Fill in the Blank QuestionFill in the blank question.You calculate taxable income by reducing gross income by adjustments, exemptions, and standard or deductions.

Fill in the Blank QuestionFill in the blank question.For calculating your total tax due, your taxable income is to be used in conjunction with either tax tables or tax rate .

Write a program to calculate the income tax as follows Use the below data to calculate the Income_Tax if(Tax_Income <= 0) # Output : hurray..no income tax Otherwise calculate the Income_Tax as follows if (Gross_Income <= 500000): Income_Tax = (Tax_Income * .1) if (Gross_Income <= 1000000) and (Gross_Income > 500000): Income_Tax = 25000 + ((Gross_Income - 500000)*.2) if (Gross_Income > 1000000): Income_Tax = 75000 + ((Gross_Income - 1000000) *.3) Fill the missing code in the given program to the find income tax. Ded_std, Ded_tot and Tax_Income are already defined the code Sample Input and Output 1: deduction under 80c: 50000 deduction under 80cc: 5000 deduction under HRA: 15000 deduction under Medical: 10000 gross income: 250000 gross income: 250000 total deductions: 230000 income tax: 2000.0 Sample Input and Output 2: deduction under 80c: 5000 deduction under 80cc: 2000 deduction under HRA: 1500 deduction under Medical: 500 gross income: 20000 hurray..no income tax give the programming in python

Gross income is:Athe total amount of money you earnBthe amount of money you receive after decuctions are subtractedCthe total amount of money you spendDsales taxes on items you buy

Gross income is…Group of answer choicesIncome, gain, or profit that is subject to tax.This is income where taxes are already deducted.

True or False QuestionTrue or false: Income tax is calculated on income minus deductions and exemptions.True false question.TrueFalse