Write a Python function that determines the tax amount accordingto the following tax rules:
In-state residents: if single and income 
30000, tax rate: 20%, if single and income 
30000, tax rate: 25%. If married and income 50000, tax rate: 10%, if married and income 50000, tax rate: 15%.
Out-of-state residents: for ALL rules, tax rate is 3%higher.
Function is compute_tax(income, status, state). Income is anint, status is string ‘single’ or “married”, state is char ‘i’ or’o’. The function computes and returns the tax amount.
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Answer to Write a Python function that determines the tax amount according to the following tax rules: In-state residents: if sing…