Income Tax Old vs New Calculator

let calculationSteps = “”; const currencySymbol = “$”, fixedCurrency = “USD”; function calculateTaxSavings(){ calculationSteps=””; const income = parseFloat(document.getElementById(“annualIncome”).value); const deductions = parseFloat(document.getElementById(“deductions”).value); const oldRate = parseFloat(document.getElementById(“oldTaxRate”).value) / 100; const newRate = parseFloat(document.getElementById(“newTaxRate”).value) / 100; if(isNaN(income) || isNaN(deductions) || isNaN(oldRate) || isNaN(newRate) || income <= 0 || deductions < 0){ alert("Please enter valid positive values for all fields."); return; } const oldTax = (income – deductions) * oldRate; const newTax = (income – deductions) * newRate; const taxSavings = oldTax – newTax; document.getElementById("taxSavings").value = formatCurrency(taxSavings); calculationSteps += `Inputs:
Annual Income: ${formatCurrency(income)}
Total Deductions: ${formatCurrency(deductions)}
Old Tax Rate: ${(oldRate * 100).toFixed(1)}%
New Tax Rate: ${(newRate * 100).toFixed(1)}%

`; calculationSteps += `Formulas:
Old Tax = (Income – Deductions) × Old Tax Rate
New Tax = (Income – Deductions) × New Tax Rate
Tax Savings = Old Tax – New Tax

`; calculationSteps += `Results:
Old Tax: ${formatCurrency(oldTax)}
New Tax: ${formatCurrency(newTax)}
Tax Savings: ${formatCurrency(taxSavings)}
`; calculationSteps += `Tip: Choose the tax regime that gives you the highest savings after considering your deductions.`; if(document.getElementById(“calculationSteps”).style.display === “block”){ document.getElementById(“calculationSteps”).innerHTML = calculationSteps; } } function resetTaxCalculator(){ document.querySelectorAll(“#calculator input”).forEach(el => el.value = “”); calculationSteps = “”; document.getElementById(“calculationSteps”).innerHTML = “

Not calculated yet.

“; } function toggleCalculationSteps(){ const s = document.getElementById(“calculationSteps”); const a = document.getElementById(“toggleArrow”); if(s.style.display === “none” || s.style.display === “”){ s.style.display = “block”; a.style.transform = “rotate(180deg)”; s.innerHTML = calculationSteps || “

Not calculated yet.

“; } else { s.style.display = “none”; a.style.transform = “rotate(0deg)”; } } function formatCurrency(n){ return currencySymbol + n.toFixed(2) + ” ” + fixedCurrency; }