Construct a graph of net income (Alberta) versus hourly wage

graphing_income_tax.py

def calculateFederalTax(income):
    taxBrackets = [47630, 95259, 147667, 210371]
    taxRates = [.15, .205, .26, .29, .33]
    taxes = []
    for i in range(0, len(taxBrackets)):
        taxes.append(taxBrackets[i] * taxRates[i])
    if income < taxBrackets[0]:
        tax = income * taxRates[0]
    elif income < taxBrackets[1]:
        tax = taxes[0] + (income - taxBrackets[0]) * taxRates[1]
    elif income < taxBrackets[2]:
        tax = taxes[1] + (income - taxBrackets[1]) * taxRates[2]
    elif income < taxBrackets[3]:
        tax = taxes[2] + (income - taxBrackets[2]) * taxRates[3]
    else:
        tax = taxes[3] + (income - taxBrackets[3]) * taxRates[4]
    return tax

def calculateProvincialTax(income):
    taxBrackets = [131220, 157464, 209952, 314928] # for Alberta
    taxRates = [.1, .12, .13, .14, .15]
    taxes = []
    for i in range(0, len(taxBrackets)):
        taxes.append(taxBrackets[i] * taxRates[i])
    if income < taxBrackets[0]:
        tax = income * taxRates[0]
    elif income < taxBrackets[1]:
        tax = taxes[0] + (income - taxBrackets[0]) * taxRates[1]
    elif income < taxBrackets[2]:
        tax = taxes[1] + (income - taxBrackets[1]) * taxRates[2]
    elif income < taxBrackets[3]:
        tax = taxes[2] + (income - taxBrackets[2]) * taxRates[3]
    else:
        tax = taxes[3] + (income - taxBrackets[3]) * taxRates[4]
    return tax

def calculateEI(income):
    eiMaxInsurableEarnings = 53100
    eiRate = 0.0162
    if income >= eiMaxInsurableEarnings:
        eiPremium = eiMaxInsurableEarnings * eiRate
    else:
        eiPremium = income * eiRate
    return eiPremium

def calculateCPP(income):
    cppMaxContributoryEarnings = 53900
    cppRate = 0.051
    if income >= cppMaxContributoryEarnings:
        cppPremium = cppMaxContributoryEarnings * cppRate
    else:
        cppPremium = income * cppRate
    return cppPremium

wages = []
grossIncomes = []
netIncomes = []
for wage in range(15, 150):
    wages.append(wage)
    grossAnnualIncome = wage * 8 * 240
    grossIncomes.append(grossAnnualIncome)
    incomeTax = calculateFederalTax(grossAnnualIncome) + calculateProvincialTax(grossAnnualIncome)
    eiPremium = calculateEI(grossAnnualIncome)
    cppPremium = calculateCPP(grossAnnualIncome)
    netIncome = grossAnnualIncome - (incomeTax + eiPremium + cppPremium)
    netIncomes.append(netIncome)

import plotly.graph_objects as go
fig = go.Figure()
#fig.add_trace(go.Scatter(x=wages, y=grossIncomes, name='Gross Income'))
fig.add_trace(go.Scatter(x=wages, y=netIncomes, name='Net Income'))
fig.update_layout(
    title=go.layout.Title(text='Net Income vs Hourly Wage'),
    xaxis=go.layout.XAxis(title=go.layout.xaxis.Title(text='Hourly Wage')),
    yaxis=go.layout.YAxis(title=go.layout.yaxis.Title(text='Income')))
fig.show()