Problem 4. 15 points. Calculate self-employment and federal income taxes that will be owed in the following situation. A married couple, filling jointly, with 3 children (5 total persons) has farm income of $150,000 in 2015. The family will have only farm income (which they earned together), and no other income. 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 $118,500 earned and then 2.9% after that. Federal income tax rates are found below: Taxable personal income married, filing jointly ($) 0 to 18,450 18,450 to 74,900 Taxable personal income, single ($) Marginal tax rate (%) 0 to 9,225 10 74,900 to 151,200 9,225 to 37,450 37,450 to 90,750 15 25 151,200 to 230,450 90,750 to 189,300 28 230,450 to 411,500 189,300 to 411,500 33 411,500 to 464,850 411,500 to 413,200 35 Over 464,850 Over 413,200 39.6 a) Calculate the self-employment tax (4 pts) b) Calculate the taxable income (4 pts) c) Calculate the federal income tax (4 pts) d) What is the marginal tax rate? (3 points)