Freelancer earnings
Question
Suppose you're a freelance worker who earns an hourly rate throughout the year working on various projects. Additionally, you also incur a variety of work-related costs throughout the year that you can discount from your earnings when paying taxes. Lastly, you can assume you operate in a country with the following tax brackets on net income (your earnings - costs):
- 0-100k USD taxed at 20%
-
100k, <=150k USD taxed at 30%
-
150k, <=200k USD taxed at 40%
-
200k USD taxed at 45%
Given this information, write a function in Python that will feed in an hourly rate, the # of total hours worked, and the annual work-related costs to return the following:
- Pre-tax net income
- Taxes paid
- Post-tax net income