Suppose an individual is taxed 30% if earnings for a given week are > = $2,000. If earnings land < $2,000 for the week, the individual is taxed at a lower rate of 15%.
Write a function using Python to calculate both the pre-tax and post-tax earnings for a given individual, with the ability to feed in the hourly wage and the weekly hours as inputs.
For example, if an individual earns $55/hour and works for 40 hours, the function should return:
- Pre-tax earnings were 55*40 = $2,200 for the week.
- Post-tax earnings were $2,200*.7 (since we fall in higher tax bracket here) = $1,540 for the week.