accumulation of all the concepts mentioned during a year.
Assumptions:
• All the employees have worked for at least a year in the company.
• None of the employees have changed their income or other work conditions.
• They work, on average, the same hours every week.
Hints:
The complexity of this project is the different time scales. Some information is needed weekly, bi-weekly, or annually.
You will need to work first on Cheat Sheet 7.
INPUT You will create several variables that receive input from a user. The information that you will use to test the program is:
EmplD: BS190920
Name: Benjamin Samuels
Hour wage: $22.50
Week worked hrs: 45 hours
Unionized: yes
EmplD: PF921231
Name: Patrizia Florence
Hour wage: $32.00
Work hours/ week: 35 hours
Unionized: No
