Quick calculator for federal tax payments for single filers in tax year 2020

federal_tax_payment_calculator.py

from typing import List

# Single filer tax brackets for 2020 - 2021
tax_bracket_rates = {
    (0, 9875): 0.1,
    (9876, 40125): 0.12,
    (40126, 85525): 0.22,
    (85526, 163300): 0.24,
    (163301, 207350): 0.32,
    (207351, 518400): 0.35,
    (518401, float("inf")): 0.37,
}

def print_taxes_by_bracket(bracketed_tax_payments: List[float], income: float) -> None:
    print("Taxes paid per bracket:")
    for (bracket_lower, bracket_upper), tax_payment in zip(tax_bracket_rates.keys(), bracketed_tax_payments):
        print(f"${bracket_lower} - ${bracket_upper}: ${tax_payment:.2f} paid.")
    print(f"Total taxes paid: ${sum(bracketed_tax_payments):.2f} ({sum(bracketed_tax_payments) / income * 100:.2f}% of income)")


def federal_tax_calculator(income: float) -> float:
    bracketed_tax_payments = [0.0] * len(tax_bracket_rates.keys())
    for i, ((bracket_lower, bracket_upper), tax_rate) in enumerate(tax_bracket_rates.items()):
        if income < bracket_lower:
            break
        income_in_bracket = min(income - bracket_lower, bracket_upper - bracket_lower)
        bracketed_tax_payments[i] = income_in_bracket * tax_rate
    return bracketed_tax_payments


print_taxes_by_bracket(federal_tax_calculator(50000), 50000)