Cumulative If Loop question?

I am trying to write a function that expresses the tax rate. For example, for an income of $40,000, the first $35,350 is taxed at 15%. The remaining $4,650 is taxed at 28%. I am not quite sure how to express this. I have this code written up, but it only shows the tax rate for a specific income, but it doesn't calculate the difference between the first and the second tax rate and account for the difference in the tax rate. How do i go about fixing this?

[Matt J]

Looks like you're missing a tax bracket between $178650 and $388350. What's the rate there?

[Teddy Xiong]

36% sorry!

[Walter Roberson]

There is no such thing as an "if loop" ! There are "if statements" and there are "for loops" and "while loops", but "if" only executes the body once not repeatedly.

I have removed "ifloop" from the tags.

Answer 1

[Sean de Wolski]

elseif 35350 <= income & income < 85660
  taxrate= .28
  taxpaid= (taxrate .* income) + income

The math part of this should read something like

taxpaid = 0.15*35350+0.28*(income-35350);
%Apply 15% to the 35359 and 28% to the remainder

Now you can take all of those fixed values and turn them into vectors that could be traversed with a for-loop or fancy multiplication

taxrate = [0.15 0.28 0.31 0.396];
taxlim = [35350 etc.]

[Teddy Xiong]

so i edited my code this way and i'm not getting quite the right output I put in

 x1 = 50000; x2 = 200000;
      [taxr1 taxp1] = TaxCalc(x1)
      [taxr2 taxp2] = TaxCalc(x2)
      [taxr3 taxp3] = TaxCalc([x1 x2])
  and i'm supposed to get:
   = 50000; x2 = 200000;
  [taxr1 taxp1] = TaxCalc(x1)
  taxr1 =
  0.1881

taxp1 =
9.4045e+003
[taxr2 taxp2] = TaxCalc(x2)
taxr2 =
0.2795
taxp2 =
5.5902e+004
[taxr3 taxp3] = TaxCalc([x1 x2])
taxr3 =
0.1881 0.2795
taxp3 =
1.0e+004 *
0.9405 5.5902

Answer 2

[Matt J]

function [taxrate, taxpaid] = TaxCalc(income)

    rates=[.15,.28,.31,.36,.396];

    brackets=[0, 35350, 85660, 178650,388350];

    bracketRevenues =[0, cumsum( diff(brackets).*rates(1:end-1))];

    [~,n]=histc(income,[brackets,inf]);

    taxrate = rates(n);
    taxpaid = bracketRevenues(n) + (income-brackets(n))*taxrate;