QUESTION 3 Use the table to calculate the income tax owed. Round answer to the nearest cent 2008 Marginal Tax Rate, Standard Deductions, and Exemptions Married Filing Married Filing Head of Tax Rate Single Separately Jointly Household 10% up to $8025 up to $8025 up to $16,050 up to $11.450 15% $8026 to $32,550 $8026 to $32,550 $16,051 to $65,100 $11,451 to 543,650 25% $32,551 to $78,850 $32,551 to $65,725 $65,101 to $131,450 $43,651 to $112,650 28% $78,851 to $164,550 $65,726 to $100,150 $131,451 to $200,300 $112,651 to $182,400 33% $164,551 to 5357,700 5100,151 to $178,850 $200,301 to $357,700 $182,401 to $357,700 35% more than $357,700 more than $178,850 more than $357,700 more than $357,700 Standard Deduction $5450 $5450 $10,900 $8000 Exemptions (per person) $3500 $3500 $3500 $3500 Married couple filing jointly with two dependent children Gross Income: 594,000 Adustments none Deductions $12.000 mortgage interest $5000 charitable contributions 52500 student loan interest Tax credit: S2000 55765.50 $13.425 58755.25 56272.50