Use the marginal tax rates in the table below to compute the tax owed in the following situation. Winona and Jim are married filing jointly, with a taxable income of $256,000. They are entitled to a $7000 tax credit. Married Filing Jointly up to $18,650 Tax Rate 10% 15% up to $75,900 25% up to $153,100 28% up to $233,350 33% up to $416,700 35% 39.6% Standard deduction Exemption (per person) up to $470,700 above $470,700 $12,700 $4050