Tax Owed=

Use the marginal tax rates in the table below to compute the tax owed in the following situation. Paul is a head of household with a taxable income of $120,000. He is entitled to an $8000 tax credit. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Head of Household up to $13.350 up to $50 800 up to $131.200 up to $212,500 up to $416,700 up to $444 550 above $444.550 $9350 $4050