Python code BUSINESS SYSTEMS I

Write a program which computes the amount tax to be paid based on the following rule. The tax is:* No tax if your income is less than or equal to $50,000 (inclusive)* 5% if the income is over $50,000 up to 75,000 (inclusive)* 7% if the income is over &75,000 up to 100,000 (inclusive)* 10% if the income is over $100,000.The program asks a user to enter his/her income and computes the amount of tax payable, as shown below (use the following test case for submission):Enter the income: 125000The tax payable would be 12500.0Part B) P.3.25 (page 154); Due by Sunday, Feb 5thHint: review the code example (taxes.py) in section 3.3Use the following test case (run your code with both test cases below):Are you married or single (M or S)? MWhat is your income? 78000Your tax payable is 12300.0Run your program with another test case:Are you married or single (M or S)? SWhat is your income? 28000Your tax payable is 3800.0For final electronic submission:(due by Sunday)* One zip file (two python files for Part A and Part B).* One PDF report file ( source code part A + execution result + source code part B + execution results (two test cases))* In summary, I expect to see two files: one zip file + one PDF file.* Please name your files appropriately. For example, yourFirstName-LastName-HW2.PDF, FirstName-LastName-HW2-PartA.py, FirstName-LastName-HW2-PartB.py, etc.