Qualified Dividends and Capital Gain Tax

(1) Write the code to display a blank “Qualified Dividends and CapitalGain Tax Worksheet” to Console screen. (See EXHIBIT C2)

(2) Develop a Function that implements the “Qualified Dividends andCapital Gain Tax Worksheet”.

This function should populate the inputfields {1,2,3} from EXHIBIT A2, the Individual Income Tax Return.Then Calculate and Populate the Intermediate Fields {4-16} accordingto the directions given with the field.

Finally, perform thecomputations to populate the fields {17,18,19}.

Note that theobjective of this Worksheet is to take the input fields {1,2,3}and use fields {4-16} to transform them into a form that issuitable for the functions that will compute the taxes andpopulate fields {17,18,19}.

[ note: that the value in Field 19 will be used to populate thefield in Line 11 of the Individual Income Tax Return ]

(3) Create a Function that Displays “Qualified Dividends & Capital GainTax Worksheet” with all fields populated on the Console screen.

————————————————————————TEST CASES for PROJECT INSTALLMENT #3————————————————————————

TEST CASE Line1 Line2 Line3 of Qualified Income Tax Worksheet

RI QD CG————————————————————————

1. 35000 1000 0

2. 38000 7000 10000

3. 66000 13000 9000 ————————————————————————

assume Filing Status is SINGLE=========================================================================

PROJECT SUBMISSION REQUIREMENTS=========================================================================

Artifacts to be submitted as one

(1) Notepad file by May 11, 202001) Source Code to display a blank “Qualified Dividends and Capital GainTax Worksheet” to Console screen.

02)Source Code for Function that implements the “Qualified Dividends andCapital Gain Tax Worksheet”.

03) Source Code for the Function that Displays “Qualified Dividends & Capital Gain Tax Worksheet” with all fields populated on the Console screen.

04) Display a blank “Qualified Dividends and Capital Gain Tax Worksheet”to Console screen.

05) Display “Qualified Dividends & Capital Gain Tax Worksheet” with allfields populated on the Console screen for Test Case #1.

06) Display “Qualified Dividends & Capital Gain Tax Worksheet” with allfields populated on the Console screen for Test Case #2.

07) Display “Qualified Dividends & Capital Gain Tax Worksheet” with allfields populated on the Console screen for Test Case #3.

EXHIBIT C1

———————————-QUALIFIED INCOME TAXATION MODELS———————————-

MODEL #1 – TI < TH; RI<TH; PI<TH; P0<TH; P15==0; PI==P0+P15; TI==RI+PI.

P0==PI @ 0%

|————-|————-|———-|————-…

0 RI TI TH

MODEL #2 – TI > TH; RI<TH; PI==P0+P15; P0<TH; P15>TH.

P0 @ 0% P15 @ 15%

|————-|————-|———–|————…

0 RI TH TI

MODEL #3 – TI > TH; RI>TH; PI==P0+P15; P0==0; P15>TH.

P15==PI @ 15%

|————-|———|—————|————…

0 TH RI TI

========DEFINITIONS for TERMS used in TAX PREPARATIONS & TAXATION==========================================================================

GENERAL DEFINITIONS:

Ordinary Income- Income from Wages, Interest, Ordinary Dividends,IRAs, Pensions, Annuities, or Social Security Benefits.Taxed using seven(7) Marginal, Progressive Tax Brackets.

Qualified Income- Income from Qualified Dividends and/or Capital Gain Distributions.Taxable at 0%, 15%, & 20% Marginal Tax Rates.

Total Earned Income = Ordinary Income + Qualified Income

————————————————————————–

IDENTIFIERS used for TAX PREPARATION in EXHIBIT A2 Income Tax Formand in MODELS #1, #2, & #3

.————————————————————————–

RI: Taxable Real Income- Income from Wages + Interest + Ordinary Dividends +IRAs + Pensions + Annuities + Social Security Benefits -Adjustments – Standard Deduction.[Use Tax Table for Computing Tax]

PI: Taxable Preference Income- Income from Qualified Dividends + Capital Gain Distributions.[ Taxable at 0% and/or 15% Rate ]

EXHIBIT C2 QUALIFIED INCOME TAX WORKSHEET

————————————————————————–

Qualified Dividends and Capital Gain Tax Worksheet

————————————————————————–

can only use this Worksheet if you have Qualified Dividends and/orCapital Gain Distributions.

————————————————————————–

1. Enter Ordinary Taxable Income, Line 10* ………………. __________

2. Enter Qualified Dividends, Line 3a* ………………….. __________

3. Enter Capital Gain Distribution, Line 3b* …………….. __________

* from EXHIBIT A2 Individual Income Tax Return Page 2.

4. Add lines 2 and 3, Total Preference Income ……………. __________

5. Add lines 1 and 4, Total Taxable Income ………………. __________[RI + PI]

6. Enter:

$38,700 if single or married filing separately,

$77,200 if married filing jointly ……………………. __________

[enter threshold TH]

7. Enter the smaller of line 5 or line 6 ………………… __________

8. Enter the smaller of line 1 or line 7 ………………… __________

9.Subtract line 8 from line 7.[L7-L8]This amount is taxed at 0% ………………………….. __________

10. Enter line 4 ……………………………………… __________

11. Enter the amount from line 9 ……………………….. __________

12. Subtract line 10 from line 9 ……………………….. __________

13. Enter the amount from line 5 ……………………….. __________

14. Add lines 1 and 9 …………………………………. __________

15. Subtract line 14 from line 13.If zero or less, enter -0- …………………………. __________

16. Enter the smaller of line 12 or line 15 ……………… __________

17. Multiply line 16 by 15% (0.15) ……………………… __________[Tax on Qualified Income]

18. Figure the tax on the amount on line 1 ………………. __________[Tax on Ordinary Income using Tax Table]

19. Add lines 17 and 18 ……………………………….. __________[ Tax on all Taxable Income ]

EXHIBIT A2 Individual Income Tax Return Page 2 _v4

Console output format for Individual Income Tax Return Page2

==========================================================================

Individual Income Tax Return Page 2

==========================================================================

1. Wages ………………………………………………. _________

2a Tax-Exempt Interest …………………………. _________

2b Taxable Interest …………………………………….. _________

3a Qualified Dividends …………………………. _________

3b Ordinary Dividends …………………………………… _________

3c Capital Gain Distribution (or loss)……………. _________

4a IRAs, Pensions, & Annuities ………………….. _________

4b Taxable Amount ………………………………………. _________

5a Social Security Benefits …………………….. _________

5b Taxable Amount ………………………………………. _________

6 Total Ordinary Income [ 1+2b+3b+4b+5b ] ………………… _________

7a Adjustments to Income ………………………………… _________

7b Adjusted Gross Income (Line 6 – Line 7a) ……………….. _________

8 Standard Deduction …………………………………… _________

[Single: 12000; Married: 24000 or Standard Deduction Chart]

10 Taxable Real Income. Line7b-Line8,if less than 0, enter 0 …………………………. _________

11 Tax*……………………………………………….. _________

[* from Qualified Dividends & Capital Gain Tax Worksheet ]

==========================================================================

NOTE:

For Taxable:

Ordinary Income – Income from Wages, Interest, Ordinary Dividends,IRAs, Pensions, Annuities, or Social Security Benefits.[Use Tax Table for Computing Tax]

Preference Income – Qualified Dividends, Capital Gain Distribution.[ Taxable at 0% and/or 15% Rate ][ Use Qualified Dividends & Capital Gain Tax Worksheetfor Computing Tax ]

C++ and submit in Notepad please.

 

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