2015 tax brackets Marginal tax rate (%) Taxable personal income, single ($) 0 to 9,225 10 15 Taxable personal income married, filing jointly ($) 0 to 18,450 18,450 to 74,900 74,900 to 151,200 151,200 to 230,450 230,450 to 411,500 411,500 to 464,850 Over 464,850 25 28 9,225 to 37,450 37,450 to 90,750 90,750 to 189,300 189,300 to 411,500 411,500 to 413,200 Over 413,200 33 35 39.6 Personal exemption for 2015 is $4,000 per person. Standard deduction for 2015 is $12,600 for married filing jointly. (They will use the standard deduction). Self-employment tax is 15.3% on the first $118,500 earned and then 2.9% after that. Calculate the taxes for a self-employed farmer who is married with 3 dependent children (5 people total) who earns 172,000 (gross income) in 2015. a) Calculate self-employment taxes: b) Calculate taxable income by deducting half the self-employment taxes, the standard deduction for a married couple, and personal exemptions. c) Calculate income tax. d) What is the average federal income tax rate? e) What is the marginal federal tax rate